Bitcoin price after a repeated attempt finally rose above $17,000 and marked the interim high at $17,285. The price experienced a huge influx of buying volume that strengthened the bulls to rise beyond the interim targets. In the coming days, the BTC price is believed to repeat previous trends that had ignited a notable bullish trend to mark the highs.
Presently the price is closer to replicating the rally that it underwent in 2018/19 and if it comes out to be true, then the BTC bottoms may be in. The price has been forming similar rebounds and flips as it happened in 2018 and hence assumed to rise high to reach close to $50,000 by the end of H1 2023.
The price after reaching 2018 highs, slid down and traded within a bearish descending triangle. It further ranged within a parallel consolidation and after marking the bottoms, flipped and rose significantly to mark interim highs close to $13,500.
Further, a steep bearish wave dragged the price lower to mark the lows close to $5000 in March 2020. From here, it began a steep upswing to ignite a bullish trend to reach levels above $60,000. However, after experiencing a minor pullback, the price regains bullish momentum to reach the present high close to $70,000.
A similar trend is believed to be replicated the in the coming days as the price has dropped below after breaking from the descending triangle. Presently, the price is consolidating along the lower support, and appears that the bottomless may be in now.
Therefore, the BTC price with a significant upswing may eventually rise close to $50,000 and woefully may witness a drastic drop back towards $20,000 somewhere in 2024. But for now Bitcoin price prediction for 2024
Source: https://coinpedia.org/price-analysis/when-will-bitcoin-btc-price-rally-to-hit-50000-heres-the-time-line/