The post This Model Suggests Bitcoin’s (BTC) Price May Hit an ATH of $112,000 in 2024! appeared first on Coinpedia Fintech News
The bitcoin price remains stuck around $26,000 as market volatility continues to remain in the lower ranges. The prices of the majority of the altcoins have been stalling after witnessing a significant collapse and liquidation cascade. More than $1 billion has been wiped out of the markets in the past 10 days, and hence an extended consolidation is expected to trigger a significant bullish wave soon.
Now that the price is stuck within a narrow region, can we expect a bullish breakout in the days ahead?
Considering the short-term trade, the upcoming week is expected to have a remarkable impact on the crypto space as volatility is expected to pick up. This may, however, offer the required bullish push and prevent the price from dropping further. Nevertheless, the bearish influence may continue to prevail, with the possibility of rejection at the interim highs.
One of the popular analysts, pseudonymously known as CryptoCon, claims the BTC price will top $112,000 based on a model.
The analyst uses the logarithmic regression resistance chart to denote how the Bitcoin price has evolved over time. The model uses a rainbow chart with color bands that signal the right time to buy, sell, or hold Bitcoin. This model, which almost perfectly called both 2021 Bitcoin tops after it was created, marks fierce resistance at blue layer 4.
After reaching the bottom of the bear market at the end of 2022, Bitcoin ran twice at the recent highs of $31,000 and $32,000, which mirror the local tops in 2019–2020 before the 2021 bull run. Therefore, if the BTC price follows a similar pattern as it did, then the analyst believes it could range high to the topmost levels at $112,000 and the layer 6 top at $80,000. Both of which are increasing each and every week.
When will it begin?
Considering the previous rallies, a break above layer 4 has triggered the journey toward the next ATH, and hence it may take some more time in the present case. Therefore, the analyst suggests it is a good time to accumulate and wait for the inevitable break into the red layers!
