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Why will Bitcoin price growth start after 2024? An analyst responds

چرا رشد قیمت بیت کوین پس از سال ۲۰۲۴ آغاز خواهد شد؟ یک تحلیلگر پاسخ می‌دهد

Why will Bitcoin price growth start after 2024? An analyst answers – digital currency

The constant correction of prices in the digital currency market has made analysts look for indicators that, despite the difficult economic conditions and high inflation, will start to increase the value of Bitcoin. The significant impact of the halving event on the value of Bitcoin has made it one of the scenarios that analysts consider when predicting the end of the bear market.

To Report Finebold, Josh Rager, a trader and analyst of digital currencies, wrote in a tweet on September 23 that the price growth of Bitcoin will probably start in 2024, right after the halving event.

He has made his prediction at a time when Bitcoin’s price trend has shown positive signs of change in recent weeks before stabilizing in the $20,000 range. Therefore, Roger emphasizes that investors should wait for multiple opportunities to take profits along this path and before the price peaks. He said:

I emphasize that the price of Bitcoin will probably fluctuate in the next year; But the real celebration (price rise) will start after Bitcoin halving in 2024. Before then, there will be good opportunities to profit from the price volatility of Bitcoin and altcoins. Be alert and carry out your trades week by week with the market price.

The effect of halving on the price of Bitcoin

Roger made these comments referring to his tweet on September 3. In this tweet, he mentioned that the price rally of 2024 will be a reflection of Bitcoin’s growth path after the halving event. Especially since estimates suggest that the next halving event will occur in early May 2024, when Bitcoin reaches the 840,000th block.

Read more: What is Bitcoin halving and how does it affect the price?

He said:

857 days have passed since the last bitcoin halving and now its cycle has almost bottomed out (with a difference of a month or two ago). Therefore, (we can conclude) in this situation, Bitcoin has already reached its price floor, unless the market continues to fall.

Bitcoin halving cycles on BTC/USD 2-week chart
Bitcoin halving cycles on BTC/USD 2-week chart

It is necessary to point out that the halving event is very important for Bitcoin and the digital currency market in general, because it affects the price level or price action. Historically, the halving event has been associated with a continuous and significant price increase over time.

Bitcoin price analysis

While the price of Bitcoin is trying to reach above $20,000, it is trading around $20,150 with a decrease of about 0.6% in the last 24 hours. However, Bitcoin managed to cross the $22,000 level before this fall. However, this short-term correction appears to be a reaction to expectations for a possible interest rate hike by the Federal Reserve after the August inflation rate release.

Read more: Could Bitcoin Halving Happen Soon?

Atlas Aruzdigital

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