Ethereum

Cryptocurrency

Bitcoin

Impact

April

<div class="finbold">
 <p class="paragraph">Although Bitcoin (BTC) has started to consolidate its price following the bullish rally triggered by the false reports on spot Bitcoin exchange-traded fund (ETF) approval, things could take a massive turn for the better in the next few months if the maiden cryptocurrency meets certain conditions.</p>
 <div></div>
 <p class="paragraph">Indeed, pseudonymous cryptocurrency industry expert <em>CoinsKid </em>offered his theory that suggests a “blow-off top” in the market in 2024, taking into account historical data, such as Bitcoin’s positive performance in September, in an <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> shared in a YouTube video on October 18.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“The true top, for me, of a massive impulsive move was in April 2021. (…) Since then, we’ve been in a corrective phase of a larger cycle, and I think this cycle is looking to end roughly next year.”</p>
 </blockquote>
 <p class="paragraph">Furthermore, the cryptocurrency expert said that the last time Bitcoin had a very positive September was in 2016, which was the year before the last cycle blow-off top, and that this September was the only positive return since the previous cycle blow-off top, adding that:</p>
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  <p class="paragraph">“The data is stacking up right now that we are looking at a blow-off top next year for Bitcoin. (…) It would not surprise me, and so many other charts are adding confidence to my theory that I’ve had for a very long time.”</p>
 </blockquote>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh6.googleusercontent.com/DQYcj4eo97YbM5ZoeKq6u8ab7PDR-fuKnoRyhPuKjK8e0NHt8d35arPv9V0M4Ojyb6bXgVmMW3TDlzpA-m3xdadnC_VDra-Cn6-zfUz_VrfC2-tUysA6cnR8BPoEQUEqDg8YFkM3PR7XouS982lGDFo" alt>
  <figcaption class="wp-element-caption"><em>Bitcoin price action analysis and prediction. Source: </em><em>CoinsKid</em>
  </figcaption>
 </figure>
 <p class="paragraph">As a reminder, ‘blow-off top’ refers to a chart pattern showing a sudden increase in price and volume, followed by a sharp drop in price and volume. Hence, the crypto expert anticipates a massive bear market after Bitcoin reaches the projected $200,000 and plans to exit at this point.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">As things stand, the price of Bitcoin at press time amounted to $28,400, indicating a decline of 0.24% on the day but still a 6.01% gain in the last week and an increase of 4.98% over the month, according to the most recent charts retrieved on October 19.</p>
 <figure class="wp-block-image aligncenter is-resized"><img decoding="async" loading="lazy" src="https://thebittimes.com/image/getimage/?url=https://lh6.googleusercontent.com/w9_roTxIvUV-0m_7nXbgSh8vKtNnZWs3tzWWUa3tQlIv1Q9lfQfRccWLAB7HzWqIdoxiVa5Gyr3wylm9EE8KSjqNEqMlPZ5kHeYw4m2Jt4-hI19ms-bfU-5Eb2FBwqcWEgWqANfAOkEQLOPCrRE07Jw" alt width="834" height="556">
  <figcaption class="wp-element-caption"><em>Bitcoin 7-day price chart. Source: </em><em>Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">It is also important to note that other crypto experts still consider the current price area of Bitcoin as a good opportunity to accumulate before the flagship decentralized finance (DeFi) asset begins its inevitable move upwards, as Finbold reported earlier.</p>
 <p class="paragraph"><strong>Watch the entire video below:</strong></p>
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  <div class="wp-block-embed__wrapper"><iframe loading="lazy" title="XRP DAILY ANALYSIS - BITCOIN DAILY ANALYSIS - XRP BTC ANALYSIS 2023" width="500" height="281" src="https://www.youtube.com/embed/coVB3a_4H18?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-could-reach-200k-in-2024-if-this-scenario-plays-out-tbt66951.html">https://thebittimes.com/bitcoin-could-reach-200k-in-2024-if-this-scenario-plays-out-tbt66951.html</a></p>

Bitcoin could reach $200K in 2024 if this scenario plays out

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