Cryptocurrency

Bitcoin

Parallel

Avalanche

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 <p class="paragraph">As 2023 draws to a close, Bitcoin (BTC) displays positive indicators across its charts, trying to suppress the significant <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> threshold of $45,000. This leaves cryptocurrency traders and investors pondering the potential <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> ranges it might reach in the upcoming year.</p>
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 <p class="paragraph">Despite lingering below its annual peak of $44,000 and still far away from its all-time high of $67,000, the flagship crypto displays indications of recovery.</p>
 <h2 class="wp-block-heading" id="h-dominance-until-the-halving">Dominance until the halving?</h2>
 <p class="paragraph">Suppose the historical indicators can tell us something. In that case, cycles occur in the market, and it is essential to recognize them to know whether to buy, sell, or hold, depending on the situation.</p>
 <p class="paragraph">It appears that a historical recurrence is underway wherein there is a possibility of reaching the peak of Bitcoin dominance before the imminent BTC halving event, as crypto analyst Michaël van de Poppe highlighted in his X post on December 27.</p>
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  <p class="paragraph">“Likely, history is repeating itself, and we’re peaking with the Bitcoin dominance prior to the Bitcoin halving. That means the bull market on Altcoins has started, and Ethereum will take over from here.”</p>
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 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="546" src="https://cdn.thebittimes.com/images/2023/12/28/1569f49062a74f2cd5fdef801eed62a6.webp" alt="Bitcoin historical pattern chart. Source: Michaël van de Poppe" class="wp-image-145825" srcset="https://cdn.thebittimes.com/images/2023/12/28/1569f49062a74f2cd5fdef801eed62a6.webp 1024w, https://cdn.thebittimes.com/images/2023/12/28/1569f49062a74f2cd5fdef801eed62a6.webp 300w, https://cdn.thebittimes.com/images/2023/12/28/1569f49062a74f2cd5fdef801eed62a6.webp 768w, https://cdn.thebittimes.com/images/2023/12/28/1569f49062a74f2cd5fdef801eed62a6.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin historical pattern chart. Source: Michaël van de Poppe
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 <h2 class="wp-block-heading" id="parallel-channel-dictating-bitcoin-price">Parallel channel dictating Bitcoin price</h2>
 <p class="paragraph">In the context of the 4-hour chart, Bitcoin is currently in a consolidation phase within a parallel channel, emphasizing the crucial support level at $42,400.</p>
 <p class="paragraph">Should Bitcoin experience a sustained decline below this level, there is a potential for a subsequent movement towards $40,700. Conversely, recovering from the current support level may pave the way for upward momentum, targeting a potential rise to $44,400, per a post from crypto expert Ali Martinez on December 26.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="666" src="https://cdn.thebittimes.com/images/2023/12/28/e1bb0453de7f7aa477fea0517badf75e.webp" alt="Bitcoin 4-hour parallel channel chart. Source: Ali Martinez
" class="wp-image-145827" srcset="https://cdn.thebittimes.com/images/2023/12/28/e1bb0453de7f7aa477fea0517badf75e.webp 1024w, https://cdn.thebittimes.com/images/2023/12/28/e1bb0453de7f7aa477fea0517badf75e.webp 300w, https://cdn.thebittimes.com/images/2023/12/28/e1bb0453de7f7aa477fea0517badf75e.webp 768w, https://cdn.thebittimes.com/images/2023/12/28/e1bb0453de7f7aa477fea0517badf75e.webp 1536w, https://cdn.thebittimes.com/images/2023/12/28/e1bb0453de7f7aa477fea0517badf75e.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin 4-hour parallel channel chart. Source: Ali Martinez
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 <h2 class="wp-block-heading" id="microstrategy-driving-up-btc-price">MicroStrategy driving up BTC price</h2>
 <p class="paragraph">MicroStrategy’s recent acquisition of $615 million worth of Bitcoin has generated considerable optimism and excitement within the trading community.&nbsp;</p>
 <p class="paragraph">With a current holding surpassing $8 billion in the leading cryptocurrency, the company’s recent purchases and favorable developments have contributed to a bullish trend in the market, according to the cryptocurrency analytics platform <em>Santiment</em> post on December 28.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="710" src="https://cdn.thebittimes.com/images/2023/12/28/7427e5320d5f2c2e93e3fa7edc3d4d1d.webp" alt="How MicroStrategy’s Bitcoin purchases dictated BTC price. Source: Santiment
" class="wp-image-145828" srcset="https://cdn.thebittimes.com/images/2023/12/28/7427e5320d5f2c2e93e3fa7edc3d4d1d.webp 1024w, https://cdn.thebittimes.com/images/2023/12/28/7427e5320d5f2c2e93e3fa7edc3d4d1d.webp 300w, https://cdn.thebittimes.com/images/2023/12/28/7427e5320d5f2c2e93e3fa7edc3d4d1d.webp 768w, https://cdn.thebittimes.com/images/2023/12/28/7427e5320d5f2c2e93e3fa7edc3d4d1d.webp 1536w, https://cdn.thebittimes.com/images/2023/12/28/7427e5320d5f2c2e93e3fa7edc3d4d1d.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   How MicroStrategy’s Bitcoin purchases dictated BTC price. Source: Santiment
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 </figure>
 <p class="paragraph">Simultaneously, the artificial intelligence (AI) algorithms employed by the cryptocurrency analytics and monitoring platform <em>CoinCodex</em> indicate potential ongoing growth for Bitcoin in the coming months. Projections set its <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> at $44,728 for January 1, 2024, with expectations of progressing towards $82,469 by December 30, 2024.</p>
 <figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="912" height="436" src="https://cdn.thebittimes.com/images/2023/12/28/4db1b1a694bb7aa2a96f80676c9d0625.webp" alt="Bitcoin 1-year price prediction. Source: CoinCodex
" class="wp-image-145829" srcset="https://cdn.thebittimes.com/images/2023/12/28/4db1b1a694bb7aa2a96f80676c9d0625.webp 912w, https://cdn.thebittimes.com/images/2023/12/28/4db1b1a694bb7aa2a96f80676c9d0625.webp 300w, https://cdn.thebittimes.com/images/2023/12/28/4db1b1a694bb7aa2a96f80676c9d0625.webp 768w" sizes="(max-width: 912px) 100vw, 912px">
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   Bitcoin 1-year price prediction. Source: CoinCodex
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 <h2 class="wp-block-heading" id="bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">At the time of press, BTC is traded at $42,952, exhibiting a 0.72% rise on its daily chart. Furthermore, it has seen a -1.73 % decrease over the past week and has garnered a gain of 16.24% in the last month, contributing to an overall upward movement of 158.05% over the past year.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/12/28/2d3083fbf26ab90a8564baaff656d427.webp" alt="Bitcoin YTD price chart. Source: Finbold
" class="wp-image-145830" srcset="https://cdn.thebittimes.com/images/2023/12/28/2d3083fbf26ab90a8564baaff656d427.webp 1024w, https://cdn.thebittimes.com/images/2023/12/28/2d3083fbf26ab90a8564baaff656d427.webp 300w, https://cdn.thebittimes.com/images/2023/12/28/2d3083fbf26ab90a8564baaff656d427.webp 768w, https://cdn.thebittimes.com/images/2023/12/28/2d3083fbf26ab90a8564baaff656d427.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin YTD price chart. Source: Finbold <br> <br>
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 </figure>
 <p class="paragraph">The importance of institutional players in the Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> is highlighted by the involvement of MicroStrategy, as can be seen from the historical movements of BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> after news of the acquisition was revealed to the public.</p>
 <p class="paragraph">This can be a sign of things to come; with the potential approval of spot Bitcoin ETFs on January 10, financial institutions could propel this asset’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> towards the highs it hasn’t experienced before.&nbsp;</p>
 <p class="paragraph">However, it all remains to be seen, as for now speculations are the main drivers of BTC’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>, and as they die down, so does the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>.</p>
 <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>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-prediction-for-2024-tbt74981.html">https://thebittimes.com/bitcoin-price-prediction-for-2024-tbt74981.html</a></p>

Bitcoin price prediction for 2024

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