2024

bullish

Crown

Bitcoin

<p>The post <a href="https://coinpedia.org/news/bitcoin-price-prediction-bullish-and-bearish-scenarios-to-watch-in-2024/" rel="noopener noreferrer nofollow">Bitcoin Price Prediction: Bullish and Bearish Scenarios to Watch in 2024</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>In a recent podcast on Altcoin Daily, crypto trader Tom Crown <a href="https://www.youtube.com/watch?v=GQ4NUq3vGlk" rel="noopener noreferrer nofollow">shared </a>his analysis of Bitcoin’s current position and prospects, offering a nuanced view of the market’s direction.</p>
<p>Let’s explore!</p>
<h2 class="wp-block-heading" id="h-bitcoin-s-current-situation"><strong>Bitcoin’s Current Situation</strong></h2>
<p>Bitcoin is trading around $61.4k, a level it has held for about 160 days. After a 35% rally from August 5 to August 16, Bitcoin has faced a correction, attempting to regain the $61,000 level on August 21 but encountering resistance at $61,227. Over the past week, Bitcoin has traded within a tight range of $58,000 to $62,000, indicating a consolidation phase following recent gains. Currently, Bitcoin is down about 6% from its recent peak, raising questions about the continuation of its bullish trend.&nbsp;</p>
<p>Despite this obvious stagnation, Crown sees positive signs. The Federal Reserve’s dovish stance, with expectations of an interest rate cut in September, could fuel bullish momentum.</p>
<p>However, Bitcoin recently experienced a “death cross”—a bearish technical signal where the short-term moving average crosses below the long-term moving average. Historically, this indicator has sometimes preceded a price rebound in Bitcoin, suggesting the current signal may not be as dire as it seems.</p>
<h2 class="wp-block-heading" id="h-key-levels-and-potential-moves"><strong>Key Levels and Potential Moves</strong></h2>
<p>The crown is watching crucial support and resistance levels. For Bitcoin to signal a bullish reversal, it must reclaim and sustain above $62.8k. If successful, Bitcoin could aim for a target range between $69k and $70k. Conversely, if Bitcoin falls below the August 5th low of $49k, it might test lower support at $38.5k. Significant market events would likely accompany such a drop.</p>
<h3 class="wp-block-heading" id="h-bullish-and-bearish-scenarios"><strong>Bullish and Bearish Scenarios</strong></h3>
<p>In the worst-case scenario, he claims a significant sell-off could push Bitcoin below $49k, potentially finding support around $38.5k. This level is considered crucial as it might attract buyers looking for bargains.</p>
<p>A move above $63k could set Bitcoin on a bullish path toward $70k in the best-case scenario. In an ideal scenario, Bitcoin might reach new all-time highs, with some projections even suggesting a long-term potential of $250k, although this is speculative.</p>

Bitcoin Price Prediction: Bullish and Bearish Scenarios to Watch in 2024

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