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<p>The post <a href="https://coinpedia.org/news/breaking-down-2024-analysts-bullish-on-bitcoin-with-a-note-of-caution/">Is Bitcoin Set to Soar in 2024? Here’s Why Analysts are Bullish!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>As the calendar flips to 2024, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin</a> enthusiasts are bracing for a year of riveting highs and possible pitfalls. Analyst Adrian Zduńczyk offers a comprehensive view, blending charting techniques, pattern studies, and market fundamentals. While prospects for profits look promising, Zduńczyk also emphasizes the inherent risks involved.</p> 
<p>Zduńczyk’s recent Twitter thread is a goldmine for investors. Filled with essential stats and practical tips, it’s a must-read for anyone looking to navigate the crypto waters in 2024.</p> 
<p>Pumped to read what he has to say? Dive right in! </p> 
<h2 class="wp-block-heading" id="h-what-to-expect-in-january-2024">What to Expect in January 2024?</h2> 
<p>Bitcoin’s journey in 2024 began with a notable 12% rise in December, followed by a 3% increase on New Year’s Day. It’s currently valued at <a href="https://markets.coinpedia.org/bitcoin/?_gl=1*ty76hu*_ga*NTQzNDc3MzQ4LjE2OTcxODMzODc.*_ga_RE1GG3FGQW*MTcwNDE3NDI2OS42Ny4xLjE3MDQxNzk1NTAuMC4wLjA.&amp;pk_vid=c3d549d10e59765f1704179556e1f919">$45,259</a>, according to Coinpedia. Zduńczyk points to the S&amp;P 500 January Barometer pattern, indicating that January’s performance might set the tone for the entire year, supported by an 83.6% historical trend.</p> 
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   <p lang="en" dir="ltr">In 2024, expect spectacular rallies for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>. But, to get rich, you must rely on facts. In this thread, you'll find urgent stats and tips to add a few zeros to your portfolio in the next 12 months.<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>— Adrian Zduńczyk, CMT (@crypto_birb) <a href="https://twitter.com/crypto_birb/status/1741956660032414028?ref_src=twsrc%5Etfw">January 1, 2024</a>
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<p>The S&amp;P’s strong performance might further boost Bitcoin’s standing in an already bullish market. Technical indicators suggest that $30k serves as a robust support level. Additionally, rising trends at the 50-week and 200-week marks indicate potential growth, with resistance levels ranging between $48,000 to $50,800.</p> 
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   <p lang="en" dir="ltr">2/ Kicking off 2024 with a bang, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> closes December up by 12% and leaps an additional 3% on New Year’s Day alone! <br><br>The S&amp;P 500 January Barometer pattern suggests January's performance might set the tone for the year, with an 83.6% probability.<br><br>Why's it important for BTC? <a href="https://t.co/bUqDxlBUqo">pic.twitter.com/bUqDxlBUqo</a></p>— Adrian Zduńczyk, CMT (@crypto_birb) <a href="https://twitter.com/crypto_birb/status/1741958243969110166?ref_src=twsrc%5Etfw">January 1, 2024</a>
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<p>Also Read: <a href="https://coinpedia.org/price-analysis/bitcoin-btc-price-breaks-through-the-critical-level-but-wait-heres-the-twist/">Bitcoin (BTC) Price Breaks Through the Critical Level: But Wait, Here’s the Twist!</a></p> 
<h2 class="wp-block-heading" id="h-exciting-factors-at-play">Exciting Factors at Play </h2> 
<p>April’s upcoming 4th halving event is generating significant speculation around Bitcoin. This excitement is amplified by expectations of <a href="https://coinpedia.org/news/the-potential-impact-of-bitcoin-spot-etf-on-institutional-investors/">ETF approvals</a>. Notably, institutional players, like<a href="https://coinpedia.org/news/ripple-legal-expert-analyzes-sec-strategies-in-the-bitcoin-etf-approval-process/"> BlackRock’s iShares</a> IBTC Bitcoin Spot ETF, could introduce trillions into the crypto space.</p> 
<p>However, Zduńczyk advises caution, pointing to potential shifts in market dynamics. Indicators like the daily RSI and ATR suggest possible changes in buying patterns and increased volatility.</p> 
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   <p lang="en" dir="ltr">5/ Meanwhile, the bull run is getting stronger.<br><br>Daily RSI dips to 58 with a 50-day mean @ 62, hinting at a local slowdown in the buying momentum.<br><br>ATR @ 1380 reveals increasing volatility, with the rising 50-day benchmark @ 1320.<br><br>Will the bulls take a breather anytime soon? <a href="https://t.co/ikBbQ1HpSV">pic.twitter.com/ikBbQ1HpSV</a></p>— Adrian Zduńczyk, CMT (@crypto_birb) <a href="https://twitter.com/crypto_birb/status/1741962834861289491?ref_src=twsrc%5Etfw">January 1, 2024</a>
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<p>Read More: <a href="https://coinpedia.org/news/sec-expected-to-reach-out-to-bitcoin-etf-candidates-early-in-the-coming-week/">Bitcoin ETF Approvals Incoming as Early as Jan 5th? SEC to Reach Out to Candidates!</a></p> 
<p><strong>Challenges ahead </strong></p> 
<p>BirbicatorPRO’s dynamic ATR trend model identifies resistance levels at $44,725 and $43,970, indicating a potential consolidation phase. Despite a prevalent ‘greed’ sentiment driving bullish attitudes, concerns around Bitcoin mining costs, currently at $44,550, may impact short-term profitability.</p> 
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   <p lang="en" dir="ltr">8/ The market's 'greed' sentiment remains high, as reflected by the Fear &amp; Greed Index at 65, hinting at a bullish market environment driven by speculation.<br><br>In trends, hindsight bias, regret bias &amp; overconfidence kick in. That can be a trend-promoting (bullish) market behavior. <a href="https://t.co/vVEWzKDDZI">pic.twitter.com/vVEWzKDDZI</a></p>— Adrian Zduńczyk, CMT (@crypto_birb) <a href="https://twitter.com/crypto_birb/status/1741965673532666295?ref_src=twsrc%5Etfw">January 1, 2024</a>
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<h2 class="wp-block-heading" id="h-predicting-the-future-with-the-past">Predicting the Future with the Past </h2> 
<p>Historical trends, especially in January, offer valuable insights. Past data reveals an average January gain of +13%. Detailed analysis suggests a potential EOQ1 target price near $52,000. Zduńczyk draws parallels between Bitcoin’s movements and those of volatile tech stocks on the Nasdaq.</p> 
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   <p lang="en" dir="ltr">11/ Here's a historical quarterly stats breakdown to give more context for the January figures.<br><br>▸ +136.46% annualized return, <br>▸ +23.69% avg return,<br>▸ 7 gains vs. 6 losses (53.85% hit rate).<br><br>These results imply an estimated EOQ1 target price of around $52,000.<br><br>Possible?<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f914.png" alt="🤔" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/AY8bL3sGee">pic.twitter.com/AY8bL3sGee</a></p>— Adrian Zduńczyk, CMT (@crypto_birb) <a href="https://twitter.com/crypto_birb/status/1741968884863766692?ref_src=twsrc%5Etfw">January 1, 2024</a>
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<p>In summary, Zduńczyk’s insights for 2024 advocate for aligning strategies with prevailing trends and relying on concrete data over speculative opinions. As Bitcoin enthusiasts gear up for the year, a balanced, data-centric approach remains crucial.</p>

Is Bitcoin Set to Soar in 2024? Here’s Why Analysts are Bullish!

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