Will BTC Price Become Bullish in 2023 Before Bitcoin Halving in 2024?

Even though the year is almost over, the bullish momentum for the cryptocurrency market still appears very far away. Over the past day, the price of Bitcoin (BTC), the most well-known cryptocurrency, has surged.

According to CoinMarketCap, BTC is presently changing hands at $16,864.56 after rising in price by 0.19% over the previous day and hitting a high of $16,870.98 within the same time frame. However, the critical resistance level of $17k places a cap on the cryptocurrency king.

On the positive, Bitcoin is attempting to burst through $17,000. BTC may start a sustained rebound if it surpasses the $17,000 and $17,200 barrier levels. The price of bitcoin remained above $16,550. The price started to surge over the $16,700 barrier zone again once a base was built. BTC is above the 100 hourly simple moving average and the $16,800 barrier mark.

Over the 50% Fib retracement line of the decline from the swing high of $17,061 to the low of $16,560, there was a clear upward movement. Additionally, a significant bearish trend line with resistance at $16,820 was broken on the hourly chart of the BTC/USD pair.

Bitcoin is trading above the 100-hourly simple moving average and the $16,800 mark. Additionally, it is trading above the level of the 61.8% Fib retracement of the slide from the swing high of $17,061 to the low of $16,560.

An immediate resistance barrier on the upside is above $17,000. At $17,200, there is a first significant resistance level. A definite break over the $17,200 resistance level could begin a powerful comeback wave. The price will increase towards the $18,000 resistance zone after it crosses the next critical barrier at $17,500. Any further gains might bring the pair dangerously close to the $18,500 price barrier.

A fresh downward trend is anticipated if Bitcoin cannot pass through the $17,000–$17,100 barrier level. On the downside, the $16,800 level and the 100 hourly SMA provide immediate support. At $16,680, there is the next significant support.

A move towards the $16,550 level could be indicated by a break below the $16,680 support level. If there are any additional drops, the cost might reach $16,350.

Bitcoin Will Skyrocket in 2024 After Its Halving

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The second Bitcoin halving is anticipated to occur in March 2024, reducing the block reward for miners to 3.125 BTC. 96.875% of the Bitcoin will have been mined by the time of the fourth halving. The most recent BTC halving, which occurred in 2020, skyrocketed its price by more than 556% in just one year. Top analysts predict that after the upcoming event, the price will surpass $100,000. This highlights the Bitcoin price halving and raises serious concerns about the BTC price forecast for 2024.

Market disruption and instability are anticipated following the occurrence. By halving the amount of Bitcoin in circulation, a scarcity is established, which raises interest in the currency and drives up demand, maintaining the price of BTC. This increases the prospects for traders and investors as the cryptocurrency market may experience a major upswing.

Given the present market trend, the price might increase to a maximum of $74,967.47 by the end of 2024. On the other hand, conditions like a protracted bear run might cause the minimum price to drop to $39,453.57. In light of this, the usual price of BTC maybe $57,743.23.

Bottom Line

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Based on the price forecast made by ATZ crypto. Attempting to gain support and momentum from institutional investments. By the end of 2022, the price of bitcoin may increase to a maximum of $17,000. On the other hand, worries about PoW chains and energy use intensify. The price of bitcoin is predicted to stabilize at about $16,600.

Taking into account previous estimates of Bitcoin’s price, we can assume that the price of BTC will likely continue on a bullish trend through the end of 2023 with less volatility. Then a bull run will begin in 2024, which also happens to be the year of the price halving, pushing its price to a new all-time high.

What Is Bitcoin Halving?

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The block reward provided to Bitcoin miners for processing transactions is halved every 210,000 blocks mined or roughly every four years. The rate at which new bitcoins are issued into circulation is cut in half during this event, which is why it is known as a “halving.” This is how Bitcoin enforces artificial price inflation until every bitcoin is released.

The proposed maximum of 21 million coins will be achieved sometime around 2140, after which this rewards system will end. At that point, network users will pay fees to miners in exchange for processing transactions to reward them. These fees make sure that miners continue to have a reason to mine and maintain the network.

The halving event is significant because it signals a further decline in the rate of new Bitcoin production as the entire supply, limited to 21 million, approaches its maximum. Just 1.9 million bitcoins remain to be produced through mining incentives as of the end of August 2022, leaving roughly 19.1 million already in use.