- Bitcoin has started 2024 with a significant rally.
- Analysts expect the asset’s recent momentum to continue supporting bullish January 2024 price predictions.
- The views follow expectations that Bitcoin will fully enter a bull market phase in 2024.
Picking up from where it left off in 2023, Bitcoin (BTC) has started 2024 with a bang. After weeks of consolidation, the asset kicked off the new year with a blistering run past the $45k price resistance, trading at this level for the first time since April 2022. Following this rally, several analysts suggest that the asset still has enough in its tank to run even higher in the short term.
Analysts Weigh In on Bitcoin’s Short-Term Direction Post $45k
With Bitcoin above $45k, several analysts have set their sights on higher prices, with only a few entertaining the idea of a price correction.
In an X post on Tuesday, January 2, Prominent crypto analyst “Duo Nine” contended that Bitcoin’s break above $45k is a major breakout. The analyst tipped the asset to continue to $48k in the near term, with medium and long-term targets at $58k and $69k, respectively.
Duo Nine is not the only analyst to share this view. In a tweet on the same day, MN Trading founder Michaël van de Poppe appeared to agree with Duo Nine. The analyst opined that Bitcoin was likely to continue its current momentum till it found resistance within the $48k to $51k price levels.
The recent views support price predictions made by Matrixport in December 2023. At the time, the financial services firm asserted that Bitcoin would likely reach the $50k mark in January 2024. The firm’s research arm, 10x Research, recently reiterated this call in an email to subscribers.
The flurry of bullish predictions comes as analysts expect Bitcoin to continue to move higher in 2024, in line with previous bull market cycles.
Will History Repeat Itself?
As has been highlighted by prominent crypto trader “Rekt Capital” in recent weeks, Bitcoin’s price action has historically formed four-year cycles. Per this model, following a yearly red candle representing a bear market, the asset typically follows up with three green yearly candles as the price bottoms out, enters a bull market, and peaks.
In line with this trend, many expect Bitcoin’s bull market phase to enter full swing in 2024 and peak in 2025. This optimism is further bolstered by the prospects of a spot Bitcoin ETF approval in the next few days and the halving in the coming months.
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Despite believing Bitcoin could experience a significant short-term correction, prominent analyst IncomeSharks has also noted that the asset could run up to a new all-time high in Q1 if ETFs are approved and see significant interest.
On the Flipside
- Contrary to recent bullish sentiments, IncomeSharks believes Bitcoin risks a short-term correction to below $36k before approaching new highs.
- Ali Martinez recently highlighted that historically, Bitcoin has had a bearish January following a strong performance in September, October, November, and December of the previous year.
- Several experts have called for cautious optimism around the short-term price impacts of a spot Bitcoin ETF approval on the asset’s price.
Why This Matters
The crypto markets tend to follow Bitcoin’s direction. A continued push towards $50k could signal a strong year for the broader crypto markets.
Read this for more on Bitcoin:
Bitcoin ETF Hopes May Be “Overestimated”: VanEck Adviser
Find out why analysts are bullish on Polygon (MATIC) in 2024:
Analysts Eye Polygon (MATIC) Price Explosion Post-2023 Lag
