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We have seen that Bitcoin has begun to prepare for 2024 with its unique good news. Bitcoin has again surpassed $44,000. However, as at every price level, some investors have difficulty being convinced about what is coming. Those who constantly try to reduce costs while targeting new lows in the fall can now be upset with early profit sales.
What Will Happen to Bitcoin (BTC)?
Bitcoin and cryptocurrencies are back on the agenda of mainstream media. Even WSJ recently wrote an article about the amount of water consumed by BTC miners to celebrate the BTC price exceeding $44,000. The water consumed by thermal power plants to produce the electricity used by miners has also been added to the miners’ account. In contrast, 11 to 15 tons of carbon dioxide are produced to produce 1 Tesla Model 3 battery.
Returning to our topic, our agenda is price and BTC was finding buyers at $43,993 despite the bad US data when the article was prepared. The weekly time frame chart shows that the Bitcoin price has been rising rapidly since mid-October. Just a few days ago, the 2023 peak was determined with $44,490.
So what will happen next? Popular analyst Bluntz used the Elliot wave count in his latest assessment and said that the rise will continue;
“All I see are people making profits and warning about upcoming 10-15% pullbacks. You are not ready for how long this leg coming from the 36 thousand level has extended.”
Will Bitcoin Fall?
For months, the warning made by Rekt Capital was that the price would return to $20,000. Even though the price increased by over 100%, the anonymous analyst did not back down from his stubbornness. The expert, who reminds of the price movements in 2015 and 2019, expects a decline. We had already mentioned that the BTC price fell below 60% of the ATH region before the halving period and we already experienced this due to oversales.
What Rekt Capital did not want to see was the overselling period in the last bear market and we already saw the bottom before the new ATH. Hedge Fund Manager James Koutoulas says he hears the footsteps of a strong rise period similar to 2017.
The most likely Elliot wave count tells us that BTC is about to set a peak in the third wave. The possible target is $47,600 and a correction is expected after the Bitcoin price reaches this peak. However, closings below $43,000 may cause the expected correction to start early, in which case there is a risk of falling to $38,000. According to Michael Poppe’s view, $39,000 should be protected for recovery.
