When Bitcoin (BTC) Price Will Hit ATH? Analyst Predict Timeline

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The year 2021 posed challenges for the crypto market, but analysts foresee the potential for all-time highs in the coming year, particularly for Bitcoin. The same analysts who predicted the 2021 market downturn are now optimistic for 2024, forecasting record highs for Bitcoin.

Pseudonymous analyst Dave the Wave, known for predicting the 2021 crypto market downturn, has now projected a positive outlook for Bitcoin. He anticipates that Bitcoin’s ongoing market correction and bearish trends will persist until year-end, followed by a favorable period for investors.

Bitcoin’s recent decline of over 11% this week breached the crucial $25,000 support level, triggering bearish sentiment among traders. Despite this, the star cryptocurrency boasts a market capitalization of $508 billion. Its trading volume has surged to approximately $9 billion, marking a 12.42% increase in the past 24 hours, as indicated by market reports. However, Bitcoin’s dominance, representing its overall market share, currently stands at 48.01%, having dipped slightly by 0.12% throughout the day.

Bitcoin Price Prediction: When ATH?

Dave the Wave employs his logarithmic growth curve (LGC) model to predict Bitcoin prices, aiming to filter out medium-term volatility. According to this model, Bitcoin currently resides near the lower end of the LGC, signaling a favorable zone for investment. Dave suggests that Bitcoin could experience further downward fluctuations until next year, followed by a potential surge to $69,000 by mid-2024.

Dave also highlights the Monthly Moving Average Convergence Divergence (MACD) analysis, noting a bullish turn that implies long-term momentum. He suggests that the current price presents a more reasonable investment opportunity compared to 2.5 years ago, especially for those seeking exposure to the market.

In a separate development, Tom Lee, co-founder of Fundstrat Global Advisors and a prominent Bitcoin bull, predicts that the approval of an Exchange-Traded Fund (ETF) could propel Bitcoin’s price to $150,000. Lee emphasizes that the ETF’s potential approval might reshape Bitcoin’s supply and demand dynamics, leading to price appreciation.