Although Bitcoin (BTC) price has crashed 15% from its ATH of $108,421.80, can it hit $250K before 2024 ends? The answer to the question posed in the title is a clear and resounding “No.” Let’s explore why Bitcoin cannot rally 163% from $95K and hit $250,000 in the final days of 2024.
Can Bitcoin Price Hit $250K in 2024?
As mentioned above, BTC’s value cannot hit $250K in the final days of 2024. For Bitcoin price to achieve this target, it would need to gain 163% and that is highly unlikely. To provide context, Bitcoin’s year-to-date performance is 156%. Assuming that BTC would shoot up another 163% in just a week is highly unlikely. The demand for such a scenario does not exist in the crypto markets, or even if it did in the traditional markets, it would suddenly be redirected to BTC.
Let’s explore a much more realistic outlook for Bitcoin.
BTC Technical Analysis: How High Can Bitcoin Reach in 2024?
As explained in a previous article Bitcoin is likely to rebound soon. On the four-hour chart, BTC created a local bottom on December 20 at $92,230, and since then it has set up a higher low of $92,465 and is currently showing strength. If the higher low is confirmed, it would suggest that the recovery rally has begun.
In such a case, Bitcoin price prediction notes BTC’s next target would be the value area high (VAH) at $100K. However, if the momentum is strong during the festive season, BTC could flip the $100K hurdle into the support level and attempt to retest the 261,8% Fibonacci extension level at $115,881. This move would constitute a 20% rally, which is a considerable gain for BTC in the next week.
In a highly bullish case, Bitcoin could hit $120K or $150K, which is the highest BTC could hit before 2024 ends, at least from a technical perspective.
The second scenario includes Bitcoin sweeping the value area low (VAL) at $90.9K. Under these conditions as well, $116K to $120K is the highest BTC could reach before 2024 ends.
On the other hand, a breakdown of $90.9K could trigger a steep 11% correction to the next support level at $81.1K. This move would increase the odds of a bear market for Bitcoin and the broader crypto market.
Frequently Asked Questions (FAQs)
A 163% gain in just a week is highly unlikely, and the demand for such a scenario does not exist in the crypto markets.
According to technical analysis, Bitcoin’s next target could be the value area high (VAH) at $100K, with a possible rally to $115,881 or higher.
A breakdown of $90.9K could trigger an 11% correction to $81.1K, increasing the odds of a bear market for Bitcoin and the broader crypto market.
Akash Girimath
Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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