How high can Bitcoin price go by 2024?


Bitcoin (BTC) is up over 70% to this point in 2023, helped by a banking crisis and hopes about a spot BTC exchange-traded fund (ETF) approval within the United States.

BTC/USD day by day price chart. Source: TradingView

So, will Bitcoin price proceed to climb for the remainder of 2023? Cointelegraph takes a take a look at its probabilities and doable BTC price targets.

Related: BTC price models hint at $130K target after 2024 Bitcoin halving

2020 Bitcoin price fractal eyes $50K

Bitcoin’s ongoing market development seems to be similar to its price motion through the 2017 to 2020 interval. Therefore, it can repeat a key breakout second (the greened space) for a decisive bull run, argues well-liked BTC analyst Stockmoney Lizards.

BTC/USD price efficiency comparability between 2020 and 2023. Source: TradingView/Stockmoney Lizards

The 2020 breakout preceded a Bitcoin bull run to its file high of $69,000 in November 2021. If the same breakout happens, the analyst sees BTC’s price climbing to the $45,000-$50,000 vary by 12 months’s finish.

Unlike Bitcoin’s 2020 price rally, nonetheless, Bitcoin is at the moment going through headwinds from the United States Federal Reserve’s tightening, leading to lower liquidity in the market.

Bitcoin’s price is down 40% since April 2022 when the Federal Reserve’s stability sheet reached its peak.

Standard Chartered additionally sees Bitcoin at $50K

Standard Chartered additionally predicts Bitcoin will attain $50,000 by the 12 months’s finish.

Geoff Kendrick, the worldwide head of analysis and chief strategist at Standard Chartered, argues that elevated miners’ profitability will cut back their must promote BTC, resulting in a decrease provide towards potential rising demand.

“Increased miner profitability per BTC (Bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” Kendrick acknowledged in a report.

Interestingly, the variety of Bitcoin held by miners surged during the Ordinals hype in May 2023, stabilizing since.

Bitcoin miner reserves in 2023. Source: CryptoQuant

Bitcoin price technical pattern hints at $32,000

Meanwhile, one Bitcoin technical setup puts its year-end target near $32,000, also a recent price peak. 

Notably, BTC has entered the breakout stage of its prevailing bump-and-run reversal (BARR) Bottom pattern. The BARR Bottom pattern typically resolves after the price breaks above its descending trendline resistance and rises by as much as the pattern’s maximum height, as shown below.

BTC/USD daily price chart ft. BARR breakout setup. Source: TradingView

The same BARR Bottom pattern played out accurately in Dogecoin’s case in June 2022. BTC price will likely be up one other 12.75% by the top of 2023 if this sample performs out as supposed.

This article doesn’t include funding recommendation or suggestions. Every funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a choice.