Bitcoin soared about 8% to above $45,900 to kick off 2024, the highest level since March 2022. A relentlessly climbing trading volume for stablecoins Tether (USDT) and FDUSD indicates massive demand. Ethereum (ETH) also gained more than 6% to hit a high of $2,431. Crypto analysts are extensively bullish on BTC price to reach $50,000.
Bitcoin stock-to-flow (S2F) model creator PlanB took to X (formerly Twitter) on January 1 to share his BTC price prediction for 2024. He said his recommendation for 2024 is similar to what he said a year ago when Bitcoin was trading near $20,000.
He said BTC price will rise in response to the April 2024 Bitcoin halving. The halving will happen at block height 840,000, which is expected to happen on April 23 as per the Bitcoin halving countdown.
The S2F model predicts BTC price at $55,000 near the Bitcoin halving and pump after the halving event. Historically, BTC price witnessed a massive rally after each Bitcoin halving event. After the last halving in Mat 2020, Bitcoin rallied over 1200% in a year.
He is confident that BTC price will hit $100k in 2024. Matrixport and Standard Chartered predicted BTC price to rally over $120k by the end of the year. The S2F model even targets BTC price reaching $1 million at the end of 2025.
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Crypto analyst Michael van de Poppe expects a continuation of the upside trend toward $48-51K. There is a potential resistance there, anticipating huge volatility during the spot Bitcoin ETF approval window between January 5-10.
Skew added that Bitcoin price stalling since selling started in spot market. He eyes previous highs of $44.4K as the area to buy the dip. Some traders believe the market consensus for a long rally due to Bitcoin ETF is correct, but a sudden upside move could be a trap.
Also Read: Crypto Market Rally — Here’s Why BTC, ETH, SOL, XRP, And Others Are Up Today
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