Key takeaways
- Bitcoin price faces heavy selling pressure as it drops toward the $60Kmark, weakening the current buying momentum amid low spot ETF inflow.
- Our BTC price prediction expects BTC price to reach $100K by the end of 2024 due to bullish sentiment following halving event.
- By 2030, BTC might touch $270,593 following increased institutional adoption.
Following the fourth Bitcoin halving event, Bitcoin price initially gained a buying demand; however, it failed to hold its bullish momentum due to rising bearish threats. As a result, BTC price dropped below the psychological $60K mark. However, there’s still hope among holders as they expect Bitcoin to reach $100K by 2024.
According to CoinGlass data, Bitcoin experienced over 14 percent drop in April, marking the most challenging month since November 2022. Historically, Bitcoin has ended May on a downward trend over the last three years, suggesting potential continued struggles.
However, despite bearish spot Bitcoin ETF flow the US Bitcoin sentiment develops a bullish trend as BTC HODLers are anticipating a continuous uptrend beyond $75,000. This has led analysts to think: Will this lead Bitcoin price past $100,000?
The current BTC trading sentiment is bullish as Bitcoin traded at its highest point in pre-halving rally. Since 2024 is bullish for the crypto market, anticipation is that the BTC price could hit $100K during this season.
As Bitcoin on-chain activities surge, questions arise, such as: “Does Bitcoin have the potential of hitting the $100K mark?” or “Will Bitcoin ever go up?” or “Where will Bitcoin be in 5 years?” Let’s answer them using our Bitcoin price prediction.
Overview
| Cryptocurrency | Bitcoin |
| Token | BTC |
| Price | $61,808 |
| Market Cap | $1,121,914,422,643 |
| Trading Volume | $45,318,495,561 |
| Circulating Supply | 19,692,534 |
| All-time High | $73,750, March 14, 2024 |
| All-time Low | $0.04865, Jul 15, 2010 |
| 24 High | $62,121 |
| 24 Low | $56,555 |
Bitcoin Price Prediction: Technical Analysis
| Metric | Value |
| Price Prediction | $80,986 (34.39% increase) |
| Volatility | 4.06% |
| 50-Day SMA | $66,651 |
| 14-Day RSI | 38.30 |
| Sentiment | Bearish |
| Fear & Greed Index | 54 (Neutral) |
| Green Days | 15/30 (50%) |
| 200-Day SMA | $48,164 |
Bitcoin price analysis: BTC price faces consolidation above $60K
TL; DR Breakdown
- BTC price analysis shows that Bitcoin faced a bearish pattern as the price continues to consolidate around $60K
- Resistance for BTC is present at $65,378
- Support for BTC/USD is present at $59,372
The BTC price analysis for 9 May confirms that bears sparked a solid selling pressure as BTC price plunged buying confidence by heading toward the $60K mark.
BTC price analysis 1-day chart: Bitcoin price faces intense bearish pressure
Analyzing the daily price chart of Bitcoin, BTC’s price faced a robust selling pressure as the price continued to decline below immediate Fib channels and headed toward the $60K level. The BTC price is facing a surge in selling demand as it reaches a crucial support line. The 24-hour volume has surged to $1.6 billion, showing an increased interest in trading activity today. BTC price is currently trading at $56,733, decreasing by over 6.5% in the last 24 hours.
The RSI-14 trend line has declined from its previous level and currently trades below the midline at 43, hinting that a bearish pressure is on the edge. The SMA-14 level suggests volatility in the next few hours.
BTC/USD 4-hour price chart: Bulls aim for an immediate correction above moving averages
The 4-hour Bitcoin price chart suggests that bears are strengthening their position as they are aiming to send the price below the Fib lines. However, bulls are maintaining buying confidence and are aiming to hold the price above the EMA20 trend line.
The BoP indicator is trading in a positive region at 49, showing that short-term buyers are taking a chance to accelerate an upward trend.
However, the MACD trend line has formed bearish candles below the signal line and the indicator aims for a negative momentum, strengthening short-position holders’ confidence.
Bitcoin Technical Indicators: Levels And Action
Daily Simple Moving Average (SMA)
| Period | Value | Action |
| SMA 3 | $63,371 | SELL |
| SMA 5 | $63,929 | SELL |
| SMA 10 | $65,676 | SELL |
| SMA 21 | $65,349 | SELL |
| SMA 50 | $66,651 | SELL |
| SMA 100 | $59,102 | BUY |
| SMA 200 | $48,164 | BUY |
Daily Exponential Moving Average (EMA)
| Period | Value | Action |
| EMA 3 | $63,744 | SELL |
| EMA 5 | $64,261 | SELL |
| EMA 10 | $65,504 | SELL |
| EMA 21 | $66,559 | SELL |
| EMA 50 | $64,603 | SELL |
| EMA 100 | $58,756 | BUY |
| EMA 200 | $50,274 | BUY |
What to expect from BTC price analysis next?
The hourly price chart confirms that Bitcoin attempts to drop below the immediate support line; however, bulls are eyeing for further recovery rally in the upcoming hours. If BTC’s price successfully holds its momentum above $65,378, it will fuel a bullish rally to $67,099.
If bulls fail to initiate a surge, BTC price may drop below the immediate support line at $59,372, which may begin a bearish trend to $56,386.
Recent News
- On 30 April, Hong Kong launched Asia’s first bitcoin and ether spot ETFs, shortly after the U.S. approved similar investments.
- BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF, has seen no new inflows since April 24, maintaining 274,462 BTC, raising concerns in the Bitcoin community.
Bitcoin Price Prediction May 2024
It is highly likely that the effect of this Bitcoin halving proceeds until the end of the month. This is due to the fact the price remains above its STH Realized price of $59K. In view of that, it can be assumed that a continued upward trend in prices should be expected with positive technical indicators and positive market sentiment. However, Bitcoin’s price movements might tumble following bearish pressure on the current Bitcoin price level.
Bitcoin price might attempt to surge toward $67,000 from its recent low, and this number be pushed further, at least $74,000, if the strong downwards pressures are not seen. However, on the bearish side, we might see a rejection, leading to a consolidation within $51K-$60K.
| Bitcoin Price Prediction | Potential Low | Potential Average | Potential High |
| Bitcoin Price Prediction May 2024 | $51,000 | $61,000 | $74,000 |
Bitcoin Price Prediction 2024
In the cryptocurrency market, the newly launched spot Bitcoin and Ether ETFs in Hong Kong, with the giant inflows in the US ETF market indicates that the Bitcoin prices will head upwards in the near future. Historically, Bitcoin usually carries as the significant crypto coin in the year following a halving and it is expected that this will push up its price. Bitcoin miners might play a crucial role in holding bullish sentiment for future price movements.
Furthermore, there is an increasing bullish sentiment that the base interest rates could be cut in the US, and thus, help to further the upward movement of Bitcoin. An outcome of which the 2024 year could be positive for Bitcoin, with its crypto-price perhaps touching $110,000 in the highest and the low could be around $48,000.
| Bitcoin Price Prediction | Potential Low | Potential Average | Potential High |
| Bitcoin Price Prediction 2024 | $48,000 | $67,000 | $110,000 |
Bitcoin Price Predictions 2025-2030
| Year | Minimum Price | Average Price | Maximum Price |
| 2025 | $95,000 | $120,000 | $160,000 |
| 2026 | $115,000 | $130,000 | $185,000 |
| 2027 | $140,491 | $170,100 | $216,738 |
| 2028 | $164,063 | $185,068 | $244,142 |
| 2029 | $195,629 | $200,312 | $255,321 |
| 2030 | $225,903 | $248,568 | $270,593 |
Bitcoin Price Prediction 2025
The Bitcoin Halving event’s impact is expected to last into 2025, potentially holding the Bitcoin price above the $100,000 mark. If the global economy strengthens and inflation stabilizes at 2%, interest rates could be reduced by 2025.
Clearer crypto regulations could boost BTC investor confidence, leading to more buying demand amid scarcity due to halving.
Following the halving event over the next 12-18 months, BTC price is expected to surge toward $160,000, with a minimum price of $95,000.
Bitcoin Price Prediction 2026
Bitcoin might witness a slow growth after 2025’s halving surge, resulting in a surge in selling pressure. However, more financial products including a surge in ETF demand might hold BTC price within a bullish region. We might see a maximum price of $185,000, with a minimum price of $115,000 and average price of $130,000. However, BitMEX Ceo Arthur Hayes predicted the BTC price to touch $700K in 2026.
Bitcoin Price Prediction 2027
Based on detailed technical analysis of past Bitcoin price data, it is projected that in 2027, Bitcoin could see a minimum price of $140,491. The potential maximum price is estimated to be $216,738, with an average value of $170,100.
Bitcoin Price Prediction 2028
By 2028, Bitcoin’s price is expected to possibly reach a low of $164,063. Maximum price projections are as high as $244,142, with the price averaging about $185,068 for the year.
Bitcoin Price Forecast 2029
Projections for 2029 suggest that Bitcoin could be valued at a minimum of $195,629. The price may peak at as much as $255,321, with an average throughout the year expected to be around $200,312.
Bitcoin (BTC) Price Prediction 2030
For the year 2030, the forecast suggests that the price of Bitcoin could start at a minimum of $225,903 and potentially rise to a maximum of $270,593. The average price is anticipated to stabilize at about $248,568 throughout the year.
Read more: Bitcoin into the last april weekend 2024 – btc halving chronicles
Bitcoin Market Price Prediction: Analysts’ BTC Price Forecast
| Firm Name | 2024 | 2025 |
| Gov.Capital | $74,790 | $121,352 |
| DigitalCoinPrice | $88,755 | $130,963 |
| Trading Beasts | $102,632 | $154,235 |
- CoinCodex predicts Bitcoin’s price could reach $158,827 by 2025, using the Bitcoin Rainbow Chart based on past volatility and the cyclical nature of Bitcoin Halving events.
- Cathie Wood of Ark Invest forecasts Bitcoin may hit $600,000 by 2030, with a potential rise to $1.5 million in her bull case scenario after Bitcoin ETFs approval.
- Bloomberg Intelligence’s Mike McGlone estimates Bitcoin will reach $100,000 by 2030, attributing the increase to rising demand and BTC scarcity.
- Robert Kiyosaki predicts Bitcoin price to touch $120,000 by the end of 2024.
Cryptopolitan’s Bitcoin (BTC) Price Prediction
At Cryptopolitan, we are bullish on Bitcoin’s future price as the historical market sentiment is extremely impressive. By the end of 2024, Bitcoin might record a maximum price of $110,000, with a minimum price of $48,000 and an average price of $65,000.
However, the future market potential for Bitcoin entirely depends on its buying demand, regulation and investor sentiment in long-term holding.
We expect Bitcoin price to create a high of $110,000 by the end of 2024.
Read more: Bitcoin’s price fluctuations surge as hong kong welcomes new etfs
Bitcoin Historic Price Sentiment
- Satoshi Nakamoto created Bitcoin in 2009, marking the first use of blockchain technology.
- Bitcoin was initially of little value, gaining significant traction and hitting over $15,000 during the 2017 boom, with further highs reached in 2019 and 2021.
- In 2021, Bitcoin peaked at $68,789.63 but dropped to $15,760 by December 2022 amid economic pressures including inflation and geopolitical conflicts.
- By April 10, 2023, Bitcoin’s price surged 83%, breaking the $30,000 resistance level.
- Throughout mid-2023, Bitcoin’s value hovered around $30,000, nearly reaching $32,000 due to positive market sentiments and potential ETF approvals.
- Bitcoin experienced a significant price drop in mid-August 2023, falling to $25,000 and remained volatile with October prices fluctuating between $26,000 and $29,500.
- Bitcoin closed 2023 above $42,000, a 155% increase from the year’s start.
- Early 2024 saw Bitcoin rise above $45,000 in anticipation of multiple ETF approvals, despite a brief dip below $40,000 following the ETF approval.
- Bitcoin’s price surged in February 2024, breaking its previous all-time high from 2021 on March 5th, reaching over $70,000 by March 8th, and setting a new high of $73,750.07 on March 14th.
- However, in April, the BTC price dropped below $60K.
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