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.
The post Could Bitcoin Price Hit $250K in the Final Days of 2024? appeared first on CoinGape.
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