Bitcoin's Prospective Growth: What the Experts Say
Date: 2023-09-11 Author: Dima Zakharov Categories: BLOCKCHAIN
Bitcoin has traditionally faced a rough patch during the month of September. However, this time around, it's maintaining its stance quite impressively. This article delves into what some experts from the crypto world predict about the potential future of Bitcoin.
*Stockmoney Lizards*, a renowned name in the crypto analysis realm, is optimistic about Bitcoin's future. According to him, Bitcoin is gearing up for an impending growth phase, which is most likely to kick in by the start of 2024. His analysis suggests that the digital currency has already navigated its way through the bearish times.
An intriguing element to consider here is the cyclical nature of Bitcoin movements, which Stockmoney attributes to the halving events of the cryptocurrency. Drawing parallels from the past, he spotlighted how the bear market that ensued post the 2016 halving resembled the bearish trend after the 2020 halving. In both instances, there was a marked decline in the relative strength index (RSI) dropping below 30, signaling the conclusion of the bearish phase.
As per Stockmoney Lizards' current analysis, Bitcoin appears to be on an upward trajectory. Historical data suggests such a trend typically precedes a halving event. For those less acquainted with the term, halving refers to a 50% reduction in the rewards miners receive, and the next such event for Bitcoin is anticipated in the spring of 2024.
Comparing Bitcoin's present trend with the past, Stockmoney indicates a progressive increase in the relative trend strength index, which accompanies a breach of the downward trend. It's worth noting that the 2020 pre-halving surge faced a setback due to the unexpected COVID-19 outbreak and its dramatic impact on global markets. This time, however, Stockmoney Lizards believes Bitcoin might have a smoother sail leading up to the halving, devoid of such unexpected disruptions.
Yet, it's not all rosy. He predicts the possibility of Bitcoin's price moving within a narrowing triangle, which might see it touching the support levels of $23.5k-$24.5k. However, a significant upswing is anticipated by early 2024.
Another analyst, *Doctor Profit*, echoes a similar sentiment. He anticipates a potential dip for Bitcoin to around $23k, post which, it's poised for a bounce back, aiming for the $30k mark once again.
For those keen to delve deeper, *BeInCrypto* had previously analyzed the reasons behind September's historic downturns for Bitcoin and also procured insights from seasoned experts about their predictions for September 2023. For the latest and greatest in cryptocurrency, staying connected with platforms like BeInCrypto's YouTube channel and their Telegram community might be beneficial.
