Bitcoin to target this price range after the 2024 BTC halving event

 Focus has switched to Bitcoin's (BTC) capacity to maintain the gains in the upcoming months as the cryptocurrency enjoys a short-term bullish price trend.

In fact, there are a number of significant triggers that boost Bitcoin, with the most recent approval of the spot Bitcoin exchange-traded fund (ETF) being viewed as a long-term driver. The impending halving event, however, also supports this optimistic outlook.

Two cryptocurrency analysts, Alan Santana and the person who goes by the handle best_analysts on X (previously Twitter), believe that there will be both immediate volatility and exciting possibility for Bitcoin in the future. This gives them perspective on the cryptocurrency's next move.

Bullish consensus for Bitcoin 

The analysts agree on the general direction, which is a big bull run that will culminate in a new all-time high in 2025, driven by the impending 2024 halving event, even though they disagree on the timing of individual price movements.

This is how best_analysts highlighted in a post from January 28 on X the importance of long-term investors evaluating their holdings between April and August 2025. He pointed out that past trends in price indicate that after the fourth halving in April 2023, the price of Bitcoin may rise.

The expert noted that Bitcoin has a history of rising to all-time highs about a year following the halving event, which makes 2025 an important time frame to watch.

On the other hand, Santana emphasized in a sequence of TradingView articles published between January 25 and January 28 that Bitcoin might hit the next all-time high of $180,000, $220,000, or higher in 2025.

Santana compared the existing price movement and the upcoming halving to draw comparisons between 2019 and the pre-halving correction in 2020 in order to bolster this claim. 

He noted that after a five-month relief rally in 2019, there was a correction phase that peaked in March 2020 for Bitcoin. It had a four-month relief rally in 2023, followed by a protracted consolidation and four more months of gains. The first red month in 426 days was January 2024.

“Bitcoin’s price is likely to recover the same month and then produce a long-term bull rally in preparation for a major bull-run. We have to wait to see if the next All-Time High in 2025 will stop at 180,000, 220,000 or more. <…> The future looks great for Bitcoin,” he said. 

 

Short term correction 

Santana, however, issued a warning on the near future, projecting a "major drop" towards $26,000 or even lower in February 2024. According to him, the most recent increase above $40,000 represents a "dead-cat bounce," or a break before a more severe drop. 

The analyst explained that the possible decline was caused by traders who were overly leveraged and would be liquidated, which will create room for a stronger market and a following bull run in 2024. 

“Regardless of these data points, even at $47,000 or $48,000 we would still have a lower high and the bearish potential would remain the same. It doesn’t matter how far up Bitcoin goes now, we will see lower prices before the major bull-market takes place,” he added. 

 

Bitcoin ETF impact 

Apart from the excitement around the post-halving period, a segment of the market believes that the sustained impact of the spot ETF could stimulate interest in Bitcoin. According to Finbold, cryptocurrency trader Michaël Poppe also predicted that Bitcoin would be poised to reach a peak of $500k if the market realizes the true impact of ETFs. 

As all is going on, Bitcoin is still above $42,000. With daily gains of about 1.5%, Bitcoin's value was $42,373 at the time of publication. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.