The post Bitcoin Price Prediction : Here’s When BTC Price Might Drop To $20k levels Again appeared first on Coinpedia Fintech News
Analyst Tom Crown has expressed optimism in the crypto market, turning bullish once again. Crown discussed several promising altcoins alongside the leading cryptocurrencies Bitcoin and Ethereum.
The Paul Barron Network shared his positive sentiments about the current market conditions, noting the exciting start of the year that gradually became less eventful, leading to a bearish sentiment among investors.
However, Crown highlighted a shift in the last month, with new highs being achieved, indicating unexpected positive developments in the market.
Addressing the potential impact of a Bitcoin ETF approval, Crown discussed the current price levels of Bitcoin, which hovers around $38,000 to $40,000. He pondered whether the ETF approval is already priced in or if there’s a significant move setting up for Bitcoin once the approval happens.
Crown acknowledged the growing likelihood of an ETF approval, especially considering documents from BlackRock, a major player in the financial industry.
Bitcoin Price Prediction 2024
When asked about his price prediction for Bitcoin in the first two to three months of 2024, he presented a chart and discussed the possibility of Bitcoin reaching $48,000 to $50,000, with a cautious approach.
Crown indicated a potential corrective phase after hitting the $50,000 mark, mentioning a scenario where Bitcoin could experience a shakeout, possibly dipping to the low $20,000s. He spoke about the psychological significance of the $50,000 level and suggested it could be a turning point for market sentiment.
Regarding the Bitcoin halving event, Crown discussed how the traditional four-year cycle model may not be as reliable in the current market. He noted that recent market movements deviated from historical patterns, leading him to reconsider the traditional cycle model. Crown expressed openness to the possibility of an early bull run, recognizing the evolving nature of the crypto market.