Amid the thrill surrounding the approval of Bitcoin Spot Exchange-Traded Funds (ETFs), Polish crypto analyst Adrian Zduńczyk has shed his insights on the value motion of BTC in 2024 and past.
Bitcoin Price Action In 2024 And Beyond
Zduńczyk, who’s the Chief Executive Officer (CEO) of Birb Nest shared his insights in a current interview with Thinking Crypto founder Tony Edward. In the interview, Zduńczyk revealed his short-term expectations for Bitcoin, the affect of ETF approval, and post-halving expectations for worth.
Zduńczyk started by drawing consideration to the current surge in Bitcoin costs whereas additionally noting a minor decline. He emphasised the importance of differentiating between speculations, expectations, and precise buying and selling.
He additional talked about the usage of technical indicators to identify potential market reversals. These embrace the speed of change and the Relative Strength Index (RSI).
Zduńczyk famous how the market pattern has continued, declaring essential metrics such because the 200-day transferring common. According to him, the 200-day transferring common has been indicating favorable traits because the yr began. The worth of Bitcoin has elevated by a notable 190% yr so far, regardless of a slight correction. This signifies the power of the bull market that has been current since January.
When requested in regards to the affect of Bitcoin spot ETF on the asset’s worth, he highlighted seasonal traits in Bitcoin’s efficiency by establishing a correlation with historic knowledge. He defined that he would moderately go together with the info than opinions. This is as a result of “it is difficult to comment on opinions,” which by definition is “different from the facts.”
Due to this, Zduńczyk has urged that the neighborhood ought to concentrate on the info this time moderately than opinions. This is as a result of info depend on seasonal research and costs do the identical.
Observing the upward tendency in January over time, he offered a proof of the seasonal sample within the January barometer. As a consequence, he proposed an 80% likelihood of a positive yr if January ends effectively.
All-Time High Price Target Post BTC Halving
Zduńczyk offered insights into the opportunity of Bitcoin reaching a brand new all-time excessive in 2025. He made this declare after analyzing its previous four-year cycles and their relationship to the presidential inventory market cycle.
The CEO acknowledged that Bitcoin has at all times skilled “powerful rallies” after every halving. He additional backed up his claims with a chart demonstrating BTC worth rallies because the halving started.
Furthermore, Zduńczyk highlighted that it might not be surprising to see a three-to-five-fold improve following the halving worth. However, he has expressed warning as nobody is aware of precisely how excessive Bitcoin will go.
So far, Zduńczyk predicts an all-time excessive worth for BTC between $150,000 to $200,000 post-halving. In addition, he acknowledged that the traits are unprecedented as the value may go increased than that and even decrease.
Featured picture from iStock, chart from Tradingview.com
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