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The year 2024 could become a key milestone in the history of bitcoin, with projections putting this famous cryptocurrency beyond $80,000. As the month of November approaches, analysts and experts see clear signs of an imminent explosion in macroeconomic indicators and graphical trends. What are the root causes and what can we expect in the coming weeks and months?
A favorable alignment of economic conditions
The basis for Bitcoin‘s expected rise is not limited to simple speculation. Several factors, including global economic indicators, are at play. The current situation seems favorable to a significant appreciation of the cryptocurrency.
Among these indicators, the role of US monetary policy is crucial. Interest rates, inflation figures, and retail sales in the United States are all factors that directly influence the market for risky assets, including Bitcoin.
In this context, it is also important to note the inverse correlation between the US dollar and Bitcoin.
Historically, when the dollar appreciates, Bitcoin tends to retreat. However, the current trend shows a partial disconnect: although the dollar has risen recently, Bitcoin has also continued its progress.
It’s an impressive sign of strength for Bitcoin, demonstrating that investors are willing to support its rise, despite headwinds in traditional money markets.
Bitcoin: A technical analysis that speaks for itself
Technical analysis of the Bitcoin market reinforces optimistic predictions. The Bitcoin chart is currently forming a “Bull Flag”, a typical sign of trend continuation. If this figure is confirmed, it could push Bitcoin towards still unexplored peaks.
However, it would be imprudent not to mention the risks of a short-term correction. Bitcoin is currently near several major resistance zones, around $68,000 to $70,000.
A slight drop may occur before a solid rebound. Critical supports, particularly around $65,000, serve as anchor points before a new rally. Once these resistances are overcome, the cryptocurrency is likely to quickly reach $80,000 or more.
Institutional enthusiasm for Bitcoin is also an essential driver. Transactions on Bitcoin Spot (direct purchase) are clearly increasing, while sales are decreasing.
This dynamic indicates that the “whales”, those institutional investors with deep pockets, continue to strengthen their positions, which has the effect of keeping prices at high levels.
What to expect by the end of 2024?
If Bitcoin manages to break through the $70,000 barrier, the path to $80,000 could be relatively clear. But what is fascinating in this situation is that the “mass”, that is, the general public, has not yet fully returned to the market.
The institutional ones have the lead, and only from $80,000 to $100,000 will retail investors come back in force, driven by media coverage and general enthusiasm.
In the long term, investors should also keep an eye on the altcoin season. Currently, Bitcoin dominates the cryptocurrency market, but as soon as its rise stabilizes, investors will begin to look towards altcoins, sparking a new wave of opportunities in these secondary assets. Ethereum, in particular, is showing signs of an ascending triangle, a potentially bullish signal that could come to fruition as early as November.
Finally, it is crucial to note that every bull market is followed by a bear phase. It is an inescapable truth in the world of cryptocurrencies. Those looking to maximize their profits will need to remain vigilant and consider exit strategies early, otherwise they will see their profits disappear as quickly as they appeared.
In conclusion, everything seems aligned for Bitcoin to experience a spectacular November. With favorable macroeconomic conditions and strong technical signals, the chances of the cryptocurrency reaching and even surpassing $80,000 by the end of 2024 are particularly high. However, as always in the world of cryptocurrency, caution and anticipation are still necessary. Meanwhile, Donald Trump’s family seizes 75% of his project’s crypto profits!
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Fascinated by bitcoin since 2017, Evariste has not stopped researching the topic. Although his initial interest was trading, he now actively tries to understand all the developments focused on cryptocurrencies. As a publisher, you strive to consistently provide high-quality work that reflects the state of the industry as a whole.
LEGAL NOTICE
The ideas and opinions expressed in this article are those of the author and should not be taken as investment advice. Do your own research before making any investment decisions.
