Potential Path To $150k+ Bitcoin in 2024

9 พ.ย. 2023

Here's my revised "Potential Path To 100k+" chart, adding in new factors that further point to the higher Fibonacci targets.

Similarly, the 3.618 accurately predicted the exact market cycle top in 2021 (drawn from the 2018 Hi / Low cycle)... Worth noting - see chart.

The following factors show 3 levels for Bitcoin upside in 2024, which I've labeled as 3 scenarios described in more detail below (Likely, Probably and Possible).

1. BlackRock & Fidelity ETF's Approval - (We know this is happening, just not sure when).
2. QE Money Printing To Pay Down US Debt - (The US won't have a choice. Other countries are).
3. Bank Failures, Bank Runs & Transfer Into BTC - (More regional bank failures are happening).
4. Hyperinflation & De-Dollarization (BRICS) - (We haven't seen effects yet, but likely coming).
5. Corporate Accumulation - MSTR / Apple /Tesla - (MSTR raising 750M Common Stock for BTC).
6. Country Accumulation (New Reserve Currency) - (More will follow El Salvador this cycle).
7. Post-Halving Less Bitcoin Miner Selling (12B) - (Miners will have less to sell > 2024 halving).

I've broken these down into 3 scenarios...

Likely Target (100k) - Bitcoin was widely 'expected' to hit 100k in the last cycle, and the math supports the reasons why. With 20T in investable assets in Gold + Silver + US Real Estate in 2023, just 10% of this moved over to Bitcoin gives BTC a 2T market cap alone. It's also the 1.618 Fib target for the next cycle as shown.

Probable Target (155k) - Looking at the bars pattern from the Oct 19th 2020 breakout, we can see a rapid rise in Bitcoin followed, driving price up to the April 2021 initial high for BTC. This also coincides with the 2.618 Fibonacci target on the charts.

Possible Target (210k) - Again looking at the last cycle drop starting in Dec 2017, to the low in
Dec 2018, the 3.618 Fib target was exactly where the peak around 64K in April 2021. Many believe this to be true 'high' although later we had a Wyckoff 'Thrust' higher to 69k.

In the near term, the bars patterns also shows confluence for a pause right at the Fib Golden Pocket between 48K and 50k. Since round numbers act as market magnets, I feel 50k is the next push higher before a meaningful profit taking pullback.

Also notable is the 21 week MA which has been an excellent support / resistance barometer over the years, and price has just firmly broken above that in recent weeks.

So this is looking very bullish to me here, and I'm expecting we go higher...

Time will tell if one or more of these scenarios come to pass!

What do you think??