It’s been just revealed that Bitcoin could see a new ATH in 2024. Here are the latest optimistic predicitons about the king coin below.
Bitcoin to see a new ATH
A popular crypto analyst is looking at Bitcoin (BTC), laying out a timeline for the king crypto’s next all-time high (ATH).
Pseudonymous trader Rekt Capital has just talked about a time window for BTC’s next peak.
“According to the Four Year Cycle theory, a new BTC All Time High would occur at the soonest in Candle 4 (2024) & at the latest in the new Candle 1 (2025).”
He continued and said the following:
“If a new ATH were to occur in the 2024 Candle 4, it would occur months after the April 2024 BTC Halving.”
Rekt also explained their reasoning in a follow-up tweet.
“Historically, a strong indicator of where the BTC bottom is is when the bearish BTC Candle 2 performs its Yearly Close.
And whatever downside wicking occurs in the following Candle 3 is just a bonus for bargain buyers.”
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $16,554.
Bitcoin massive accumulation phase
During an interview with the financial publication Barron’s, Selkis says that the Market Value to Realized Value (MVRV) indicator is suggesting the fact that investors are in the early days of a long-term accumulation phase, exhibiting behavior that’s similar to when it bottomed out in previous bearish cycles.
“An MVRV that hits 3 has meant ‘sell right now’ and a MVRV below 1 has meant ‘start accumulating’ for crypto’s entire history for Bitcoin. Where are we now? January 2015. December 2018. i.e., Sell-a-kidney-to-buy-more territory.”
MVRV is a ratio of the market capitalization of an asset relative to its realized capitalization and is used to assess whether an asset is priced above or below the fair value, as the online publication the Daily Hodl notes.