Bitcoin
Here’s what to expect from the BTC price rally in the second half of 2024
The bear market slashed profits by more than 80% in 2022, but hopes of a bullish recovery prevailed. As a result, they witnessed a dignified recovery phase in 2023, which has intensified since the beginning of 2024. After reaching a certain point, the Bitcoin Price appears to be facing a barrier due to the heavy presence of bears. They are preventing the price of BTC from rising above $72,500, but it may not rise for a long time.
The historical pattern suggests that BTC bulls have initiated a strong rally at frequent intervals. Shortly after the bull market, tokens enter a smaller accumulation phase, which generally extends over 10 to 15 months. Although the start of the year was bullish, the token has faced a decent correction in the last 2 months. However, having sustained the bearish heat, the BTC price has now entered a “green zone”, which indicates that the bull run has not yet begun.
Source: NegotiationviEW
The Bitcoin historical chart above clarifies the pattern followed by the token since its inception. As mentioned earlier, after weathering the bear market, Bitcoin appears to have completed the recovery phase and entered the ‘green zone’. This usually indicates the start of the bull run, but a small consolidation may persist for some time. Considering the historical numbers, the highs for the next bull run could be above $200K, but the technicians are not saying that.
The historical monthly BTC price chart suggests that the price is expected to maintain a consolidated upward trend for the next 15 to 18 months. If we consider the power of the bulls, we can conclude that they have used more power in the last 6 months to lift the rally above the bearish influence. Furthermore, with equal power, the price reached a new ATH, previously in 2021. Furthermore, the MACD remains strongly in favor of the bulls but also indicates the scope of a pullback.
Therefore, the historical trade setup suggests that Bitcoin (BTC) price could rise beyond $100K, maintaining an upward consolidation. However, the upper limit remains below $200,000 but seems unlikely at the moment.