The post Bitcoin (BTC) Price to Hit New ATH Before 2024- Here’s When and Why appeared first on Coinpedia Fintech News

Bitcoin’s remarkable surge of 76% so far this year had brought it to a crucial technical point that could provide insights into the future direction of the cryptocurrency. However, after gaining momentum, the leading cryptocurrency has started a downward trend, losing steam along the way. Currently, Bitcoin is facing difficulties in maintaining its position above the $28,000 level.

A popular analyst has suggested that Bitcoin’s current lackluster price performance could actually be laying the groundwork for a major price surge. Credible, recently released a video outlining his theory that Bitcoin is currently in the process of building a solid foundation for a parabolic upswing.

“The biggest consolidations, the slowest ascension to the upside happens at the base of these parabolas. Don’t expect these types of consolidations to occur once we start moving up to $30,000, $40,000 (or) $50,000. It’s going to be swift. It’s going to be aggressive. It’s going to be faster than most are expecting, and it’s probably going to catch a lot of people off guard.” 

Despite the possibility of a correction to as low as $25,000, Credible believes that Bitcoin could still be poised for a major rally. The analyst’s argument is based on the idea that the current period of consolidation and sideways movement is a necessary step for Bitcoin’s long-term success.

He predicted that by July, in two months at the most, the crypto market should be on its way up again. Another surge like the one from $19,300 to $30,000 is expected, which could take Bitcoin to $40,000. It is anticipated that there will be no significant consolidations at that point. If Bitcoin reaches the $40,000 or $50,000 mark, there will be nothing to stop it from reaching new all-time highs. It is believed that new all-time highs will be reached before 2024.