Amid the excitement surrounding the approval of Bitcoin Spot Exchange-Traded Funds (ETFs), Polish crypto analyst Adrian Zduńczyk has shed his insights on the price action of BTC in 2024 and beyond.
Bitcoin Price Action In 2024 And Beyond
Zduńczyk, who is the Chief Executive Officer (CEO) of Birb Nest shared his insights in a recent interview with Thinking Crypto founder Tony Edward. In the interview, Zduńczyk revealed his short-term expectations for Bitcoin, the impact of ETF approval, and post-halving expectations for price.
Zduńczyk began by drawing attention to the recent surge in Bitcoin prices while also noting a minor decline. He emphasized the significance of differentiating between speculations, expectations, and actual trading.
He further talked about the use of technical indicators to spot possible market reversals. These include the rate of change and the Relative Strength Index (RSI).
Zduńczyk noted how the market trend has persisted, pointing out crucial metrics such as the 200-day moving average. According to him, the 200-day moving average has been indicating favorable trends since the year started. The price of Bitcoin has increased by a notable 190% year to date, despite a slight correction. This indicates the strength of the bull market that has been present since January.
When asked about the impact of Bitcoin spot ETF on the asset’s price, he highlighted seasonal trends in Bitcoin’s performance by establishing a correlation with historical data. He explained that he would rather go with the facts than opinions. This is because “it is difficult to comment on opinions,” which by definition is “different from the facts.”
Due to this, Zduńczyk has suggested that the community should focus on the facts this time rather than opinions. This is because facts rely on seasonal studies and prices do the same.
Observing the upward tendency in January over time, he provided an explanation of the seasonal pattern in the January barometer. As a result, he proposed an 80% chance of a favorable year if January ends well.
All-Time High Price Target Post BTC Halving
Zduńczyk provided insights into the possibility of Bitcoin reaching a new all-time high in 2025. He made this claim after analyzing its past four-year cycles and their relationship to the presidential stock market cycle.
The CEO stated that Bitcoin has always experienced “powerful rallies” after each halving. He further backed up his claims with a chart demonstrating BTC price rallies since the halving began.
Furthermore, Zduńczyk highlighted that it would not be shocking to see a three-to-five-fold increase following the halving price. However, he has expressed caution as no one knows exactly how high Bitcoin will go.
So far, Zduńczyk predicts an all-time high price for BTC between $150,000 to $200,000 post-halving. In addition, he stated that the trends are unprecedented as the price could go higher than that or even lower.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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- Source: https://www.newsbtc.com/news/bitcoin/2024-bitcoin-preview-crypto-analyst-weighs-in-on-btc-price-action/
