Bitcoin (BTC) Price Reverses Gains, Experts Predict Potential Recovery in 2024
Bitcoin (BTC) experienced a reversal of its earlier gains, surpassing $94,000 once again within hours yesterday. As the year comes to a close, traders remain optimistic about the new year, anticipating increased market volume and a potential recovery with the end of the holiday season on January 2. What do experts predict?
BTC has been hovering around the $94,000 mark, while recent concerns about USD Tether (USDT) have significantly impacted the markets. It appears that new investors, in particular, have been affected by these concerns. However, Tether’s reserves are exceptionally strong, and the decision to delist USDT for the European Union is unlikely to be a major concern for cryptocurrency traders. It is hoped that BTC’s upward trend will align with the resolution of these concerns and maintain its momentum.
Michael Poppe, a well-known figure in the industry, shared a chart illustrating the current situation. He stated, “The thesis on Bitcoin remains the same. I expect a correction due to irrelevant USDT FUD. We might experience a further decline, but considering the liquidity absorbed, the upward shift may have already begun.”
Efloud, a popular Turkish cryptocurrency analyst, has provided updates on both short-term and long-term outlooks, offering valuable insights for traders as the year comes to a close. He stated, “On the higher time frame (HTF), the breakdown of the parabolic rise suggests signs of exhaustion, making profit realizations likely. The market continues to reflect this condition. Only by projecting new highs can profits be realized at peak levels.”
He further added, “The loss of the area labeled Daily Demand could lead to profit realizations or manipulation. Alternatively, I believe the market will regain strength on the BTC side, with bullish market structures in the 4H Demand zone.”
Looking at the lower time frame (LTF), Efloud noted, “A short-term bounce occurs by surpassing the equal lows at $92,000 outside HTF supports. However, this alone does not convince me to make a purchase at this point (excluding day trades). However, the reaction to clearing that liquidity area indicates that the price adheres to liquidity zones.”
He concluded by stating, “Thus, the idea of forming a short position for a brief hedge arises if the price reaches and then falls below the $99,500 level.”
Overall, while BTC experienced a reversal in its price gains, experts are hopeful for a potential recovery in 2024. Traders are eagerly awaiting increased market volume and a resolution to recent concerns, as they anticipate a positive start to the new year.
