Bitcoin Expected to Reach New All-Time High in 2024 Following Recent Correction, Analysts Predict

Bitcoin has shown a remarkable recovery, surging by 12% to reach $63,585.22 following a substantial 25.2% correction that lasted for 42 days. Industry experts are now optimistic about the potential for Bitcoin to achieve a new all-time high in 2024, with some speculating it could happen before the summer concludes.

Rekt Capital, a trader, noted in a recent post that Bitcoin successfully navigated a significant correction phase, signaling a positive trajectory for the digital asset. Hank Wyatt, the founder of DiamondSwap, suggested that the conclusion of repayments to Mt. Gox creditors and the cessation of BTC liquidation by the German government have likely marked the end of the most challenging phase of the correction.

James Davies, the Founder and CPO of CVEX, emphasized that Bitcoin’s rebound commenced before the recent surge attributed to the Trump incident, indicating a return to fair value. Mehdi Lebbar, the co-founder and president of Exponential.fi, echoed the sentiment that the market sentiment around Bitcoin has turned bullish post the German government’s sale of Bitcoin reserves.

While Bitcoin has reclaimed crucial price levels, market analysts anticipate the cryptocurrency to trade within a range of $65,000 to $71,000 in the coming weeks. The potential catalyst for a breakout could be the first rate cut from the Fed, scheduled for September, which could propel Bitcoin to surpass its previous all-time high, according to Hank Wyatt.

Lebbar, however, believes that Bitcoin’s price trajectory may be influenced by various factors beyond a rate cut, such as the introduction of an ETH ETF and potential regulatory developments. Bitfinex analysts are optimistic about the possibility of Bitcoin reaching a new all-time high by the end of summer, provided there is a significant bullish catalyst like institutional adoption or favorable regulatory changes.

Even if Bitcoin falls short of a new all-time high this summer, analysts suggest that BTC could achieve new highs by at least Q4 2024, aligning with historical post-halving cycles. The overall sentiment remains positive for Bitcoin’s future price movements, with a focus on potential catalysts that could drive the digital asset to new heights.