In preparation for the year 2024, Bitcoin‘s price has once again surpassed the $44,000 level. However, even at this price level, some investors struggle to be convinced about the future. Those expecting a drop in prices may be disappointed due to premature profit-taking.
Bitcoin and cryptocurrencies continue to occupy a place in mainstream media. The Wall Street Journal published an article celebrating BTC‘s price surpassing $44,000, focusing on BTC miners’ water consumption. The amount of water consumed by thermal power plants for electricity production was also added to the miners’ account.
Despite poor US data, BTC’s price found buyers at $43,993. According to the weekly time frame chart, Bitcoin’s price has shown a rapid increase since mid-October. Just a few days ago, the peak of 2023 was set at $44,490.
Popular analyst Bluntz indicated in his latest assessment that the rise would continue, using Elliott Wave counting. Bluntz mentioned that people were realizing their profits and warned about 10-15% corrections, but the length of this wave coming from the $36,000 level turned out to be longer than expected.
Rekt Capital has been warning for months that the price would return to $20,000. Despite the price increasing by more than 100%, the anonymous analyst has not abandoned this view. Hedge Fund Manager James Koutoulas says he hears the footsteps of a strong rise similar to that of 2017. According to Elliott Wave counting, BTC is approaching the peak of its third wave, with a potential target of $47,600. However, a correction is expected after Bitcoin reaches this peak. On the other hand, closures below $43,000 could trigger the anticipated correction to start early, and in this case, there is a risk of the price falling to $38,000. According to Michael Poppe, the $39,000 level must be maintained for a recovery.