Bitcoin has entered a bullish area. BTC moved higher, last week, clearing two really important areas on its chart: a bearish pattern was invalidated and, in doing so, BTC entered a bullish area on its reversal. This bodes well for 2024: we believe that Bitcoin can test its all-time highs in 2024 which is our most bullish 2024 forecast for BTC.
Before looking into the one chart that makes us very bullish on Bitcoin in 2024, we want to look back.
In our premium crypto investing research service, we wrote on Sept 8th the following piece September 9th Is Here, Why It Matters To Crypto Investors. We referred to an alert we sent to premium members mid-August:
Moreover, the chart pattern that is being created in 2023 is predominantly a rounded structure. While the price discussion, based on retracement levels, is key, there is an equally important timeline analysis that gives equally important insights. As annotated on the next chart, the dominant rounded pattern in 2023 will be 75% complete by Sept 9th, 2023. In terms of timeline, we are about to enter a time window with above average significance. Stated differently, price action in September, especially as it relates to the key retracement levels (25.5k first and foremost) will be decisive for the coming quarters.
The point of 75% completion is near, it’s due around Sept 9th. Typically, these rounded patterns resolve between 65% and 90% completion. Sept 9th, 2023 is important and relevant because it marks the start of the last quartile of the dominant rounded pattern, which is typically where new trends arise. The dominant pattern spans over 12 months, that’s a lot, so the next trend should be relatively powerful.
Remember, crypto tends to do really well only between 1 and 3 times per year. We had a great January, a very soft July, we expect the 2nd strong period to occur somewhere in the period mid Oct to mid Dec, 2023.
This is the Bitcoin chart that has been leading since August in our premium crypto service. Needless to say, it’s the type of chart that is reserved to premium members, we would be giving away too much value if we would publish this type of chart in the public domain. We respect our premium members.
Timestamp of this chart: Sept 14th.
Bitcoin – Bullish Breakout ahead of 2024
Fast forward to today, the chart shown above now has a very bullish character.
Important to note: our forecast was for Bitcoin to break out in the first week of October, see the purple box. The purple box is a time/price combination (not only price which is what 99.9% of analysts are focused on) which we derived by carefully charting out the dominant patterns on Bitcoin’s chart. Bitcoin broke out exactly within the timeframe we forecasted.
Not only did Bitcoin break through its bearish rounded pattern, in doing so it also entered the bullish area of its consolidation. We assume that the drop after hitting ATH, with a turning point achieved around year-end last year, marks a giant consolidation. In that type of consolidation, the 50% retracement level is the key level to watch.
As seen below, Bitcoin entered the area above its 50% retracement level. This bodes well for 2024, it suggests that Bitcoin can move higher in 2024, for sure it will move to 46k and potentially even 66k.
Bitcoin – Long Term Uptrend, Bullish 2024
In the meantime, the long term chart of Bitcoin has improved considerably.
In fact, in our latest premium alert Bitcoin’s Big Picture we featured many must-see charts, one of them the long term Bitcoin chart. A pure beauty, if you ask us, it’s beyond comprehension that investors can be bearish crypto.
As explained in great detail in 7 Secrets of Successful Investing the best opportunities in markets are the ones that are unexpected. Who expected 2023 to be a good year for Bitcoin? We did, and we documented it extensively in many writings, even in the public domain but more so in the premium crypto service.
Our lowest BTC target for 2024 is the higher red horizontal line. Our higher target is ATH.
Altcoins: leverage on Bitcoin’s bullish 2024 forecast
While Bitcoin has a great long term setup, the really shocking profits will be made in the altcoin space in 2024.
Make no mistake, not all altcoins will go up in 2024. There is a hyper-bi-furcated market in crypto, which implies that only a ‘happy few’ tokens will do really well.
Case in point – in September, we wrote this article in the public post, leaving out the symbol of this token Is This AI Token Ready To Rally?
The chart below is from that article.
This is what happened in the meantime with the token – it nearly doubled since we tipped it (80% up).
While sentiment is very bearish in markets, our top altcoin tip nearly doubled in October.
Talking about accurate readings and token selection. That’s what we have to offer to our premium crypto members.
By the way, among our top token tips, featured in our premium crypto research service, is this token. While it may not look as an exciting setup, we are on record calling this a 10-bagger, in the coming 18 months.
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