Bitcoin Halving 2024 | Is Possible $110-$120K Within 6-9 Months?

٨ يوليو ٢٠٢٢

This is the question that I will answer for your today.

Can Bitcoin hit $110,000 to $120,000 in the next 6-9 months?

It is a fair question, many people are bound to ask if prices can recover higher now that a strong correction has taken place...

Please allow me to entertain you for a few minutes!


Bitcoin peaked April 2021

The bullish wave that took place from July to November 2021 was the famous "dead cat-bounce".

The drop from $64/69K to 17.5K is not only a correction but a bear market.

For BTCUSD to grow straight up to new highs, 100K and beyond, we would need to be just in a correction and not a bear market.

Since we are in a bear market, this price bounce that we are seeing now cannot go straight to 100K and beyond, instead, support levels turned resistance will be tested one by one.

Levels such as $30,000, $34,000 and $37,000 needs to be challenged first.
$40,000 and $50,000 for sure as well as the ATH.

We are likely to see very strong price swings in the months to come.

We will also experience a prolonged consolidation phase, boring market, after the next low.


The Bitcoin Halving ~March 2024

We say Bitcoin can go beyond $100,000USD only after 2024, around mid- to late 2025.

The next halving event for Bitcoin is happening around March 2024 (projected date).

This is a cyclical event and Bitcoin cannot have two bull-runs within the same halving cycle.

Bitcoin will now bounce, then move probably to a lower low or just pretty near the recent June low and then start a long consolidation phase...

Only after the Halving, which happens around March 2024, we can see a new phase of sustained long-term growth.

Try to avoid being distracted by these types of articles as this can mess up your trading.

If you think Bitcoin will go higher than where it can go, you might miss the selling opportunity coming next month.


Summary

• Bear markets do not lead to new ATHs.
  
• Before the next bullish cycle a consolidation phase is due.
  
• The Bitcoin Halving determines the cycle.
  

Answer

Nope. Bitcoin cannot hit $110-120K within 6-9 months.

It will take around 2.5-3 years... Based on my calculations and experience of course, I can be wrong.


Your turn now

What's your idea?

How long will it take before Bitcoin goes to 100K and beyond?

Share in the comments section below!

Namaste.