New Bitcoin Prediction: Analyst Backs BTC To Reach $34,500 In 2024

[Bitcoin]

New Bitcoin Prediction: Analyst Backs BTC To Reach $34,500 In 2024

Bitcoin (BTC) has experienced little price movement this week and is up by only 0.25% in seven days, according to data from CoinMarketCap. Following the announcement on Wednesday that federal interest rates will remain at their current level, the premier cryptocurrency showed the expected reaction, maintaining its price above $27,000. 

However, over the last two days, Bitcoin has witnessed a slight price decline of 2%. As the most-priced blockchain asset now hovers around $26,500, crypto analyst Captain Faibik has predicted an incoming bullish run, which may see BTC close out 2023 with impressive gains. 

Analyst Says Bitcoin Is Poised For 30% Gain Soon

On Saturday, Captain Faibik shared on X (formerly Twitter) with his 65,000 followers a Bitcoin price forecast. Using data from Tradingview, the analyst stated that Bitcoin is currently experiencing a consolidation in a falling wedge stretching as far back as March 2023.

According to Faibik, the asset is also likely to remain in this wedge all through October, reaching as low as $23,000. Upon testing this price level, Faibik predicts Bitcoin could experience a price breakout and embark on a strong bullish run.

$BTC continues its Consolidation within the Wedge.

I anticipate Bitcoin staying within the wedge through October, Possibly testing the 23k area before an upside Breakout.

34,500 is Programmed in November. #Crypto #Bitcoin #BTC pic.twitter.com/gjMMZNGrAJ

— Captain Faibik (@CryptoFaibik) September 23, 2023

To explain, a falling wedge pattern is generally interpreted as a bullish signal. It usually suggests that a bearish trend is losing momentum, and a price reversal could soon occur. 

If this pattern holds true in the present Bitcoin market, Captain Faibik predicts Bitcoin could start rising in November, attaining a price of $34,500 in January 2024. Such price gain would mark a 30% increase in Bitcoin's current price. 

As usual, there are no guarantees no this prediction as the crypto market is subject to various factors. Investors are advised to conduct proper personal research before making investment decisions.

Bitcoin Non-Whales Attain New Levels Of Market Supply

In other news, Bitcoin non-whales, defined generally as addresses holding under 100 BTC, have increased their total holdings in the BTC market. 

According to data from Santiment, these wallet addresses have acquired 2.4% of BTC's supply from October 2022 and now account for an all-time high value of 41.1% of Bitcoin's available supply. 

On the other hand, BTC whales, defined as addresses holding 100-100,000 BTC, have dumped 0.9% of BTC since early June and now account for 55.5% of BTC’s available supply, their lowest level of market dominance since May. 

At the time of writing, BTC now trades at around $26,574, with a 0.07% decline in the last day. The token's daily trading volume is also down by 29.95% and is valued at $9.17 billion. With a market cap of $517.19 billion, Bitcoin retains its spot as the largest cryptocurrency in the market.

Source: New Bitcoin Prediction: Analyst Backs BTC To Reach $34,500 In 2024