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Bitcoin Could Reach $524,000 By 2024, Analysts Say

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<img src=”https://storage.googleapis.com/prod-zenger-upload/image/20231128/feat_85623f76-6f7d-4979-b5d1-73ad0d8612e6.jpg” alt=” Bitcoin (CRYPTO: BTC), Chainlink (CRYPTO: LINK), Ocean Protocol (CRYPTO: OCEAN), and Polkadot (CRYPTO: DOT) are at the forefront of potential major price movements, analysts say. JAKUB PORZYCKI/GETTY IMAGES “>

Bitcoin (CRYPTO: BTC), Chainlink (CRYPTO: LINK), Ocean Protocol (CRYPTO: OCEAN), and Polkadot (CRYPTO: DOT) are at the forefront of potential major price movements, analysts say.

Bitcoin is projected to reach $524,000 over the next four years based on its historical performance during its halving cycles, according to a forecast from on-chain analyst PlanB.

Bitcoin (CRYPTO: BTC), Chainlink (CRYPTO: LINK), Ocean Protocol (CRYPTO: OCEAN), and Polkadot (CRYPTO: DOT) are at the forefront of potential major price movements, analysts say. JAKUB PORZYCKI/GETTY IMAGES 

At the 2012 halving, most Bitcoin was valued at less than $16. By the 2016 halving, it was in the $256 to $1,024 range.

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The 2020 halving saw most Bitcoin in the $4,000 to $16,000 range.

Extrapolating from this trend, PlanB anticipates that by the 2024 halving, most Bitcoin will be valued in the $16,000 to $65,000 range.

Furthermore, the analyst wouldn’t be surprised if, in the next four years, most Bitcoin transactions occur in the $65,000 to $524,000 range, indicating a potentially massive increase in Bitcoin’s value.

In addition to Bitcoin, other cryptocurrencies are also under the microscope of analysts.

Bitcoin (CRYPTO: BTC), Chainlink (CRYPTO: LINK), Ocean Protocol (CRYPTO: OCEAN), and Polkadot (CRYPTO: DOT) are at the forefront of potential major price movements, analysts say. JAKUB PORZYCKI/GETTY IMAGES 

Analyst Rekt Capital shared insights on Chainlink, Ocean Protocol, and Polkadot.

  • Chainlink: Rekt observed that it needs a weekly close similar to early 2021 to rally higher. Chainlink is currently struggling to break the top of a specified resistance zone, and a reclaim of this level is necessary for further upward movement.
  • Ocean Protocol: Rekt pointed out that the cryptocurrency is at a critical juncture with its monthly close approaching and currently facing high resistance. A monthly close above this resistance level would signal a bullish trend. Dips into the lower green region would indicate a retest of the range low and suggest consolidation within the specified range.
  • Polkadot: Rekt noted that the cryptocurrency is on the verge of confirming a new macro uptrend. Polkadot might soon experience significant growth, aligning with the general optimism surrounding the future of various cryptocurrencies.

Produced in association with Benzinga

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