Prediction of Bitcoin trend in the second half of 2024
Below is my core analysis
Phase 1: Leverage cleanup period
The recent two pullbacks to $56,000 and $53,000, accompanied by the release of about $2.6 billion in funds, show that the market leverage cleanup is in progress. This stage may repeat the precursor of last year's surge, and continue to clear leverage on the market. From July to September, it is expected to hit $70,000 or usher in a pullback, aiming to attract new entrants and meet leverage liquidation conditions. The technical side also supports this judgment.
Phase 2: Policy and market resonance
Looking forward to November, the Federal Reserve is expected to cut interest rates strongly. Coupled with the pacification of the Mentougou incident and the launch of the Ethereum ETF, the price of Bitcoin is expected to gradually pick up and start a new round of rising channels.
Phase 3: The effect of interest rate cuts is evident
Bitcoin's target is directly aimed at the $100,000-120,000 range; Ethereum is expected to break through the $10,000 mark. The altcoin market is expected to usher in a carnival after March next year, with unlimited potential.
Current strategy
It is currently in a mild uptrend, aiming to attract more investors to enter the market, and then hit 70,000 and may fall back to the support level of 56,000 US dollars, through repeated tests until the good news and fundamentals fully resonate.
