With Bitcoin's market capitalization reaching a new all-time high of $1.451 trillion, the bulls are going on the offensive long before the halving. As the largest cryptocurrency by market cap shows a notable reversal in late 2023 and continues into 2024, the bull market is maintaining its dominance.
For this uptrend, sentiment finds increasing inflows into the Bitcoin ETF to be the main catalyst. However, the ongoing pullback ignores ETF inflows as profit booking begins. Moreover, growing global tension with the terrorist attack on Moscow threatens to unravel.
However, the upcoming Bitcoin halving sparks a bullish wave as always. With a historical record of igniting an uptrend, expectations are high for the next halving. But how far will Bitcoin's price reach after 2024? Let's take a closer look at the BTC price chart to find out the next big Bitcoin price prediction.
The rise in BTC prices reflects bullish dominance
With a nearly 300% rally as of December 2022, Bitcoin's bull run started early, long before the halving year. After a successful recovery in 2023, Bitcoin price is forming an almost lower reversal on the weekly chart.
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Moreover, with the recent rise to the $73,000 mark, Bitcoin price is giving a bullish breakout to this trend continuation pattern. Currently, it is a bearish week after a stagnation pattern for the Evening Star.
However, to the optimistic eye, this pullback is a retest of the bullish breakout. Therefore, the probability of a bounce increases according to the price movement.
Moreover, Bitcoin price could reach a new all-time high with the upcoming Bitcoin halving event. According to Fibonacci levels, the uptrend could reach the 1.618% Fibonacci level in the first weeks of the Bitcoin halving. Therefore, the price of BTC is expected to approach approximately $100,000.
However, from a longer perspective, let's take a look at the logarithmic chart of BTC price.
Read also: Bitcoin, Ethereum and XRP Price Prediction: Bulls Return?
Bitcoin reaches $500,000
According to the Bitcoin price logarithmic chart, the monthly time frame shows an ascending channel being formed. Furthermore, a sustained reversal comes with the possibility of a bottom breakout.
Considering that the uptrend is showing similar price action to the last Bitcoin halving in 2025, HODLers are in for a massive ride. While BTC saw its last bull run to gain over 800% in one year, a similar jump in price could make the $100,000 target look much lower.
This is because the bullish trader may reach the upper resistance in the ascending channel and dominate the $500,000 mark. In other words, the logarithmic price chart targets a target of half a million.
