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Bitcoin could reach $200K in 2024 if this scenario plays out

Bitcoin could reach $200K in 2024 if this scenario plays out

Although Bitcoin (BTC) has started to consolidate its price following the bullish rally triggered by the false reports on spot Bitcoin exchange-traded fund (ETF) approval, things could take a massive turn for the better in the next few months if the maiden cryptocurrency meets certain conditions.

Indeed, pseudonymous cryptocurrency industry expert CoinsKid offered his theory that suggests a “blow-off top” in the market in 2024, taking into account historical data, such as Bitcoin’s positive performance in September, in an analysis shared in a YouTube video on October 18.

“The true top, for me, of a massive impulsive move was in April 2021. (…) Since then, we’ve been in a corrective phase of a larger cycle, and I think this cycle is looking to end roughly next year.”

Furthermore, the cryptocurrency expert said that the last time Bitcoin had a very positive September was in 2016, which was the year before the last cycle blow-off top, and that this September was the only positive return since the previous cycle blow-off top, adding that:

“The data is stacking up right now that we are looking at a blow-off top next year for Bitcoin. (…) It would not surprise me, and so many other charts are adding confidence to my theory that I’ve had for a very long time.”

Bitcoin price action analysis and prediction. Source: CoinsKid

As a reminder, ‘blow-off top’ refers to a chart pattern showing a sudden increase in price and volume, followed by a sharp drop in price and volume. Hence, the crypto expert anticipates a massive bear market after Bitcoin reaches the projected $200,000 and plans to exit at this point.

Bitcoin price analysis

As things stand, the price of Bitcoin at press time amounted to $28,400, indicating a decline of 0.24% on the day but still a 6.01% gain in the last week and an increase of 4.98% over the month, according to the most recent charts retrieved on October 19.

Bitcoin 7-day price chart. Source: Finbold

It is also important to note that other crypto experts still consider the current price area of Bitcoin as a good opportunity to accumulate before the flagship decentralized finance (DeFi) asset begins its inevitable move upwards, as Finbold reported earlier.

Watch the entire video below:

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