{"id":552644,"date":"2023-09-23T14:30:17","date_gmt":"2023-09-23T14:30:17","guid":{"rendered":"https:\/\/wncen.com\/?p=552644"},"modified":"2024-06-11T08:00:50","modified_gmt":"2024-06-11T08:00:50","slug":"new-bitcoin-prediction-analyst-backs-btc-to-reach-34500-in-2024","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/new-bitcoin-prediction-analyst-backs-btc-to-reach-34500-in-2024\/","title":{"rendered":"New Bitcoin Prediction: Analyst Backs BTC To Reach $34,500 In 2024"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin (BTC) has experienced little price movement this week and is up by only 0.25% in seven days, according to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap<\/a>.\u00a0<\/span><span style=\"font-weight: 400\">Following the <a href=\"https:\/\/wncen.com\/breaking-news-ticker\/fed-holds-interest-rates-steady-bitcoin-awaits-trend-reversal-above-27000\/\" target=\"_blank\" rel=\"noopener \">announcement on Wednesday<\/a> that federal interest rates will remain at their current level, the premier cryptocurrency showed the expected reaction, maintaining its price above $27,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/coinbase\/coinbase-holds-25-billion-worth-of-bitcoin-becomes-largest-holder-with-1m-btc\/\" target=\"_blank\" rel=\"noopener \">Coinbase Holds $25 Billion Worth Of Bitcoin, Becomes Largest Holder With 1M BTC<\/a><\/div>\n<h2><strong>Analyst Says Bitcoin Is Poised For 30% Gain Soon<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">On Saturday, Captain Faibik <a href=\"https:\/\/x.com\/CryptoFaibik\/status\/99869340?s=20\" target=\"_blank\" rel=\"noopener nofollow\">shared on X (formerly Twitter)<\/a> 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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Faibik, the asset is also likely to remain in this wedge all through October, reaching as low as $23,000. Upon testing this price level, Faibik predicts Bitcoin could experience a price breakout and embark on a strong bullish run.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> continues its Consolidation within the Wedge.<\/p>\n<p> I anticipate Bitcoin staying within the wedge through October, Possibly testing the 23k area before an upside Breakout.<\/p>\n<p>34,500 is Programmed in November. \u270d\ufe0f<a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BTC<\/a> <a href=\"https:\/\/t.co\/gjMMZNGrAJ\" rel=\"nofollow\">pic.twitter.com\/gjMMZNGrAJ<\/a><\/p>\n<p>&mdash; Captain Faibik (@CryptoFaibik) <a href=\"https:\/\/twitter.com\/CryptoFaibik\/status\/99869340?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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\u2019s current price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum-path-to-1700-predictions-for-the-week-ahead\/\" target=\"_blank\" rel=\"noopener \">Ethereum Path To $1,700 \u2013 Predictions For The Week Ahead<\/a><\/div>\n<h2><strong>Bitcoin Non-Whales Attain New Levels Of Market Supply<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In other news, Bitcoin non-whales, defined generally as addresses holding under 100 BTC, have increased their total holdings in the BTC market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to <a href=\"https:\/\/x.com\/santimentfeed\/status\/42668261?s=20\" target=\"_blank\" rel=\"noopener nofollow\">data from Santiment<\/a>, these wallet addresses have acquired 2.4% of BTC\u2019s supply from October 2022 and now account for an all-time high value of 41.1% of Bitcoin\u2019s available supply.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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&#8217;s available supply, their lowest level of market dominance since May.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, BTC now trades at around $26,574, with a 0.07% decline in the last day. The token\u2019s 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.<\/span><\/p>\n<pre style=\"text-align: center\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/YYOa30iZ\/\" alt=\"Bitcoin\" width=\"1479\" height=\"906\">BTC trading at $26,569 on the hourly chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Investing News Network, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has experienced little price movement this week and is up by only 0.25% in seven days, according to data from CoinMarketCap.\u00a0Following 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.\u00a0 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.\u00a0 Related Reading: Coinbase Holds $25 Billion Worth Of Bitcoin, Becomes Largest Holder With 1M BTC 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. 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.\u00a0 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\u2019s current price.\u00a0 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. Related Reading: Ethereum Path To $1,700 \u2013 Predictions For The Week Ahead 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.\u00a0 According to data from Santiment, these wallet addresses have acquired 2.4% of BTC\u2019s supply from October 2022 and now account for an all-time high value of 41.1% of Bitcoin\u2019s available supply.\u00a0 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&#8217;s available supply, their lowest level of market dominance since May.\u00a0 At the time of writing, BTC now trades at around $26,574, with a 0.07% decline in the last day. The token\u2019s 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. BTC trading at $26,569 on the hourly chart | Source: BTCUSDT chart on Tradingview.com Featured image from Investing News Network, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":552657,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[89365,428,6848,19064,26263],"class_list":["post-552644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-89365","tag-bitcoin","tag-bitcoin-price-prediction","tag-bitcoin-whales","tag-crypto-analyst"],"acf":[],"yoast_head":"\n<title>Analyst Backs Bitcoin To Reach $34,500 In 2024 In New Prediction<\/title>\n<meta name=\"description\" content=\"As Bitcoin now hovers around $26,500, a crypto predicts an incoming bullish run, which may see BTC close out 2023 with impressive gains.\u00a0\" \/>\n<meta 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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