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Bitcoin Faces Resistance Hurdle: Will 2024 Be the Breakout Year?

Published 24/05/2024, 10:34
© Reuters.
BTC/USD
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Coin Edition -

  • Bitcoin faces resistance after historical trends post-halving, hinting at short-term volatility.

  • Tom Lee’s bullish $150,000 BTC forecast for 2024 stems from macroeconomic shifts and Fed policies.

  • Despite short-term dips, Bitcoin’s potential for significant gains aligns with broader analyst sentiment.

Bitcoin is currently facing resistance at its upper range, indicating potential volatility in the short term. According to a recent analysis by Rekt Capital, Bitcoin has historically never been ready to break out of a re-accumulation range so soon after a halving event. As Bitcoin prices struggle at this high resistance, the cryptocurrency market remains in a state of flux.

The current Bitcoin price stands at $67,264.08, reflecting a 3.13% decline in the past 24 hours. Trading volume in the same period reached $43.099B. Despite the recent dip, Bitcoin’s market capitalization remains robust at $1.325T. The circulating supply of Bitcoin is 19.702M BTC, with a maximum supply of 21,000,000 BTC.

However, veteran crypto market commentator Tom Lee maintains a bullish outlook for Bitcoin in 2024. In an interview with CNBC earlier in May, Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, reiterated his optimistic price prediction for Bitcoin, forecasting it could reach $150,000 by 2024.

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