Summary
Bitcoin has recently surpassed $63,000, raising speculation about the possibility of achieving a new all-time high (ATH) before the end of 2024. Current data suggests Bitcoin is undervalued, with the Realized Cap indicating potential for upward movement. Analyst Michaël van de Poppe forecasts a new ATH could occur in October, while technical indicators also point towards bullish momentum. Nevertheless, resistance levels will be critical in determining future price actions.

In the ongoing analysis of Bitcoin’s (BTC) price trajectory, the cryptocurrency appears to be attempting to reach higher values, especially after surpassing the $63,000 mark. With a favorable market environment, there is growing speculation that BTC could achieve a new all-time high (ATH) before the conclusion of 2024. This analysis seeks to explore the underlying conditions that may support such a forecast. Despite recent fluctuations, Bitcoin remains undervalued, displaying resilience by recently recovering from a previous dip below $50,000. The all-time high for Bitcoin was recorded at $73,750 prior to the halving, marking a significant achievement for the cryptocurrency. However, it currently stands approximately 14% lower than that peak, with recent data suggesting that the uptick in price may persist. An important metric to consider is the Realized Cap, which represents the total cost of acquiring all Bitcoin in circulation. Currently, Bitcoin’s market cap is approximately $1.25 billion, while the Realized Cap is identified at $624.24 billion. This disparity indicates that Bitcoin is currently undervalued, hinting at potential upward price movement. Crypto analyst Michaël van de Poppe has indicated optimism regarding Bitcoin’s future, stating, “Bitcoin is following the plan! I’m looking to see whether $66K is the next resistance and a pullback afterward. Overall, I assume we’ll see a new ATH in October.” Furthermore, metrics such as the Realized HODL (RHODL) ratio support this bullish sentiment as the ratio recently increased, suggesting that Bitcoin has not yet reached an overheated state. This indicates that the recent surge in price could continue, positioning Bitcoin closer to a new ATH. On a technical level, Bitcoin has broken above its Exponential Moving Averages (EMAs) for the first time since August, with the 20 EMA (blue), 50 EMA (yellow), and 200-day EMA (purple) positioned below the current trading price of $63,038. Such a configuration generally hints at further price increases. Should this upward momentum persist, Bitcoin could potentially reach $70,025 in the coming weeks, setting the stage for a challenge to surpass its previous ATH. Conversely, if Bitcoin fails to break through resistance at $65,200, it may see a decline towards $57,389.

The forecast for Bitcoin’s price is rooted in both fundamental and technical analysis. The cryptocurrency experienced significant volatility over the past year, particularly surrounding its halving event. Halving generally creates a supply shock, favoring bullish sentiments among investors. The Realized Cap metric serves as a crucial indicator of Bitcoin’s perceived value in the market, while the RHODL ratio provides insights into whether the price is approaching a peak or is still ascending. Technical indicators such as EMAs and the Relative Strength Index (RSI) further help in understanding potential price movements and market momentum.

In summary, Bitcoin’s price analysis suggests a possibility of reaching new all-time highs by the end of 2024. With current indicators pointing towards undervaluation, along with strong technical signals, the potential for a price surge remains plausible. However, resistance levels must be closely monitored, as failure to break these could result in significant price corrections. The bullish sentiment among analysts provides optimism for the cryptocurrency’s future performance.

Original Source: beincrypto.com

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