Crypto analyst Aurelien Ohayon, also known as TAnalyst, has taken to Twitter to share his predictions about the future of Bitcoin (BTC). In a tweet, TAnalyst predicted a bull run for BTC and speculated that this could be because of the upcoming Bitcoin halving in April 2024. According to the infographics shown in the tweet, TAnalyst predicted that if BTC were to follow the same pattern within the linear regression, then it could possibly reach $200,000 by 2024. This would be a significant increase from BTC’s current value of around $29,113.11.
At present, BTC is down by 0.38% in the last 24 hours, with a CoinMarketCap ranking of 1st position. Its 24-hour trading volume is around $15.975 billion, and its live market cap is roughly $563.767 billion. Bitcoin has around 19.364 million coins in circulating supply, with a maximum supply of 21 million coins.
BTC experienced consolidation around the end of April, hitting three monthly highs. It began to rise in value at the start of May, but as the month progressed, BTC started falling and has since been in the red. BTC hit four monthly lows and only rose above its opening market price once on May 5, with a value of $29,460.12.
Examining the chart shared by TAnalyst, it is shown that BTC is on an uptrend, rising within the linear regression. If BTC continues its trajectory within the linear regression, it could possibly reach Resistance 2 at $47,900. However, during its climb to Resistance 2, it may face a significant challenge in breaking Resistance 1. If BTC is blocked by Resistance 1, it may seek support at $32,400. However, if the support at $32,400 fails to act as a launch pad for BTC’s next bull run, we could expect BTC to test Resistance 1 multiple times and consolidate.
In the past months, BTC’s brief periods of consolidations have been followed by steep drops, and every contraction of the Bollinger bands has been followed by an expansion. This could suggest that if the current calm period is indeed the precursor to a storm, BTC may experience a fall. If this happens, BTC might land on Support 2. However, it remains to be seen whether this will happen, given the impending halving event.
While TAnalyst’s predictions are certainly optimistic, it is crucial to note that the crypto market is notoriously volatile, and his views should not be taken as financial advice. Investors should always do their own research and due diligence when considering investing in digital assets like Bitcoin. Any action that one might take as a result of TAnalyst’s predictions is entirely at their own risk, and neither Coin Edition nor its affiliates can be held responsible for any resulting direct or indirect losses or damages.
In conclusion, crypto analyst Aurelien Ohayon predicts that Bitcoin could potentially reach a value of $200,000 by 2024, assuming that the digital asset follows its current trajectory within the linear regression. However, investors should keep in mind that the cryptocurrency market is extremely volatile, and this prediction may not come to fruition. Always do your own research and recognize the risks involved before investing in digital assets such as Bitcoin.
