Analysts Predict Bitcoin's Price Will Rise to an All-Time High This Year
As reported by CNBC, Jeff Kendrick from Standard Chartered Bank forecasts that, against the backdrop of the Federal Reserve lowering interest rates, the BTC/USD exchange rate will reach an all-time high by the end of 2024:
up to $125,000 if Trump wins, who publicly expressed support for the cryptocurrency sector this summer.
up to approximately $75,000 if Harris wins. "A Harris victory would likely trigger an initial price decline, but we would expect dips to be bought as the market recognizes that progress on the regulatory front will still be forthcoming, and as other positive drivers take hold," wrote Jeff Kendrick.
A technical analysis of Bitcoins chart today shows that, from a long-term perspective, the BTC/USD rate is developing within an upward channel, indicated in blue, with the following key points:
everything that has happened to the price since March can be interpreted as a correction (shown by the red channel) within the bullish trend, forming a bull flag pattern;
the last three lows around the lower boundary of the red channel form a bullish inverted head and shoulders pattern.
Given the above, it is reasonable to conclude that Jeff Kendrick anticipates a breakout of the bull flag and a continuation of Bitcoins price movement within the blue channel.
Text source: Forex Trading Blog
