{"id":547291,"date":"2023-08-15T09:40:28","date_gmt":"2023-08-15T09:40:28","guid":{"rendered":"https:\/\/uniquehot.com\/?p=547291"},"modified":"2024-06-11T08:06:37","modified_gmt":"2024-06-11T08:06:37","slug":"bitcoin-prediction-crypto-analyst-forecasts-new-ath-by-2024-can-it-happen","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-prediction-crypto-analyst-forecasts-new-ath-by-2024-can-it-happen\/","title":{"rendered":"Bitcoin Prediction: Crypto Analyst Forecasts New ATH by 2024 &#8211; Can It Happen?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">On August 14, Kevin Kelly, Co-founder of prominent <a href=\"https:\/\/uniquehot.com\/crypto\/michael-egorovs-100-million-position-a-risk-to-curve-finance-and-defi\/\" target=\"_blank\" rel=\"noopener \">crypto research firm Delphi Digital<\/a> <a href=\"https:\/\/twitter.com\/Kevin_Kelly_II\/status\/22724353?s=20\" target=\"_blank\" rel=\"noopener nofollow\">provided<\/a> some interesting insights on Bitcoin and the crypto market in general. <\/span><span style=\"font-weight: 400\">According to Kelly, the crypto market moves in <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-prediction-2024-25-4-year-cycle-elliot-wave\/\" target=\"_blank\" rel=\"noopener \">consistent cycles<\/a>, and we are currently in the initial stages of a new cycle based on market evidence.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Using the premier cryptocurrency as a benchmark, Kelly states a crypto cycle usually begins with Bitcoin attaining a new all-time high (ATH) value, followed by an 80% loss in the next year. <\/span><span style=\"font-weight: 400\">Thereafter, BTC would experience a market recovery over two years before embarking on a bullish run to attain a new ATH.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">The Interplay Between The Crypto Cycle And Macroeconomic Signals<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Based on Kelly\u2019s analysis, a typical crypto cycle occurs within four years, and its events are triggered by some factors in the bigger macro business cycle.\u00a0<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-muted-29650\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Relatively Muted \u2013 What Could Trigger A Sharp Decline?<\/a><\/p>\n<p><span style=\"font-weight: 400\">The analyst noted that, for example, Bitcoin usually attains new price peaks at the same period as the Institute of Supply Management (ISM) Index &#8211;\u00a0 an economic indicator that tracks the manufacturing sector\u2019s health in the United States.<\/span><\/p>\n<p><span style=\"font-weight: 400\">He said:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">BTC price peaks occur around the same time the ISM shows signs of topping out. Active addresses, total transaction volumes, total fees \u2013 they all peaked alongside tops in the ISM too. As the business cycle shows signs of recovery, so too does network activity levels\u2026<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Due to this similarity in market movement, Kevin notes that turning moments in a typical business cycle have proven to be a favorable period to increase one\u2019s exposure to risk assets such as Bitcoin.\u00a0<\/span><\/p>\n<pre style=\"text-align: center\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-547301 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/F3hZjWvaQAAvraK.png?w=720&#038;resize=720%2C379\" alt=\"Bitcoin\" width=\"720\" height=\"379\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/F3hZjWvaQAAvraK.png?w=720 720w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/F3hZjWvaQAAvraK.png?w=460 460w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\">Source: Delphi Digital<\/pre>\n<h2><span style=\"font-weight: 400\">Bitcoin Poised To Attain New ATH By Q4 2024, Kelly Says<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Interestingly, Kevin Kelly stated in his analysis that the ISM is currently heading toward the end of a two-year downtrend, indicating that BTC\u2019s prices may soon start surging in the coming months.<\/span><\/p>\n<p><span style=\"font-weight: 400\">To back his long-term bullish price prediction, Kelly highlights several other factors, including the <a href=\"https:\/\/uniquehot.com\/all\/bitcoin-bull-run-beckons-unleashing-the-potential-of-2024-halving-on-prices\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Halving event<\/a> coming up in April 2024.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Delphi Digital Co-founder stated that the last two Bitcoin halvings had occurred 18 months after BTC\u2019s price tanked and 7 months before rallying to a new ATH.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bernstein-predicts-spot-etfs-bitcoin-market-if-greenlit\/\" target=\"_blank\" rel=\"noopener \">Bernstein Predicts Spot ETFs Could Claim 10% Of Bitcoin\u2019s Market If Greenlit<\/a><\/p>\n<p><span style=\"font-weight: 400\">Based on this historical data, BTC could well attain a new ATH by Q4 2024. However, as with all predictions, Kelly stated that are certain risk factors involved.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Firstly, he predicted that the BTC market is likely to soon witness a modest selling pressure or price consolidation, especially following the market&#8217;s strong recovery in the last 9 months.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition, he also highlighted the possibility of the business cycle presenting a false bearish end &#8211; as seen in March 2020 &#8211;\u00a0 or not reaching its bearish end as soon as predicted.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to data from CoinMarketCap, Bitcoin is trading around $29,333.89, with a 0.12% decline on the last day. However, the token\u2019s daily trading volume is up by 26.38% and is valued at $12.2 billion<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/4VQEOrnG\/\" alt=\"Bitcoin\" width=\"1480\" height=\"906\"><\/p>\n<pre style=\"text-align: center\">BTC trading at $29,322 on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from LinkedIn, chart from Tradingview<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On August 14, Kevin Kelly, Co-founder of prominent crypto research firm Delphi Digital provided some interesting insights on Bitcoin and the crypto market in general. According to Kelly, the crypto market moves in consistent cycles, and we are currently in the initial stages of a new cycle based on market evidence. Using the premier cryptocurrency as a benchmark, Kelly states a crypto cycle usually begins with Bitcoin attaining a new all-time high (ATH) value, followed by an 80% loss in the next year. Thereafter, BTC would experience a market recovery over two years before embarking on a bullish run to attain a new ATH.\u00a0 The Interplay Between The Crypto Cycle And Macroeconomic Signals Based on Kelly\u2019s analysis, a typical crypto cycle occurs within four years, and its events are triggered by some factors in the bigger macro business cycle.\u00a0 Related Reading: Bitcoin Price Relatively Muted \u2013 What Could Trigger A Sharp Decline? The analyst noted that, for example, Bitcoin usually attains new price peaks at the same period as the Institute of Supply Management (ISM) Index &#8211;\u00a0 an economic indicator that tracks the manufacturing sector\u2019s health in the United States. He said: BTC price peaks occur around the same time the ISM shows signs of topping out. Active addresses, total transaction volumes, total fees \u2013 they all peaked alongside tops in the ISM too. As the business cycle shows signs of recovery, so too does network activity levels\u2026 Due to this similarity in market movement, Kevin notes that turning moments in a typical business cycle have proven to be a favorable period to increase one\u2019s exposure to risk assets such as Bitcoin.\u00a0 Source: Delphi Digital Bitcoin Poised To Attain New ATH By Q4 2024, Kelly Says Interestingly, Kevin Kelly stated in his analysis that the ISM is currently heading toward the end of a two-year downtrend, indicating that BTC\u2019s prices may soon start surging in the coming months. To back his long-term bullish price prediction, Kelly highlights several other factors, including the Bitcoin Halving event coming up in April 2024.\u00a0 The Delphi Digital Co-founder stated that the last two Bitcoin halvings had occurred 18 months after BTC\u2019s price tanked and 7 months before rallying to a new ATH. Related Reading: Bernstein Predicts Spot ETFs Could Claim 10% Of Bitcoin\u2019s Market If Greenlit Based on this historical data, BTC could well attain a new ATH by Q4 2024. However, as with all predictions, Kelly stated that are certain risk factors involved.\u00a0 Firstly, he predicted that the BTC market is likely to soon witness a modest selling pressure or price consolidation, especially following the market&#8217;s strong recovery in the last 9 months. In addition, he also highlighted the possibility of the business cycle presenting a false bearish end &#8211; as seen in March 2020 &#8211;\u00a0 or not reaching its bearish end as soon as predicted.\u00a0 According to data from CoinMarketCap, Bitcoin is trading around $29,333.89, with a 0.12% decline on the last day. However, the token\u2019s daily trading volume is up by 26.38% and is valued at $12.2 billion BTC trading at $29,322 on the daily chart | Source: BTCUSD chart on Tradingview.com Featured image from LinkedIn, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":547299,"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":[245,428,1119,83482,89122],"class_list":["post-547291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ath","tag-bitcoin","tag-btc","tag-crypto-cycle","tag-kevin-kelly"],"acf":[],"yoast_head":"\n<title>Bitcoin Prediction: Crypto Analyst Forecasts New ATH by 2024 - Can It Happen<\/title>\n<meta name=\"description\" content=\"Kevin Kelly of Delphi Digital predicts bitcoin to hit a new ATH by 2024 based on macroeconomic signals and the upcoming halving event.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-prediction-crypto-analyst-forecasts-new-ath-by-2024-can-it-happen\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Prediction: Crypto Analyst Forecasts New ATH by 2024 - Can It Happen\" \/>\n<meta property=\"og:description\" content=\"Kevin Kelly of Delphi Digital predicts bitcoin to hit a new ATH by 2024 based on macroeconomic signals and the upcoming halving event.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/bitcoin-prediction-crypto-analyst-forecasts-new-ath-by-2024-can-it-happen\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-15T09:40:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T08:06:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/07.png?fit=1279%2C720\" \/>\n\t<meta property=\"og:image:width\" content=\"1279\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Semilore Faleti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SemiloreFaleti\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Semilore Faleti\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-prediction-crypto-analyst-forecasts-new-ath-by-2024-can-it-happen\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-prediction-crypto-analyst-forecasts-new-ath-by-2024-can-it-happen\/\"},\"author\":{\"name\":\"Semilore Faleti\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/6280b76d69630ffb2f2fa78670d85d49\"},\"headline\":\"Bitcoin Prediction: Crypto Analyst Forecasts New ATH by 2024 &#8211; 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. 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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