Cryptocurrencies have had an impressive performance in the first quarter of this year, but are currently going through a consolidation phase. Bitcoin (BTC), in particular, has seen rapid gains and losses, but it now appears to be less eager to reach higher levels. Despite this, there are varying predictions from popular analysts about the future of cryptocurrencies.
One prominent cryptocurrency analyst, Checkmate, has recently shared his predictions for Bitcoin’s current market cycle. By analyzing past cycles, Checkmate believes that these cycles serve as indicators for the current year. Based on the performance of the past four years, expectations for a new all-time high (ATH) have been strengthened.
Furthermore, the news flow also supports an optimistic scenario for cryptocurrencies in 2024. Checkmate suggests that Bitcoin is currently in a six-month period of “chopsolidation,” which refers to a period of consolidation without a significant trend change. This indicates that in the short and medium term, we may not witness a significant rise in cryptocurrencies. Prices are expected to remain trapped within a narrower range, with only occasional exceptional increases.
According to Checkmate, after this dull six-month period, we can expect parabolic rallies to occur between 6-12 months. This suggests that investors may experience positive returns between September and November 2024, as well as in the first quarter of 2025.
While some experts believe that BTC’s price has already reached its peak, Checkmate argues that this would deviate significantly from Bitcoin’s past market cycles.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research before making any investment decisions.
