What Will the Crypto Market Look Like in 2024?

The crypto market has seen a significant increase in prices this year, with Bitcoin (BTC) up over 70% since the start of 2023, due to a banking crisis and expectations of a potential approval of a BTC exchange-traded fund (ETF) in the United States.

So, will the crypto market continue to rise in the rest of 2023? Cointelegraph takes a look at its chances and possible crypto prices targets.

2020 Bitcoin price fractal eyes $50K

According to Stockmoney Lizards, a popular BTC analyst, the crypto market’s current trend is similar to its price action between 2017 and 2020, which may lead to a key breakout moment (the greened area) and a decisive bull run.

In 2020, the breakout was followed by Bitcoin’s price climbing to its all-time high of $69,000 in November 2021. If the same happens again, the analyst predicts that the crypto price will reach the $45,000-$50,000 range by the end of the year.

However, the crypto market now faces several headwinds from the United States Federal Reserve’s tightening, resulting in lower liquidity and a 40% decrease in Bitcoin’s price since April 2022 when the Federal Reserve’s balance sheet reached its peak.

Standard Chartered also sees Bitcoin at $50K

Standard Chartered also predicts that Bitcoin will reach $50,000 by the end of the year.

Geoff Kendrick, the global head of research and chief strategist at Standard Chartered, argues that the increased profitability of crypto miners will reduce their need to sell BTC, leading to a lower supply against potential rising demand.

“Increased miner profitability per BTC (Bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” Kendrick stated in a report.

Interestingly, the number of Bitcoin held by crypto miners surged during the crypto market hype in May 2022, stabilizing since.

Bitcoin price technical pattern hints at $32,000

The crypto market latest has seen Bitcoin’s price reach a recent peak near $32,000, as a technical setup suggests. This is based on the prevailing bump-and-run reversal (BARR) Bottom pattern, which is typically resolved when the price breaks above its descending trendline resistance and rises by as much as the pattern’s maximum height.

The same BARR Bottom pattern accurately played out in Dogecoin’s crypto prices today in June 2022. If this pattern is followed, the crypto market now could see a 12.75% increase in BTC price by the end of 2023.

In addition, crypto miners, investors, and the crypto global have been closely monitoring the crypto november 2021 and crypto may 2022, as well as the crypto federal reserve’s response to the crypto crisis latest.