The world’s largest cryptocurrency by market cap has always been a risk-on asset since its inception. The currency has lost nearly 70% from its all-time high of $69,000 in November 2021. Currently, the King currency is struggling for a massive bull run.
At the time of publication, Bitcoin is selling at $19,290 with a fall of 0.54% over the last 24hrs and 1.33% in the last week. Immediate resistance for the flagship currency lies around $19,300 and support is positioned around $19,285.
Bitcoin Price Surge In 2024
Bitcoin started in the year 2022 in the range of $46,310 and has decreased by 58.32% since then.
Meanwhile, as Bitcoin eyes a bull run, a well-known crypto analyst and trader, PlanB is of the opinion that in 2024, during the next Bitcoin halving, BTC will see a price jump.
To prove his predictions, the analyst posted a chart that depicts earlier price actions of Bitcoin. The chart indicates the stock-to-flow (S2F) live model which makes use of scarcity to understand Bitcoin’s value and predict its future price movement. The below chart represents Bitcoin price movement after Bitcoin’s third halving in May 2020.
The same is predicted by another crypto trader and analyst, Josh Rager who claims that Bitcoin is expected to see upward price movement after 2024 halving.
Interestingly, during the last halving on May 11, 2020, every block was created after the block reward was halved to 6.25 BTC. Hence, in 2024 halving this reward is halved to 3.125 BTC per block.