Bitcoin has experienced a remarkable year in 2024, commencing at $42,000 and closing near a staggering $96,670, marking an impressive gain of 111%. This follows a 155% increase in 2023, making it two consecutive strong years for the paramount cryptocurrency. However, despite the bullish momentum, renowned crypto analyst Benjamin Cowen cautions that Bitcoin may encounter a 30% dip in January, based on historical trends.
Bitcoin To Face a Potential 30% Drop
Benjamin Cowen has observed that Bitcoin’s performance in 2024 mirrors past halving years like 2016 and 2020. During those years, Bitcoin’s price ascended in October and November but decelerated by December, much like the trend observed in 2012. This deceleration frequently resulted in a price drop in January. Notably, Bitcoin has already experienced a 15% decline in December 2024. According to Cowen, in previous post-halving years such as 2017 and 2021, Bitcoin’s price plummeted by approximately 30% in January. If history echoes itself, a 30% drop this January could reduce Bitcoin’s price to around $77,700, aligning with the 20-week moving average, a crucial level monitored by numerous traders.
Has January’s Correction Already Occurred?
Perhaps this time, the scenario is different. Instead of witnessing a December rally, Bitcoin has already undergone a decline. This shift has led some optimistic observers to speculate that the market might have preempted the anticipated January correction. Simply put, Bitcoin may have already completed the downward movement expected for January. Benjamin Cowen suggests that this early drop could imply that the January correction has already unfolded. If this is the case, Bitcoin might sidestep a significant dip this month, defying the usual trend.
Bitcoin’s Bold Predictions for the Future
Looking further ahead, some analysts are optimistic about Bitcoin’s future in 2025. According to a report by Coinpedia, Coinshare’s Market Head, James Butterfill, projects that Bitcoin could reach $150,000 in 2025. He attributes this potential surge to a favorable regulatory environment in the US. Conversely, Pantera Capital offers an even more bullish forecast, predicting that Bitcoin could skyrocket to $740,000 by 2028.
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FAQs
How much will 1 Bitcoin be worth in 2025?
As per Coinpedia’s BTC price prediction, 1 BTC could peak at $169,046.
How much will 1 Bitcoin be worth in 2030?
In 2030, the price of 1 Bitcoin could reach a height of $610,646.
What will Bitcoin be in 10 years?
Projecting a 10-year growth in a volatile asset like Bitcoin may seem speculative. However, the BTC price is expected to exceed $600,000 by 2030. With global adoption, Bitcoin could potentially be valued at 1 million dollars.
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