Real Vision Chief Crypto Analyst Jamie Coutts has suggested that the Bitcoin price could rise to $150,000 by the end of 2024.
Historical Trends and Macroeconomics
Jamie Coutts bases his bullish forecast on historical trends and macroeconomic forces. He notes that BTC is preparing to enter what he calls the 'crazy season' or 'banana territory.'
Concept of the “Banana Zone”
The 'banana zone' concept was coined by Real Vision founder Raoul Pal. It refers to a phase in the debt refinancing cycle driven by overall macroeconomic conditions. While this period typically impacts all asset prices, cryptocurrencies, especially Bitcoin, tend to outperform during these periods.
Jamie Coutts' Forecast
Coutts noted that in each of the last two major bull cycles, Bitcoin reached an all-time high within 365 days of the local peak in the US dollar index (DXY). Based on this model, Coutts suggests that Bitcoin could more than double its current price and reach $150,000 by the end of 2024. 'Unless there is a fundamental change, the price trend for Bitcoin remains strong and conditions are aligning for another significant rally,' Coutts said.
These forecasts are based on past market trends and macroeconomic conditions, but as always, investors should approach such predictions with caution.
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