Cryptocurrencies have experienced a significant resurgence during the past year, following a period marked by negative news and falling prices in 2022.

Bitcoin’s value increased by over 155% between 2023 and 2024. A growing economy might be behind cryptocurrency appreciation. Experts observe that stocks and cryptocurrencies gain value when inflation falls and jobs rise. Also, lowering interest rates this year might spike cryptocurrency prices.

Towards the end of last year, Bitcoin reached a value of nearly $45,000; its highest in almost two years. Naturally, crypto enthusiasts are keen to know where btc’s current price is headed to in this New Year.

Following a prolonged bear market in 2022, Bitcoin’s price experienced a remarkable resurgence in 2023, offering some hope for the cryptocurrency. As the year unfolded, Bitcoin showed continued strength, stability, and growth potential. So, to understand its trend better, we will see Bitcoin’s quarterly performance in 2023.

Quarter-over-quarter performance of Bitcoin from last year

  • An impressive first quarter (JFM)

Over the first quarter of 2023, Bitcoin experienced strong performance, beginning at $16,500 and ending at $27,800, a substantial increase. The upward trend in Bitcoin prices indicates investors have renewed confidence in 2024. This is a positive sign for Bitcoin in the months to come.

  • A strong second quarter (AMJ)

The positive momentum of Bitcoin remained steady during the second quarter with no noticeable fluctuations. The crypto asset fluctuated between $25,000 and $31,000, but the benchmark remained above $25,000, which confirms its continued strong performance.

  • Consistent oscillations in the Third Quarter (JAS)

The price of Bitcoin fluctuated between $25,000 and $31,800 throughout the third quarter. Despite market uncertainties, Bitcoin has maintained a remarkable position in the market. However, the cryptocurrency has remained steady despite market pressures.

  • The October rally in the Fourth Quarter (OND)

In the last few months, Bitcoin’s price has soared. It crossed the $32,000 mark in October and has steadily increased since then. Bitcoin’s current trading value is $36,700. Despite this upward trend, Bitcoin’s price is predicted to continue to surpass key resistance levels shortly.

Does Bitcoin halving have any role?

Every 4 years, Bitcoin is halved. A halving event is considered a major event in the crypto world because it means the rate at which Bitcoins are produced will be reduced by half, which results in a decrease in the number of Bitcoins circulating, which is a very big deal.

Bitcoin value rises when there are fewer Bitcoins available for sale. This usually happens after Bitcoin halves. When Bitcoin supply declines, scarcity kicks in, and people buy them more often, so the price rises.

There has already been a lot of hype around Bitcoin halving in April 2024. People are already wondering when Bitcoin will take hold. Some people believe it will trigger another cryptocurrency bull run.

How high can Bitcoin go in 2024?

Bitcoin’s price has been relatively stable since the beginning of 2023. But it has increased by over 100% in the last few months, which is a positive development for the future. The price chart trends upward consistently with Bitcoin’s price increasing by over 122% since the beginning of the year.

Recently, there was a bullish golden crossover when the 50-day moving average crossed the 200-day moving average. It is good news for Bitcoin’s price in the future.

However, Bitcoin still faces some challenges, like breaking above $35,500, which is critical and could help Bitcoin get to $37,500 and $40,000.

Crypto analysts feel that Bitcoin might continue to rise and perform well in 2024, mainly because of the upcoming halving event. It is difficult to predict how high Bitcoin prices will rise in 2024, but they appear to be on the rise.

Final words

There is a high chance Bitcoin’s price will climb up after the halving event in 2024. This will cause people to talk and predict whether Bitcoin will rise again and even hit $60,000. However, warn experts, that we should not go all in on this prediction. Everything in the crypto market influences prices, from the economy to people’s feelings.

Although knowing Bitcoin’s price history is valuable, it is truly difficult to predict where it will reach. It is crucial to conduct your research and consider all the factors that could affect the crypto market if you are considering investing in crypto. The crypto world continues to evolve this year. But while there is no guarantee that Bitcoin will reach $60,000, it is undoubtedly expected to be an exciting ride. It will also have plenty of opportunities for innovation and growth.