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Bitcoin Price Prediction: How Soon to Record High?

Timothy St. John•Monday, October 14, 2024•2 min read

Bitcoin (BTC) has shot up over the weekend, and we predicted it would be very active heading into Saturday. Now, the coin has gained 3.49% over the last 24 hours.

Bitcoin
Bitcoin is soaring much higher today.

Bitcoin’s price is now at $64,785 (BTC/USD) and rising. Over the last week, the coin has gained 3.27%, recovering from previous losses and defying market expectations.

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This puts Bitcoin right under the crucial $65K level, which if reached, could spur greater growth from the coin. Of course, there will be Bitcoin investors who have marked that key price level as their selling point, so we will see some selling pressure once the coin hits that mark.

Bitcoin looks to be establishing its support level around $60K. We have seen it drop close to there but not fall below recently, and that is promising for the coin’s future growth.

New Price Prediction

We previously predicted that Bitcoin could hit a record high by the end of the year, and that certainly seems possible. It may even do so before the end of November. Typically, December is a strong month for Bitcoin, so we could see the coin push toward $80K then. Investors could be seeing the start of massive gains for this coin.

In Bitcoin’s favor is the fact that it seems unaffected by increasing tensions in the Middle East. The recent jobs report was positive, which has helped Bitcoin as well, and there could be another Fed interest rate cut coming next month. That could give Bitcoin a further push.

We anticipate Bitcoin will ramp up even further in the coming days. New meetings by the FOMC are scheduled for this week, which could propel the coin even higher. Investors should be warned that there will likely be some pullback this week, though. Since Bitcoin has moved very quickly the last few days, it may experience a temporary price correction before moving higher.

 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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