Bitcoin Prediction: Crypto Analyst Forecasts New ATH by 2024 – Can It Happen?

Semilore Faleti

1 year ago

3 mins read

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On August 14, Kevin Kelly, Co-founder of prominent crypto research firm Delphi Digital provided some interesting insights on Bitcoin and the crypto market in general. According to Kelly, the crypto market moves in consistent cycles, and we are currently in the initial stages of a new cycle based on market evidence.

Using the premier cryptocurrency as a benchmark, Kelly states a crypto cycle usually begins with Bitcoin attaining a new all-time high (ATH) value, followed by an 80% loss in the next year. Thereafter, BTC would experience a market recovery over two years before embarking on a bullish run to attain a new ATH.

The Interplay Between The Crypto Cycle And Macroeconomic Signals

Based on Kelly’s analysis, a typical crypto cycle occurs within four years, and its events are triggered by some factors in the bigger macro business cycle.

The analyst noted that, for example, Bitcoin usually attains new price peaks at the same period as the Institute of Supply Management (ISM) Index – an economic indicator that tracks the manufacturing sector’s health in the United States.

He said:

BTC price peaks occur around the same time the ISM shows signs of topping out. Active addresses, total transaction volumes, total fees – they all peaked alongside tops in the ISM too. As the business cycle shows signs of recovery, so too does network activity levels…

Due to this similarity in market movement, Kevin notes that turning moments in a typical business cycle have proven to be a favorable period to increase one’s exposure to risk assets such as Bitcoin.

Source: Delphi Digital

Bitcoin Poised To Attain New ATH By Q4 2024, Kelly Says

Interestingly, Kevin Kelly stated in his analysis that the ISM is currently heading toward the end of a two-year downtrend, indicating that BTC’s prices may soon start surging in the coming months.

To back his long-term bullish price prediction, Kelly highlights several other factors, including the Bitcoin Halving event coming up in April 2024.

The Delphi Digital Co-founder stated that the last two Bitcoin halvings had occurred 18 months after BTC’s price tanked and 7 months before rallying to a new ATH.

Based on this historical data, BTC could well attain a new ATH by Q4 2024. However, as with all predictions, Kelly stated that are certain risk factors involved.

Firstly, he predicted that the BTC market is likely to soon witness a modest selling pressure or price consolidation, especially following the market’s strong recovery in the last 9 months.

In addition, he also highlighted the possibility of the business cycle presenting a false bearish end – as seen in March 2020 – or not reaching its bearish end as soon as predicted.

According to data from CoinMarketCap, Bitcoin is trading around $29,333.89, with a 0.12% decline on the last day. However, the token’s daily trading volume is up by 26.38% and is valued at $12.2 billion

BTC trading at $29,322 on the daily chart | Source: BTCUSD chart on Tradingview.com

Featured image from LinkedIn, chart from Tradingview

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

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Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

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Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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