Crypto analysts have projected a potential rally in Bitcoin’s price leading into 2024, following historical pre-halving patterns and influenced by macroeconomic factors such as Federal Reserve rate hikes. Analysts Miles Deutscher, “Mags,” and Markus Thielen from Matrixport, along with Twitter user @thescalpingpro, have noted that the ongoing sideways trading of Bitcoin mirrors pre-halving trends observed in 2015 and 2019.

As of Tuesday, Bitcoin was trading approximately 60% below its all-time high, a position similar to about 200 days before previous halvings. Historical data suggests that a rally could start around November 21st.

The next Bitcoin halving event, which reduces the supply of new coins entering the market, is expected to occur in late April or early May 2024. This event has traditionally spurred major bull markets for the cryptocurrency. While some forecasts suggest that Bitcoin won’t reach $100K before the 2024 halving, others anticipate a significant surge in its prices leading up to the event.

However, not all views are bullish. The Wolf Of All Streets has expressed apprehension about a world where Bitcoin could hit $1M. Despite these predictions, investors are advised to remain vigilant and conduct comprehensive research due to the volatile nature of cryptocurrency markets.