{"id":596953,"date":"2024-03-08T16:00:48","date_gmt":"2024-03-08T16:00:48","guid":{"rendered":"https:\/\/ktsl888.com\/?p=596953"},"modified":"2024-06-11T07:05:09","modified_gmt":"2024-06-11T07:05:09","slug":"bitcoin-to-240000-analyst-cites-key-narrative-as-catalyst","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-to-240000-analyst-cites-key-narrative-as-catalyst\/","title":{"rendered":"Bitcoin To $240,000: Analyst Cites Key Narrative As Catalyst"},"content":{"rendered":"

Bitcoin price has fallen by over 10% after briefly touching its all-time high of $69,000, propelled by investors’ flood of money into <\/span>BTC Spot Exchange-Traded Funds (ETFs).<\/span><\/a><\/p>\n

However, intense volatility surrounding the crypto asset’s price has triggered a rebound to the $68,000 mark, which highlights the return of positive enthusiasm, prompting predictions of a significant rally to an unprecedented height.<\/span><\/p>\n

Key Narrative That Could Send Bitcoin To $240,000<\/span><\/h2>\n

Cryptocurrency analyst and trader Matthew Hyland has <\/span>shared<\/span><\/a> an optimistic forecast for <\/span>Bitcoin<\/span><\/a> with the community on the social media platform X. The analyst has identified a key trend that could trigger a bullish rally for BTC to the $240,000 threshold.<\/span><\/p>\n

Related Reading: Crypto Analyst Uses Historical Data To Show When The Bitcoin Price Will Reach $207,000<\/a><\/div>\n

At first, Hyland noted that over the past two years, Bitcoin has “destroyed several narratives, both positive and negative.” These include one of the ideas that BTC will “never fall below the previous cycle low or reach its peak until after the halving event.”<\/span><\/p>\n

\"Bitcoin\"
BTC to smash diminishing returns by surpassing $240,000 | Source: Matthew Hyland on X<\/a><\/figcaption><\/figure>\n

However, Hyland claims that the only narrative left that BTC has not destroyed is the “Diminishing Returns,” as it is still almost 100% effective. Hyland is uncertain of the narrative’s effect but believes that it is the “final boss” since it is the only one still standing.<\/span><\/p>\n

As a result of the trend, the crypto expert has set his price target at $240,000 in the upcoming months. This simply means <\/span>BTC<\/span><\/a> needs to surpass the aforementioned price in order to be able to demolish the diminishing returns narrative.<\/span><\/p>\n

Hyland claims it makes no difference to him if Bitcoin “reaches the level or not.” Nonetheless, it will be “intriguing” to observe whether it can smash the one trend that remains intact.<\/span><\/p>\n

Another expert known as Crypto Signals seems to agree with Hyland, <\/span>expressing<\/span><\/a> his pleasure in the analysis. According to Crypto Signals, in the context of Bitcoin, “the idea of diminishing returns is a fascinating one.”<\/span><\/p>\n

Crypto Signals claims that every cycle tends to “produce a declining percentage gain as the market matures.” Due to this, there is a more profound development and broader adoption in the market. Thus, in the constantly changing world of cryptocurrencies, the narrative is worth looking into.<\/span><\/p>\n

Strategic Timeframe For BTC Pre-Halving Rally<\/span><\/h2>\n

Rekt Capital, a well-known crypto expert, has <\/span>pinpointed<\/span><\/a> a timeframe for when and where the Bitcoin Pre-Halving rally will end. According to Rekt Capital, the “pre-halving rally is gradually approaching its end.”<\/span><\/p>\n

Related Reading: Bitcoin Halving Prep: Analyst Outlines Key Points Ahead Of Event<\/a><\/p>\n

Drawing a comparison to 2020’s pre-halving rise, the analyst stated that it occurred two weeks before the event. After that, BTC witnessed a “pre-halving retrace” of about 20%, which was the last it saw before the <\/span>halving<\/span><\/a>.<\/span><\/p>\n

He further drew a comparison to 2016’s pre-halving surge, which he noted took place “28 days prior to the halving.” Nevertheless, it also experienced “a conservative correction” of over 29% after the rally topped.<\/span><\/p>\n

Rekt Capital has marked the point as the “historic danger zone” that could potentially conclude the pre-halving rally this year, before witnessing a pullback ahead of the event.<\/span><\/p>\n

\n
\"Bitcoin\"
BTC trading at $67,779 on the 1D chart | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin price has fallen by over 10% after briefly touching its all-time high of $69,000, propelled by investors’ flood of money into BTC Spot Exchange-Traded Funds (ETFs). However, intense volatility surrounding the crypto asset’s price has triggered a rebound to the $68,000 mark, which highlights the return of positive enthusiasm, prompting predictions of a significant rally to an unprecedented height. Key Narrative That Could Send Bitcoin To $240,000 Cryptocurrency analyst and trader Matthew Hyland has shared an optimistic forecast for Bitcoin with the community on the social media platform X. The analyst has identified a key trend that could trigger a bullish rally for BTC to the $240,000 threshold. Related Reading: Crypto Analyst Uses Historical Data To Show When The Bitcoin Price Will Reach $207,000 At first, Hyland noted that over the past two years, Bitcoin has “destroyed several narratives, both positive and negative.” These include one of the ideas that BTC will “never fall below the previous cycle low or reach its peak until after the halving event.” However, Hyland claims that the only narrative left that BTC has not destroyed is the “Diminishing Returns,” as it is still almost 100% effective. Hyland is uncertain of the narrative’s effect but believes that it is the “final boss” since it is the only one still standing. As a result of the trend, the crypto expert has set his price target at $240,000 in the upcoming months. This simply means BTC needs to surpass the aforementioned price in order to be able to demolish the diminishing returns narrative. Hyland claims it makes no difference to him if Bitcoin “reaches the level or not.” Nonetheless, it will be “intriguing” to observe whether it can smash the one trend that remains intact. Another expert known as Crypto Signals seems to agree with Hyland, expressing his pleasure in the analysis. According to Crypto Signals, in the context of Bitcoin, “the idea of diminishing returns is a fascinating one.” Crypto Signals claims that every cycle tends to “produce a declining percentage gain as the market matures.” Due to this, there is a more profound development and broader adoption in the market. Thus, in the constantly changing world of cryptocurrencies, the narrative is worth looking into. Strategic Timeframe For BTC Pre-Halving Rally Rekt Capital, a well-known crypto expert, has pinpointed a timeframe for when and where the Bitcoin Pre-Halving rally will end. According to Rekt Capital, the “pre-halving rally is gradually approaching its end.” Related Reading: Bitcoin Halving Prep: Analyst Outlines Key Points Ahead Of Event Drawing a comparison to 2020’s pre-halving rise, the analyst stated that it occurred two weeks before the event. After that, BTC witnessed a “pre-halving retrace” of about 20%, which was the last it saw before the halving. He further drew a comparison to 2016’s pre-halving surge, which he noted took place “28 days prior to the halving.” Nevertheless, it also experienced “a conservative correction” of over 29% after the rally topped. Rekt Capital has marked the point as the “historic danger zone” that could potentially conclude the pre-halving rally this year, before witnessing a pullback ahead of the event. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":576170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8856,91154,1119,1144,78790,91816,91817,8379,91815,91812,91813,91814,69575],"class_list":["post-596953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-spot-exchange-traded-funds","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto-signals","tag-diminishing-returns","tag-etfs","tag-matthew-hyland","tag-pre-halving","tag-pre-halving-rally","tag-pre-halving-retrace","tag-rekt-capital"],"acf":[],"yoast_head":"\nBitcoin To $240,000: Analyst Cites Key Narrative As Catalyst<\/title>\n<meta name=\"description\" content=\"Bitcoin price has fallen by over 10% 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I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They\u2019ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won\u2019t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I\u2019m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I\u2019ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. 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