had a challenging time staging a sustained recovery since the August 5 pullback, restricted by uncertainty around macroeconomic factors, the Federal Reserve’s policy path, and the forthcoming presidential election in the U.S. With this in mind, several crypto experts shared their views on the BTC price forecast in 2024, outlining key catalysts that could influence the crypto asset in the final months of the year.
Bitcoin’s recent performance recap
Since breaking above the $70,000 threshold earlier this year, Bitcoin price remained largely range-bound in the following months.
The world’s largest cryptocurrency’s volatile performance has mainly been driven by mixed economic data, unexpected developments related to the upcoming presidential election, and several more crypto-focused factors, such as repayments to creditors of Mt. Gox, a defunct cryptocurrency exchange.
Bitcoin price saw a sharp pullback in early August after a surprisingly soft July jobs report triggered recession fears, denting investor sentiment toward risk assets. Equities also fell notably at the time.
The downturn marked a substantial shift for the crypto sector, which had recently been buoyed by optimism surrounding the approval of exchange-traded funds (ETFs) linked to the spot prices of bitcoin and .
Sentiment had also been boosted by Republican presidential candidate Donald Trump’s pro-crypto speech at a bitcoin conference last month.
Bitcoin fell to its lowest level in almost six months, while Ether plummeted to its lowest point since January.
Although its price recovered notably, the premier cryptocurrency struggled to make significant upward moves since the pullback. The sharp drop pushed Bitcoin price below the crucial support level marked by the 50-day simple moving average (SMA). Although there have been multiple efforts to regain this level, none have succeeded in triggering a sustained upward trend.
On August 15, Bitcoin managed to climb back to the $59,000 mark, driven by expectations of the first interest rate cuts by the U.S. Federal Reserve in September. Lower rates are favorable for crypto and other risk assets…
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