Bitcoin's forecast has become less optimistic, with the potential for a pullback in Q2 2024. This pullback is similar to the ones seen during the quadrennial Bitcoin halving events. Despite recent drawdowns, leading financial institutions remain bullish on Bitcoin's long-term prospects.

Bitcoin Price Predictions from Institutions

JP Morgan: Predicts a price of $45,000 in 2024.

Berenberg: Targets $56,630 in April 2024.

VanEck: Sees Bitcoin reaching new all-time highs by Q4 2024.

Technical Analysis

Bitcoin's recent attempt to breach $47-48K was met with significant selling pressure, leading to a drop to $41K. However, the cryptocurrency currently seems to be consolidating.

Market Trends

Bitcoin's recent surge, reaching over $73,700, was driven by the halving event and expectations of Fed interest rate cuts. The halving event, which occurred in April 2024, may lead to a significant drop in the hashrate and consolidation among bitcoin miners.

Long-term Prospects

Despite recent drawdowns, analysts remain optimistic about Bitcoin's future. The long-term prospects of the cryptocurrency market are under examination, with the growing introduction of crypto-related products contrasting with expert skepticism due to strict global regulations and public hesitance towards new technologies.

Conclusion

Bitcoin's price prediction for 2024 is less optimistic than it was at the beginning of the year. The potential for a pullback in Q2 2024 is high, but leading financial institutions remain bullish on Bitcoin's long-term prospects. The cryptocurrency's recent surge and the halving event are expected to drive its price in the coming months.