As a seasoned crypto investor with a decade of experience under my belt, I must say that the recent bullish predictions for Bitcoin (BTC) have piqued my interest. Having weathered numerous market cycles and witnessed firsthand the incredible rise and fall of cryptocurrencies, I can’t help but feel a sense of cautious optimism when it comes to BTC hitting new all-time highs this year.
If Bitcoin (BTC) manages to surpass crucial resistance points around $60,000, it might reach a brand-new record high this year, according to predictions. Despite some wild fluctuations and unsteady pricing trends in recent times, financial experts seem quite hopeful about the cryptocurrency’s prospects in the upcoming months.
New Bitcoin All-Time High Incoming
The graph indicating Bitcoin’s value suggests optimistic trends since the cryptocurrency has surpassed the $60,000 threshold yet again. Earlier in this month, Bitcoin breached the $60,000 barrier only to experience a minor adjustment that momentarily pulled its price down below $59,000.
As cryptocurrency regains its past vigor, numerous analysts foresee further increases ahead. In a recent post on September 17, well-known crypto expert Michael van de Poppe indicated that if Bitcoin can sustain a robust price above $58,500, the market will likely remain robust and optimistic, potentially marking the beginning of a bull market.
According to the Bitcoin price trend analysis by Poppe, the $58,500 price point is considered a crucial support level where it’s expected to hold steady. If Bitcoin manages to maintain its trading above this level, it could potentially surge to unprecedented new highs in October 2024, even exceeding its current all-time high (ATH) of over $73,000, which was reached in March 2024.
Currently, Bitcoin’s previous all-time high (ATH) was surpassed back in March due to the debut of Spot Bitcoin ETFs and a surge in demand. Analysts predict that BTC could reach another ATH soon, driven by several factors combining together. Notably, it’s common for the fourth quarter of every Bitcoin halving cycle to be considered bullish for cryptocurrency.
Prior to the October assault on the ATH (All-Time High), Poppe predicted that Bitcoin might undergo a “draining of liquidity” accompanied by a brief phase of consolidation. The analyst emphasized that September has historically been a weak month for Bitcoin, marked by price drops and high volatility.
However, he has forecasted that BTC could witness a clear breakout to the upside above $62,000 by the end of the month, or in early October. As of writing, Bitcoin is trading at $60,471, marking a 3.76% price increase in the last 24 hours, according to CoinMarketCap.
Next Three Months Seen As Bullish Period For BTC
2021’s third quarter has been particularly challenging for Bitcoin, marked by a prolonged downtrend and one of its most bearish periods this year. However, despite the recent price crash and ongoing declines, analysts are optimistic that the upcoming months will bring a bullish turn for the cryptocurrency.
Crypto analyst, Crypto Rover disclosed on X that September has historically been the worst month for Bitcoin, however, he believes Q4 is set to be the best.
According to other financial analysts such as ‘Stockmoney Lizards’, Bitcoin could potentially reach an astounding $100,000 price point by the end of this year. They anticipate that the fourth quarter (from October to December) will significantly contribute to a rise in Bitcoin’s value.
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2024-09-19 04:38