As a seasoned analyst with over two decades of market analysis under my belt, I find myself increasingly intrigued by the predictions surrounding Bitcoin’s future. With a keen eye for historical trends and a knack for spotting potential catalysts, I can’t help but feel a sense of anticipation as we step into Uptober 2024.
As Uptober commences, market professionals are expressing great optimism about Bitcoin‘s future prospects. Following this positive outlook, a cryptocurrency analyst has pinpointed a significant factor that could potentially drive Bitcoin to reach unprecedented highs by the end of 2024’s Fourth Quarter (Q4).
Bitcoin Sets Sights On New ATH In Q4
Over the last few days, Bitcoin has been soaring, as its price surged at the end of September following a previous drop. This upward trend seems to be backing up analysts’ forecasts for a bullish Q4, given the latest fluctuations in its value.
Over the last week, I’ve seen Bitcoin climb approximately 1.03%, wrapping up September with a bullish trend. Given Bitcoin’s strong performance throughout this month, crypto analyst Eric Crown has expressed optimism on social media that we might see new record highs for Bitcoin in Q4.
Based on the past behavior of Bitcoin, particularly focusing on the months following September, Crown has formed his predictions. Notably, he pointed out that when Bitcoin ends September with a positive (green) close, it consistently follows with a bullish trend in the fourth quarter without exception.
Based on recent patterns, it appears that Bitcoin’s positive closure in September served as a significant trigger for an uptrend. This has led Crown to believe that the average growth for Bitcoin during this fourth quarter could potentially reach approximately 170.42%.
Without some significant exceptions, it’s more reasonable to anticipate a moderate increase of around 50%, which translates to potential gains. By applying these percentage increases to Bitcoin’s projected price, we find that the cryptocurrency could potentially reach $173,344 with a larger return of approximately 170.42%, or $96,153 if the return is limited to 50%.
Although he continues to be optimistic about Bitcoin’s future value, Crown has also shared in a recent update that the first 10 days of October often see reduced activity for Bitcoin. This pattern seems to hold true based on current market conditions, as Bitcoin’s price has dropped by 0.69% today and is currently trading at $63,976.
Considering this trend, Crown has projected that Bitcoin is likely to witness a price low at the beginning of the month, before starting its projected bullish rally to new highs.
Analysts Confirm Green Q4 For BTC
Based on crypto expert Kaizen’s analysis, Bitcoin saw a growth of 80% between October 2013 and October 2023. Interestingly, during every U.S. election year, the fourth quarter has consistently been positive for Bitcoin, with a full 100% in the green. Furthermore, if Bitcoin closes positively in September, it has always experienced further growth in October as well.
Based on historical patterns, Kaizen predicts that the fourth quarter of this year could see a significant surge in Bitcoin’s value. He emphasizes that not only is 2024 an election year, but Bitcoin has shown positive trends at the end of September, which might suggest that it’s preparing for a substantial increase in value.
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2024-10-02 01:16