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With the start of the long-awaited Uptober, market experts have been here super optimistic about Bitcoin’s future prospects. In line with this, a crypto analyst has identified a major catalyst that could propel Bitcoin to new all-time highs (ATHs) in the world. Fourth quarter (Q4) of 2024.
Bitcoin is aiming for a new ATH in the fourth quarter
Bitcoin has been on a roll in recent days, with its price shoots up by the end of September, after previously experiencing a decline. The cryptocurrency has confirmed analysts’ predictions of a bullish fourth quarter recent price movements.
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According to CoinMarketCap data, Bitcoin is up about 1.03% over the past seven days. ended September on a bullish note. Given the cryptocurrency’s positive momentum in September, crypto analyst Eric Crown has done just that predicted on X (formerly Twitter) that Bitcoin could soar to new all-time highs in the fourth quarter.
Crown has based its predictions on the historical performance of Bitcoinwith the emphasis mainly on the months after September. He revealed that historically, whenever Bitcoin closed a green September, it followed a bullish trend each time in the fourth quarter.
Following this trend, Crown suspects that Bitcoin’s September shutdown was a major catalyst for a bullish wave. As a result, he predicts that the average return will be over Bitcoin in this current fourth quarter would be almost 170.42%.
If a few major ‘outliers’ are removed, a modest return of 50% would be a more realistic expectation of potential profits. Calculate The expected price of Bitcoin If you were to use these percentage returns, the cryptocurrency would rise to $173,344 with a 170.42% return and $96,153 with a 50% return.
While he remains generally optimistic about Bitcoin’s price prospects, so does Crown revealed in a more recent X-post that the month of October has generally seen low momentum in Bitcoin for the first 10 days. This analysis is also reflected in The current price of Bitcoin which is down 0.69% today and is trading at $63,976 at the time of writing.
Given this trend, Crown has predicted that Bitcoin is likely to experience a price drop at the start of the month, before the expected bullish rally to new highs begins.
Analysts confirm green Q4 for BTC
According to crypto analyst Kaizen, Bitcoin’s October price performance was 80% in the green from 2013 to 2023. The analyst too revealed that during every election year in the United States (US), the fourth quarter months were 100% green. Furthermore, every year after Bitcoin closed positively in September, Bitcoin always had a green October.
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Following this recurring historical trend, Kaizen takes note The fourth quarter could be extremely bullish for Bitcoin. He emphasized that not only is 2024 an election year, but Bitcoin recently ended the month of September on a positive trend, as a result the cryptocurrency could become preparing for a big rally.
Featured image created with Dall.E, chart from Tradingview.com