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Bitcoin (BTC) could be preparing for one new All Time High (ATH) this year if it breaks the key resistance levels at $60,000. Despite significant volatility and price instability in recent months, analysts say expressing bullish optimism for the cryptocurrency in the coming months.
New Bitcoin All-Time High Incoming
The Bitcoin price chart is giving bullish signals as the cryptocurrency rises above $60,000 once again. Earlier this month, Bitcoin jumped over the $60,000 mark but witnessed a small correction that pushed the price back below $59,000.
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With the cryptocurrency regaining its previous momentum, many analysts expect more gains in the future. In an X (formerly Twitter) after On September 17, popular crypto analyst Michael van de Poppe suggested that as long as Bitcoin can maintain a stable price above $58,500, the market will remain strong and positive, indicating the possible start of the bull market.
Based on his price chart of Bitcoin’s movements, the $58,500 price is seen as a crucial support area to hold, and Poppe has predicted that if Bitcoin continues to trade above this level, it could have a huge impact. to new record highs in October 2024. This significant price increase is expected to be exceeded The current ATH of Bitcoinwhich rose above $73,000 in March 2024.
At the time, the trigger for Bitcoin to reach its March ATH was the launch of Spot Bitcoin ETFs and subsequent large-scale demand. This time around, BTC is expected to hit a new ATH catalyzed by a confluence of factors, including the fact that the fourth quarter of all Bitcoin halving years is typical seen as a bullish period for the cryptocurrency.
Before this attack on the ATH in October, Poppe revealed that Bitcoin may experience a “sweep of the liquidity” as well as a short period of consolidation. The analyst emphasized that September remains a significantly weak month for Bitcoin, characterized by price drops and volatility.
However, he has predicted that BTC could witness a clear break above $62,000 by the end of the month or early October. At the time of writing, Bitcoin is trading at $60,471, which represents a 3.76% price increase in the past 24 hours, according to CoinMarketCap.
Next three months seen as bullish period for BTC
Bitcoin is in a long downtrend, with the third quarter seen as one of the most bearish periods this year. Despite the cryptocurrency price crash and previously sustained declines, analysts highlight that the coming months will be significantly bullish for the cryptocurrency.
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Crypto Analyst, Crypto Rover revealed However, on X, September has historically been the worst month for Bitcoin, he believes Q4 will be the best.
Other Analysts Like ‘Stockmoney Lizards’ provided Bitcoin will reach a price target of as much as $100,000 by the end of the year, with expectations that the fourth quarter (between October and December) would push the cryptocurrency significantly higher.
Featured image created with Dall.E, chart from Tradingview.com