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With the much-awaited Uptober kicking off here, market experts have been 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 (ATH) in the Fourth quarter (Q4) 2024.
bitcoin eyes new ATH in Q4
bitcoin has been on a roll these past few days, with its skyrocketed price towards the end of September after previously experiencing a drop. The cryptocurrency has been confirming analyst predictions of a bullish fourth quarter with its recent price movements.
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According to data from CoinMarketCap, bitcoin rose by approximately 1.03% in the last seven days. ending September on a bullish note. Given the cryptocurrency's positive momentum in September, crypto analyst Eric Crown has x.com/krowncryptocave/status/1840505582018539716?s=46″ rel=”nofollow”>provided on x (formerly twitter) that bitcoin could hit new all-time highs in the fourth quarter.
Crown has based its predictions on the bitcoin historical performancefocusing especially on the months after September. He revealed that historically, every time bitcoin closed a green September, it continued to trend higher in the fourth quarter each time.
Following this trend, Crown has surmised that bitcoin closing in the green in September was a major catalyst for a bullish surge. As a result, he predicts that the average performance of bitcoin in this current Q4 it would be close to 170.42%.
If some major “outliers” are removed, a modest 50% return would be a more realistic expectation of potential earnings. Calculating bitcoin-ready-for-new-all-time-high-but-analyst-says-it-needs-to-clear-this-level-first/” rel=”nofollow”>Projected bitcoin Price Using these percentage returns would see the cryptocurrency rise to $173,344 with a 170.42% return and $96,153 with a 50% return.
While generally remaining bullish on bitcoin's price prospects, Crown has also x.com/krowncryptocave/status/1840989143767081413?s=46″ rel=”nofollow”>revealed In a more recent x post, the month of October has generally seen low momentum in bitcoin during the first 10 days. This analysis is also evident in The current price of bitcoin which has decreased today by 0.69% and is trading at $63,976, at the time of writing this article.
Considering this trend, Crown has projected that bitcoin is likely to experience a low price at the beginning of the month, before beginning its projected bullish rally towards new highs.
Analysts confirm green fourth quarter for btc
According to crypto analyst Kaizen, bitcoin price performance in October 2013 to 2023 was 80% in the green. The analyst also x.com/kaiz3ns/status/1840788137431482774?s=46″ rel=”nofollow”>revealed that during each election year in the United States (US), the months of the fourth quarter were 100% green. Furthermore, every year after bitcoin closed positively in September, it always had a green October.
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Following this recurring historical trend, Kaizen points out that this Q4 Could Be Extremely Bullish for bitcoin. He highlighted that not only is 2024 an election year, but bitcoin recently closed the month of September with a positive trend, so the cryptocurrency could be preparing for a big rally.
Featured image created with Dall.E, chart from Tradingview.com
