Este artículo también está disponible en español.
Bitcoin (BTC) could be on the verge of reaching a new All-Time High (ATH) this year if it successfully breaks through key resistance levels set at $60,000. Despite facing substantial volatility and price instability over the past few months, analysts are expressing bullish optimism for the cryptocurrency in the coming months.
New Bitcoin All-Time High Incoming
The Bitcoin price chart is currently flashing bullish signals, with the cryptocurrency trading above the $60,000 mark once again. Earlier this month, Bitcoin surged past $60,000 but encountered a minor correction that pushed its price back below $59,000.
Related Reading
With Bitcoin regaining its previous momentum, many analysts are anticipating further gains in the near future. In a post on X (formerly Twitter) on September 17, popular crypto analyst Michael van de Poppe suggested that as long as Bitcoin can maintain a steady price above $58,500, the market will remain strong and positive, potentially signaling the start of a bull market.
Based on his analysis of Bitcoin’s price movements, the $58,500 price level is seen as a crucial support area. Poppe predicts that if Bitcoin continues to trade above this level, it could experience a substantial surge to new all-time highs by October 2024. This significant price increase is expected to surpass Bitcoin’s current ATH, which exceeded $73,000 in March 2024.
At that time, the catalyst for Bitcoin reaching its March ATH was the launch of Spot Bitcoin ETFs and the ensuing large-scale demand. This time around, BTC is anticipated to reach a new ATH driven by a confluence of factors, including the typically bullish period for the cryptocurrency during Q4 of all Bitcoin halving years.
Before this potential ascent to a new ATH in October, Poppe revealed that Bitcoin might experience a “sweep of the liquidity” and a short period of consolidation. The analyst emphasized that September has historically been a weak month for Bitcoin, characterized by price declines and heightened 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 this 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
Bitcoin has been in a prolonged downtrend, with Q3 being one of its most bearish periods this year. Despite the cryptocurrency’s price crash and previously persistent declines, analysts highlight that the coming months will be significantly bullish for Bitcoin.
Related Reading
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 most favorable period.
Other analysts, such as ‘Stockmoney Lizards,’ foresee Bitcoin hitting a remarkable $100,000 price target by the end of the year, with expectations that Q4 (between October to December) will significantly push the cryptocurrency to the upside.
BTC price drops below $60,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
