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As Uptober kicks off, market experts are showcasing an overwhelmingly bullish sentiment towards Bitcoin’s future. A notable crypto analyst has identified a significant catalyst that could drive Bitcoin to new all-time highs (ATHs) in the Fourth Quarter (Q4) of 2024.
Bitcoin Sets Sights On New ATH In Q4
Bitcoin has been experiencing a remarkable surge in recent days, especially towards the end of September, following a period of decline earlier. These price movements have been in line with analysts’ predictions of a bullish Q4.
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According to data from CoinMarketCap, Bitcoin rose by approximately 1.03% over the past week, finishing September on a strong note. Given this positive momentum, crypto analyst Eric Crown predicts on X (formerly Twitter) that Bitcoin could reach new all-time highs in Q4.
Crown bases his predictions on Bitcoin’s historical performance, especially in the months following September. He notes that historically, whenever Bitcoin closed September in the green, it followed up with a bullish trend in Q4 every single time.
Following this historical trend, Crown suggests that Bitcoin closing September positively is a major catalyst for a bullish surge. He predicts that the average return for Bitcoin in the current Q4 could be around 170.42%.
If a few major “outliers” are removed, a more modest return of 50% would be a realistic expectation of potential gains. Calculating Bitcoin’s projected price using these percentage returns would see the cryptocurrency rising to $173,344 with a 170.42% return and $96,153 with a 50% return.
Despite his bullish outlook, Crown also disclosed in a recent X post that October generally sees low momentum for Bitcoin during the first 10 days. This trend is evident as Bitcoin’s price has declined by 0.69% today and is trading at $63,976 at the time of writing.
Considering this trend, Crown projects that Bitcoin is likely to witness a price dip at the beginning of the month before commencing its anticipated bullish rally to new highs.
Analysts Confirm Green Q4 For BTC
Another crypto analyst, Kaizen, confirms the bullish sentiment for Bitcoin in Q4. According to Kaizen, Bitcoin’s price performance in October from 2013 to 2023 has been 80% positive. Additionally, during every United States (US) election year, the months of Q4 have been 100% green. Moreover, whenever Bitcoin closed September positively, October also saw a green trend.
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Following these recurring historical trends, Kaizen notes that Q4 2024 could be extremely bullish for Bitcoin. He highlights that not only is 2024 an election year, but Bitcoin has recently closed September positively. As a result, the cryptocurrency could be gearing up for a major rally.
BTC price struggles to form support | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
