With the start of the long-awaited Uptober here, market experts have been worried super optimistic about Bitcoin’s future prospects. In line with this, a crypto analyst has identified an important catalyst that could propel Bitcoin to new all-time highs (ATHs) in the Fourth Quarter (Q4) 2024.
Bitcoin aims for new ATH in Q4
Bitcoin has been on the rise in recent days, with its price soaring at the end of September, after previously registering a decline. The cryptocurrency has confirmed analysts’ predictions of a bullish fourth quarter with its recent price movements.
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According to data from CoinMarketCap, Bitcoin is up around 1.03% in the last seven days, ending September on a high note. Given the cryptocurrency’s positive momentum in September, crypto analyst Eric Crown predicted on X (formerly Twitter) that Bitcoin could reach new highs in the fourth quarter.
Crown based its forecasts on Bitcoin historical performancewith particular incidence in the months following September. He revealed that, historically, whenever Bitcoin closed a green September, it always followed an uptrend in the fourth quarter.
Following this trend, Crown hypothesized that Bitcoin’s close in the green in September was a major catalyst for a bullish surge. As a result, he predicts that the average return for Bitcoin in this current fourth quarter it would be close to 170.42%.
If some important “outliers” are removed, a modest 50% return would be a more realistic expectation of potential gains. Calculating Projected Bitcoin Price Using 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 bullish on Bitcoin’s price outlook, Crown also released In a more recent X post, the month of October generally saw low momentum in Bitcoin during the first 10 days. This analysis is also evident in Current Bitcoin Price which is down 0.69% today and is trading at $63,976 at the time of writing.
Considering this trend, Crown projected that Bitcoin will likely witness a price decline at the beginning of the month before beginning its projected rally to new highs.
Analysts confirm green fourth quarter for BTC
According to crypto analyst Kaizen, Bitcoin’s price performance from October 2013 to 2023 was 80% green. The analyst also released that during all election years in the United States (US), the fourth quarter months were 100% green. Furthermore, every year after Bitcoin’s positive close in September, there has always been a green October.
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Following this recurring historical trend, Kaizen notes that this Q4 Could Be Extremely Bullish for Bitcoin. He highlighted that 2024 is not only an election year, but Bitcoin recently closed the month of September with a positive trend, as a result the cryptocurrency could be preparing for a big rally.
Featured image created with Dall.E, chart from Tradingview.com