Bitcoin (BTC) may be on the brink of achieving a new All-Time High (ATH) this year if it surpasses essential resistance levels at $60,000. Despite notable volatility and price fluctuations in recent months, analysts remain optimistic about the future of this cryptocurrency.
A New Bitcoin All-Time High on the Horizon
The price chart of Bitcoin is indicating bullish trends as the cryptocurrency has climbed above $60,000 once more. Earlier this month, Bitcoin surged past the $60,000 threshold but experienced a slight correction that brought its price back down below $59,000.
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As the cryptocurrency regains its earlier momentum, many analysts predict further price increases in the near future. In a post on X (formerly Twitter) dated September 17, well-known crypto analyst Michael van de Poppe suggested that as long as Bitcoin sustains a steady price above $58,500, the market will continue to look strong and positive, indicating a potential beginning of a bull market.
According to his analysis of Bitcoin’s price movements, the $58,500 level is crucial for support, and Poppe has anticipated that if Bitcoin remains trading above this point, it could see a substantial surge to new all-time highs in October 2024. This substantial increase is expected to exceed Bitcoin’s existing ATH, which exceeded $73,000 in March 2024.
At that time, the catalyst for Bitcoin reaching its March ATH was the introduction of Spot Bitcoin ETFs, alongside a surge in demand. This time around, BTC is projected to achieve a new ATH, driven by a mix of factors, particularly since Q4 during all Bitcoin halving years is generally recognized as a bullish phase for the asset.
In the lead-up to this potential ATH assault in October, Poppe predicted that Bitcoin might go through a “liquidity sweep” and a brief period of consolidation. He pointed out that September has historically been a challenging month for Bitcoin, often marked by price drops and volatility.
Nonetheless, he has projected that BTC could see a significant breakout upward, surpassing $62,000 by the end of this month or early October. At the time of writing, Bitcoin is trading at $60,471, reflecting a 3.76% price increase over the last 24 hours, according to CoinMarketCap.
Next Three Months Expected to be Bullish for BTC
Bitcoin has been experiencing a prolonged downtrend, and Q3 has been one of its most bearish periods of the year. Despite the recent price declines, analysts emphasize that the upcoming months will likely bring positive momentum for the cryptocurrency.
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Crypto analyst Crypto Rover noted on X that while September has traditionally been the worst month for Bitcoin, he anticipates that Q4 is poised to be the best.
Other analysts like ‘Stockmoney Lizards’ predict Bitcoin could target an astonishing $100,000 by the end of the year, with optimistic expectations for the cryptocurrency’s price to rise significantly during Q4 (October to December).
Featured image created with Dall.E, chart from Tradingview.com
