The fourth quarter (Q4) of every four-year cycle has always been historically bullish for Bitcoin (BTC). With Uptober just a week away, a crypto analyst has shared predictions on how high the price of Bitcoin could soar during this typically bullish season.
Here’s How Far Bitcoin Can Climb In Uptober
In a recent X (formerly Twitter) post, crypto analyst, Jelle shared insights on how the next few weeks would have an impact on the price of Bitcoin. According to various analysts, the month of September is seen as a historically bearish period for BTC, characterized by volatility and severe price declines. However, in the crypto market, a prolonged bearish period often precedes a breakout.
With September wrapping up, the highly anticipated Uptober is set to begin. The term “Uptober” was coined by many within the crypto community to describe the typical upward pricing pattern seen during October. Jelle has pointed out that in the previous two bull cycles, during the volatile “summer chop fest seasons,” Bitcoin’s price had broken out two to three weeks after the start of Q4, which begins in October.
Based on this recurring bullish trend, the analyst has suggested that a similar price breakout might occur for Bitcoin within a few weeks of October. Jelle shared a detailed chart of BTC’S price movements from 2020 till date, pinpointing the cryptocurrency’s next price target.
He predicted that Bitcoin’s price could surge as high as $150,000 in October. For this significant price increase to occur, Bitcoin would need to rise about 135% from its current price of $63,817 as of writing.
Sharing a similar sentiment, a crypto analyst known as ‘Altstein Trade,’ disclosed that October is a pivotal month for BTC and with historical patterns in mind, the market might see some exciting possibilities. He added that if Bitcoin can push through the chop fest season, the anticipated breakout in Q4 could set the stage for new highs.
In a previous post, Jelle also revealed that BTC was presently on track to witness the strongest September performance in history. He disclosed that if the cryptocurrency can close September in the green, Q4 of 2024 could be very promising, with the strong likelihood of October, November and December being significantly bullish.
BTC Fractal Patterns Hint Repeat Of Last Year’s Uptober
Bitcoin expert and analyst, Kaleo has drawn parallels between Bitcoin’s price action and performance in the last year to the current trends observed in September 2024. Kaleo pointed out that September 2023 marked a bottom for Bitcoin, however, the cryptocurrency experienced an upward momentum at the end of September, extending to December.
As a result, the analyst remains optimistic about Bitcoin’s future outlook, expecting the cryptocurrency’s price action to play out based on historical bullish patterns in Q4. Based on his price chart, Kaleo projects that BTC could potentially witness a price surge to $112,000.
Featured image created with Dall.E, chart from Tradingview.com
Source: https://bitcoinist.com/uptober-high-bitcoin-price-go/