Anticipation toward the next major rally for Bitcoin continues to increase within the cryptocurrency community following the start of this bull cycle. However, the wait could be over as a crypto expert has predicted a potential rally for BTC in the final quarter of this year.
Bitcoin Likely To Reach A New All-Time High By The Year’s End
Timothy Peterson, an author and network economist has cited a positive outlook for Bitcoin in Q4 of 2024, predicting that the crypto asset could be gearing up for a short-term price surge, possibly to a new all-time before the end of the year.
The analyst made the bold forecast after exploring several past BTC price trends in Q4, fueling optimism for the crypto asset’s potential in the upcoming months. Several factors that are currently seeing improvements such as rising demand, growing whale accumulation, and strong market sentiment could also contribute to this impending surge.
According to the analyst, the performance of Bitcoin usually improves significantly in the fourth quarter. Meanwhile, bear market years such as 2022 and 2018 are typically the exceptions, but 2024 is not one of those years.
As a result, Peterson is confident about the potential of BTC in this final quarter as he anticipates a rise in the value of the digital asset by 30% to 60%. He further pointed out an over 40% likelihood that BTC could reach a whopping $100,000 price mark before 2024 ends, demonstrating his stark optimism towards the coin’s short-term capabilities.
Peterson is optimistic about a new all-time high for BTC before the year’s end in spite of the waning price movement, as the asset continues to struggle to revisit its current peak of around $73,000, which was achieved in March of this year.
Since then, the coin has been in a consolidation mode, fluctuating between $55,000 and $67,000. However, Negentropic, a crypto analyst, believes that the correction has come to an end, predicting that BTC’s next leg up is just beginning.
Negentropic attributes his forecast to Bitcoin’s resiliency during geopolitical risks witnessed last week, demonstrating strong fundamentals in light of the turmoil that caused BTC to drop. Particularly, this resilience of BTC was mostly triggered by network growth and increasing liquidity, suggesting that a move on the upside is “just starting.”
Is The Recent Rebound Over?
Thus far, BTC has once again experienced a setback after retesting the $63,000 due to an overall market recovery on Monday. Such movements have been happening lately, but there is still firm optimism in the community about a rally in the short term.
Even though the value of the asset has dropped by nearly 2% to $62,290 in the past day, its trading volume is demonstrating a positive outlook, rising by over 64% in the last 24 hours. The rise in trading volume indicates the presence of market players, which might lead to a price rebound.
Featured image from Unsplash, chart from Tradingview.com
Source: https://bitcoinist.com/bitcoins-short-term-rally-incoming/