The crypto markets are very close to the last quarter, Q4, and historically, this quarter shows the highest returns for Bitcoin. The price managed to reclaim the 100MA, while the 200MA offers strong resistance. Therefore, the BTC price is demonstrating a huge possibility of a bullish continuation, probably above $65,000, which is believed to break the market structure. Therefore, Q4 is looking to be the most profitable quarter for the Bitcoin price rally, which has historically incurred over 100% gains.
Will the BTC price hit $100K in Q4 2024?
Ever since the Fed rate cuts, the trade has flipped in bullish favour. With this, the markets began to display some momentum, resulting in a decent net flow of the Bitcoin ETFs. Secondly, the long-term holders who liquidated their holdings while the BTC price rallied in March have begun to accumulate, which has intensified since the start of the month. Besides, the US Presidential elections are on the horizon, which has had a huge impact on the crypto markets, specifically on the BTC price.
Now that the price has plunged below $63,800, is this another Monday dump after Sunday Pump?
The short-term BTC trade suggests the price has completed a ‘v-shaped’ recovery after hitting the neckline above $64,000. Unfortunately, the price is facing bearish action, causing the token to head towards the interim support at $63,500. A rebound is unlikely at these levels, as the bullish momentum needs more rework with a rise in volume. Besides, the stochastic RSI is gearing for a bearish crossover. All these indicators suggest the price may face a minor pullback and reach the support zone between $62,700 and $62,500.
Regardless of the short-term price variations and a consolidated trading volume, the long-term price actions remain largely bullish. The token remains stuck within an expanding megaphone in the long term, and hence, after a brief consolidation, a move to $68,000 seems imminent later this week. Therefore, one of the popular analysts, Captain Faibik, believes that the BTC price may undergo a broadening wedge breakout to the upside in October and reach $90,000.
“BTC could test the crucial 68k resistance level later this week.
In early October, I’m Expecting a Broadening Wedge breakout to the upside, and Bitcoin could reach $88-90K by the end of December,”
Source: https://coinpedia.org/price-analysis/bitcoin-bull-gearing-up-for-uptober-100000-is-coming-for-btc-price-in-2024/