Bitrabo Editorial
Excitement is building within the cryptocurrency community for the upcoming Bitcoin rally, especially as the current bull cycle progresses. A crypto analyst suggests that a significant price increase for BTC could be imminent in the year’s last quarter.
BTC Predicted to Achieve New All-Time High by Year-End
Timothy Peterson, a recognized author and economic expert, has pointed out a favorable trend for Bitcoin in the final quarter of 2024. He believes the cryptocurrency may be poised for a sharp price increase, potentially reaching a new record high by year-end.
Peterson’s forecast is based on an analysis of previous BTC price movements during Q4, sparking hope for substantial growth in the upcoming months. Important factors such as increasing demand, significant whale accumulation, and positive market sentiment are expected to drive this potential surge.
The analyst noted that Bitcoin’s performance often rises significantly in the fourth quarter, with the exceptions being bear market years like 2022 and 2018; however, he does not anticipate 2024 following that pattern.
Peterson is optimistic about BTC’s prospects this quarter, forecasting a value increase between 30% and 60%. He has highlighted that there is over a 40% chance BTC could soar to $100,000 by the end of 2024, showcasing his confidence in the coin’s short-term potential.
Despite the price stagnation in Bitcoin’s recent activities and its difficulty in breaking the current peak of about $73,000 from March, Peterson remains hopeful for a new all-time high as the asset fluctuates between $55,000 and $67,000 in a consolidation phase.
Meanwhile, crypto analyst Negentropic suggests that this correction phase has ended, asserting that BTC’s upward movement is just beginning. He predicts further increases, backed by Bitcoin’s strong performance amidst geopolitical tensions, which previously affected prices. This resilience is attributed to network growth and increased liquidity, indicating that significant upward movement for BTC might be “just starting.”
Has the Recent Upswing Peaked?
Currently, BTC has faced another dip after touching $63,000, amid a broader market recovery on Monday. While fluctuations continue, optimism remains in the cryptocurrency community for a short-term rally.
Despite a slight decrease of nearly 2% to $62,290 in the past day, the trading volume for Bitcoin has surged by over 64% within the last 24 hours, signaling positive market activity that could potentially lead to a price rebound.