Bitcoin (BTC) could be gearing up for a new All-Time High (ATH) this year if it breaks through key resistance levels at $60,000. Despite experiencing substantial volatility and price instability over the past few months, analysts express bullish optimism for the cryptocurrency in the coming months.
New Bitcoin All-Time High Incoming
The Bitcoin price chart is flashing bullish signals as the cryptocurrency is up above $60,000 once again. Earlier this month, Bitcoin jumped over the $60,000 mark but witnessed a minor correction that pushed its price back below $59,000.
With the cryptocurrency recovering its previous momentum, many analysts expect more gains in the future. In an X (formerly Twitter) post on September 17, popular crypto analyst, Michael van de Poppe suggested that as long as Bitcoin can maintain a steady price above $58,500, the market will remain strong and positive, signaling the possible start of the bull market.
Based on his price chart of Bitcoin’s movements, the $58,500 price mark is seen as a critical support area to hold and Poppe has predicted that if Bitcoin continues to trade above this level, it could experience a massive pump to new all-time highs in October 2024. This significant price increase is anticipated to surpass Bitcoin’s current ATH, which jumped above $73,000 in March 2024.
At the time, the trigger to Bitcoin achieving its March ATH was the launch of Spot Bitcoin ETFs and the subsequent large-scale demand. This time, BTC is expected to reach a new ATH, catalyzed by a confluence of factors, including the fact that Q4 of all Bitcoin halving years is typically seen as a bullish period for the cryptocurrency.
Before this attack on the ATH in October, Poppe revealed that Bitcoin may experience a “sweep of the liquidity” as well as a short period of consolidation. The analyst highlighted that September remains a significantly weak month for Bitcoin, characterized by price declines and volatility.
However, he has forecasted that BTC could witness a clear breakout to the upside above $62,000 by the end of the month, or in early October. As of writing, Bitcoin is trading at $60,471, marking a 3.76% price increase in the last 24 hours, according to CoinMarketCap.
Next Three Months Seen As Bullish Period For BTC
Bitcoin has been in a long downtrend, with Q3 seen as one of its most bearish periods this year. Despite the cryptocurrency’s price crash and previously persistent declines, analysts highlight that the coming months will be significantly bullish for the cryptocurrency.
Crypto analyst, Crypto Rover disclosed on X that September has historically been the worst month for Bitcoin, however, he believes Q4 is set to be the best.
Other analysts like ‘Stockmoney Lizards’ foresee Bitcoin hitting a whopping $100,000 price target by year’s end, with expectations that Q4 (between October to December) would significantly push the cryptocurrency to the upside.
Featured image created with Dall.E, chart from Tradingview.com