The fourth quarter (Q4) of each four-year cycle has historically always been rising For Bitcoin (BTC). With Uptober just a week away, one cryptocurrency analyst has shared his predictions for… What is the maximum price of Bitcoin? During this usually bullish season.
Here’s How High Bitcoin Could Rise in October
In X Talk (formerly Twitter) mailCryptocurrency analyst Jelly shares insights on how the next few weeks will impact Bitcoin priceAccording to various analysts, September is seen as a historically bearish period for Bitcoin, characterized by volatility and sharp drop in pricesHowever, in the cryptocurrency market, a prolonged bearish period often precedes a breakout.
As September comes to an end, the highly anticipated month of October is set to begin.Until October“It has been coined by many within the crypto community to describe the typical bullish pricing pattern seen during October. Gilley pointed out that in the previous two bull cycles, during the volatile “summer slashing season,” Bitcoin price has made a breakthrough. Two to three weeks after the start of the fourth trimester, which begins in October.
Based on this recurring upward trend, the analyst suggested that there could be a similar trend. Price drop That could happen to Bitcoin in a few weeks in October. Gilley shared a detailed chart of Bitcoin price movements from 2020 so far, explaining: Next price target for cryptocurrency.
He predicted that Bitcoin would rise to $150,000 in October. For this significant price increase to occur, Bitcoin would need to rise by about 135% from its current price of $63,817 at the time of writing.
Sharing similar sentiments, a cryptocurrency analyst known as Altstein Trade said, It has been revealed. October is a pivotal month for Bitcoin and with historical patterns in mind, the market could see some exciting possibilities. He added that if Bitcoin can get past the peak season, A breakthrough is expected in the fourth quarter. It may pave the way for new heights.
In a previous post, Jelly also revealed that BTC is currently on track to see Strongest performance in September In history. It was revealed that if the cryptocurrency was able to September close in greenThe fourth quarter of 2024 could be very promising, with the months of October, November and December likely to be significantly bullish.
BTC Fractal Patterns Point to Repeat of October Last Year
Bitcoin expert and analyst, Kaleo, has Drawn Similarities between Bitcoin’s price action and its performance over the past year Current trends observed in September 2024. Kallio noted that September 2023 represents the bottom for Bitcoin, however, the cryptocurrency has seen a sharp decline. upward momentum At the end of September and extending to December.
As a result, the analyst remains optimistic about Bitcoin Outlookexpecting the cryptocurrency’s price to move based on historical bullish patterns in Q4. Based on his price chart, Kaleo expects Bitcoin to see a price rise to $112,000.
Featured image created using Dall.E, chart from Tradingview.com