Bitcoin (BTC) could be on the verge of a new all-time high (ATH) this year if it successfully breaks through key resistance levels at $60,000. Despite experiencing substantial volatility and price instability over the past few months, analysts express optimistic outlooks for the cryptocurrency in the coming months.
The Bitcoin price chart is flashing bullish signals, with the cryptocurrency surpassing $60,000 once again. Earlier this month, Bitcoin breached the $60,000 mark but underwent a minor correction that pushed its price back below $59,000. With Bitcoin regaining its previous momentum, many analysts predict further gains in the future.
In a social media 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 robust and positive, signaling the possible start of a bull market. According to van de Poppe’s price chart of Bitcoin’s movements, the $58,500 price mark is viewed as a critical support area to maintain. He has forecasted that if Bitcoin continues to trade above this level, it could experience a significant surge to new all-time highs in October 2024, surpassing its current ATH of over $73,000 achieved in March 2024.
At that time, Bitcoin’s surge to its March ATH was driven by the launch of Spot Bitcoin ETFs and the resulting large-scale demand. Currently, BTC is expected to reach a new ATH, fueled by a combination of factors, including the fact that the fourth quarter of all Bitcoin halving years is typically seen as a bullish period for the cryptocurrency.
Before this potential rise to a new ATH in October, van de Poppe disclosed that Bitcoin might experience a “sweep of the liquidity” and a short period of consolidation. He highlighted that September remains a notably weak month for Bitcoin, marked by price declines and volatility. However, he predicted that BTC could witness a clear breakout above $62,000 by the end of the month or early October. As of this writing, Bitcoin is trading at $60,471, marking a 3.76% price increase in the last 24 hours, according to CoinMarketCap.
The next three months are anticipated to be a bullish period for BTC. Bitcoin has been in a prolonged downtrend, with the third quarter seen as one of its most bearish periods this year. Despite the cryptocurrency’s price crash and previous persistent declines, analysts underscore that the upcoming months will be significantly bullish for Bitcoin.
Crypto analyst Crypto Rover revealed on social media that September has historically been the worst month for Bitcoin. However, he believes that the fourth quarter is poised to be the best. Other analysts, such as ‘Stockmoney Lizards,’ foresee Bitcoin hitting a remarkable $100,000 price target by the year’s end, with expectations that the fourth quarter, between October and December, would significantly drive the cryptocurrency upward.
