With the onset of the highly anticipated Uptober, market experts are exhibiting strong bullish sentiment regarding Bitcoin’s future. A prominent crypto analyst has identified a significant catalyst that could propel Bitcoin to unprecedented all-time highs in the Fourth Quarter (Q4) of 2024.
Bitcoin has recently experienced a remarkable resurgence, with its price surging towards the end of September after an earlier decline. These movements align with analysts’ forecasts of a bullish Q4.
According to data from CoinMarketCap, Bitcoin saw an approximate 1.03% increase in the past seven days, concluding September on a positive note. Crypto analyst Eric Crown, sharing his perspectives on X (formerly known as Twitter), has predicted that Bitcoin could achieve new all-time highs in Q4.
Crown’s forecast is rooted in Bitcoin’s historical performance, especially following the month of September. He pointed out that whenever Bitcoin closed September positively, it consistently followed with a bull trend in Q4. Based on this historical pattern, Crown believes that September’s green close serves as a major catalyst for a bullish uptrend. Consequently, he predicts an average return for Bitcoin in the current Q4 could reach close to 170.42%.
For a more conservative estimate, removing several major “outliers” suggests a potential gain closer to 50%. Translating these percentage returns into projected prices, Bitcoin could rise to $173,344 with a 170.42% return, or $96,153 with a 50% return.
Despite his generally bullish outlook, Crown has acknowledged that October has historically shown low momentum for Bitcoin in its first 10 days. This observation is reflected in Bitcoin’s current price, which has declined by 0.69% today, trading at $63,976 at the time of this writing.
Considering this pattern, Crown anticipates that Bitcoin may hit a price low at the beginning of the month, before embarking on its anticipated bullish rally towards new highs.
Crypto analyst Kaizen supports this optimistic view. He noted that Bitcoin’s price performance in October from 2013 to 2023 has been positive 80% of the time. Furthermore, during every United States election year, Q4 months have shown a 100% positive trend. Additionally, every time Bitcoin closed September on a positive note, it has always seen a green October.
Given these recurring historical trends, Kaizen believes that Q4 could be exceptionally bullish for Bitcoin. He emphasized that 2024 is an election year and, with Bitcoin closing September positively, the cryptocurrency appears to be preparing for a significant rally.
