The fourth quarter (Q4) of each four-year cycle has historically always been bullish for Bitcoin (BTC). With Uptober just a week away, a cryptocurrency analyst shared his predictions for how high can the price of bitcoin go in this typically bullish season.
Here’s How High Bitcoin Could Go Up
In the recent X (formerly Twitter) fastingCryptocurrency analyst Jelle shared his thoughts on how the coming weeks will impact bitcoin priceAccording to various analysts, the month of September is seen as a historically bearish period for BTC, characterized by volatility and earnest price dropsHowever, in the cryptocurrency market, a breakout is often preceded by an extended period of decline.
As September comes to an end, the long-awaited Uptober begins. The term “Up“” was coined by many in the cryptocurrency community to describe the typical pattern of prices rising in October. Jelle pointed out that in the previous two bull cycles, during the volatile “summer festival seasons,” Bitcoin price has broken out two to three weeks after the start of the fourth quarter, which begins in October.
Based on this recurring upward trend, the analyst suggested a similar price breakout could occur for Bitcoin within a few weeks of October. Jelle shared a detailed chart of BTC price movements from 2020 to date, indicating next cryptocurrency price target.
He predicted that Bitcoin could rise to $150,000 in October. For this significant price augment to occur, Bitcoin would need to augment by about 135% from its current price of $63,817 at the time of writing.
A similar view is shared by a cryptocurrency analyst known as “Altstein Trade”, revealed that October is a key month for BTC and given historical patterns, the market could see some stimulating opportunities. He added that if Bitcoin survives the chop fest season, expected breakout in Q4 could set the stage for novel records.
In a previous post, Jelle also revealed that BTC is currently on track to reach strongest result in September in history. He revealed that if cryptocurrency can close september greenThe fourth quarter of 2024 could be very promising, with a high probability that October, November and December will see significant growth.
BTC Fractal Patterns Suggest Repeat of Last Year’s Uptober
Bitcoin expert and analyst Kaleo has drawn Similarities Between Bitcoin’s Price Action and Performance Over the Past Year current trends observed in September 2024. Kaleo noted that September 2023 was the lowest day for Bitcoin, but the cryptocurrency experienced uphill rush at the end of September and lasts until December.
As a result, the analyst remains hopeful. Bitcoin’s Future Prospectsexpecting the cryptocurrency’s price action to play out based on historical bullish patterns in Q4. Based on its price chart, Kaleo predicts that BTC could potentially experience a price rally to $112,000.
Featured image created with Dall.E, chart from Tradingview.com
