Waiting for the next crucial rally Bitcoin continues to grow in the cryptocurrency community after this bull cycle began. However, the wait may be over as a cryptocurrency expert has predicted a potential escalate in the value of BTC in the last quarter of this year.
Bitcoin will likely hit a fresh all-time high by the end of the year
Timothy Peterson, author and network economist quoted positive outlook for Bitcoin in the fourth quarter of 2024, predicting that the cryptocurrency may be setting itself up for a near-term price rally, perhaps to a fresh all-time high before the end of the year.
The analyst made the bold prediction after examining several previous BTC price trends in the fourth quarter, fueling optimism about the cryptocurrency’s potential in the coming months. Several factors that are currently showing improvement such as growing demandincreasing whale accumulation and good market sentiment may also contribute to this upcoming escalate.
According to the analyst, Bitcoin’s performance usually improves significantly in the fourth quarter. Meanwhile, bear market years like 2022 and 2018 are usually exceptions, but 2024 is not one of those years.
As a result, Peterson is confident in BTC’s potential in the last quarter, predicting a 30% to 60% escalate in the value of the digital asset. He then pointed to a more than 40% probability that BTC could reach a whopping price of $100,000 before the end of 2024, demonstrating his enormous optimism about the coin’s near-term possibilities.
Peterson is sanguine about a fresh high for BTC before the end of the year, despite waning price movement as the asset continues to struggle to recover to its current peak of around $73,000, which was reached in March this year.
The coin has been in circulation since then consolidation modeand ranges from $55,000 to $67,000. However, cryptocurrency analyst Negentropic believes that the correction is over, anticipation that the next BTC growth is just beginning.
Negentropic attributes its forecast to Bitcoin’s resilience during the geopolitical threats we witnessed last week, showing forceful fundamentals in delicate of the turmoil that sent BTC tumbling. In particular, this BTC resilience was mainly due to network expansion and increasing liquidity, suggesting that the move to the upside is “just beginning.”
Is the last bounce over?
So far, BTC experienced a setback once again after retesting the $63,000 level amid a general market recovery on Monday. Such movements have occurred recently, but there is still forceful optimism in society about a rally in the compact term.
Even though the asset’s value has fallen by almost 2% over the past day to $62,290, its trading volume is bullish and has increased by over 64% in the last 24 hours. An escalate in trading volume indicates the presence of market players, which may lead to a price rebound.
Featured image from Unsplash, chart from Tradingview.com
