Bitcoin Analyst Expects Bulls To Break $74,000 Within Two Months, History Favors BTC In Q4 2024
23 August 2024 - 9:30PM
NEWSBTC
The rejection of lower prices after the climactic drop in early
August assuaged trades. Despite the welcomed recovery, Bitcoin
bulls are yet to build on the momentum and break above the local
resistance levels. Even so, traders are optimistic, expecting
buyers to take charge and resume the uptrend set in motion in Q1
2024. In their forecasts, more analysts think any breakout above
$72,000 and July highs could spark a wave of demand that may see
Bitcoin record fresh all-time highs above $73,800. Bitcoin Breaking
To All-Time Highs Will Take Time Taking to X, one trader, pointing
to Bitcoin’s historical price cycles, is convinced that there are
two more phases to go before the coin breaks an all-time high and
registers fresh all-time highs. In the past, all cycles tops–from
the RSI Bollinger Band % Phases indicator, the analyst continued,
tend to print out on the fifth move. So far, only three of these
five cycles have been completed. Related Reading: Algorand Achieves
New Record With 2 Billion Transactions, ALGO Price Jumps 14%
Judging from the current state of price action, another analyst,
commenting on this preview believes Bitcoin bulls may not have the
momentum to break above $73,800 and sustain this level on the first
attempt. Instead, in the next two months or so, between September
and October, the all-time high will be conquered. However, these
gains will be extended with the coin printing new all-time highs in
early January 2025. This forecast will align with the Bitcoin
historical 4-year cycle. Will Bitcoin Find Favor In Q4 2024? As
traders chip in, making predictions, another analyst, pointing to
price data, notes that it has been 162 days since Bitcoin broke
November 2021 highs and printed fresh all-time highs. The previous
cycle only required 209 and 188 days to print fresh all-time highs.
Now that history favors Bitcoin in every last cycle of the year,
the analyst expects prices to expand rapidly in the last three
months. Related Reading: Cardano Price Poised To Hit $2.88,
Following Solana’s Fractal: Crypto Analyst As of August 23, bulls
are back in the equation, according to the Bitcoin bull-bear market
cycle indicator. After fluctuating since early August, the signal
is back to blue, pointing to interest, a net positive. Overall,
Bitcoin remains within a narrow range. Bulls must decisively push
prices higher, reversing all losses of early August. However, any
drop below $50,000 would trigger a sell-off to new H2 2024 lows.
Feature image from DALLE, chart from TradingView
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