CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
NewsBTC 2024-09-26 21:00:00

Bitcoin Price Forecast: Q4 Outlook Indicates Parabolic Move Toward $120,000

For the past five days, the Bitcoin price has remained locked in a narrow range between $62,000 and $64,000, following a surge of bullish sentiment triggered by the US Federal Reserve’s (Fed) decision to cut interest rates on September 18. This pivotal move by the Fed has sparked optimism among investors. Yet, Bitcoin has struggled to consolidate above the critical $64,000 level, which, if surpassed, could pave the way for a retest of previously lost resistance levels, potentially targeting $70,000 in the near term. Bitcoin Price Set To Reach New All-Time Highs? Despite this short-term stagnation, several analysts maintain an optimistic outlook for the Bitcoin price as the market approaches the fourth quarter (Q4) of the year. Market expert Lark Davis, for example, recently highlighted the historical trends that suggest the average return for Bitcoin during Q4 is a notable 88%. Davis suggested that if the Bitcoin price were to replicate this performance, it could soar to nearly $120,000. Even a more conservative estimate of a 55% gain – similar to last year’s performance – would take the price to $100,000. Related Reading: Dogecoin Parabolic Rally To Trigger 5,500% Surge To $6, Here’s When In addition, the expert points out that this year offers unique catalysts that could drive significant price movements, including the launch of the Bitcoin exchange-traded fund (ETF) market, the upcoming US elections, and the expected $16 billion in cash repayments from the collapsed FTX exchange. However, when analyzing the current state of the Bitcoin market, there are signs that current price movements are being “artificially constrained.” Analysts Warns Of Final Dip Before Further Price Gains Analyst InspoCrypto has noted that the price action has been persistently hovering around $63,000, with breakout attempts being blocked. A significant institutional options trader has reportedly executed a block trade that appears designed to keep Bitcoin’s price stable until October 4. InspoCrypto further explains that the Spot Cumulative Volume Delta (CVD) indicates a pattern of distribution even as prices rise, while the Futures CVD shows a divergence, suggesting that recent price increases have been primarily driven by futures trading. The Whales vs. Retail Ratio analysis from Hyblock supports this view, revealing that while whales are accumulating short positions, retail investors are predominantly betting on long positions—creating a potentially unfavorable scenario for the latter group. Yet, InspoCrypto believes that the market will see one final dip before reaching new all-time highs (ATHs) of $80,000 or even $85,000 for the largest cryptocurrency on the market. Related Reading: XRP Remains Bullish: Crypto Experts Unveil Predictions For The Price Adding to the technical analysis, analyst Ali Martinez points out that Bitcoin is currently testing its 200-day Simple Moving Average (SMA) at the $64,000 mark, which is acting as a short-term resistance level. A breakout above this key level could signal a significant bullish trend, according to Martinez. Looking further ahead, if the Bitcoin Long-Term Power Law holds true, Martinez believes the next market top could reach around $400,000, with predictions for this peak to occur by October of next year. Overall, while Bitcoin faces short-term challenges, the consensus among analysts is that the cryptocurrency is poised for new all-time highs in Q4 and into 2025, despite the current state of the market and BTC’s inability to overcome short-term hurdles. At the time of writing, BTC is trading at $63,160, little changed from Monday’s price, and up 0.7% over the past 24 hours. Featured image from DALL-E, chart from TradingView.com

면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.