Bitcoin (BTC) could be gearing up for a this year if it breaks through key resistance levels at $60,000. Despite experiencing substantial volatility and price instability over the past few months, analysts for the cryptocurrency in the coming months.
New Bitcoin All-Time High Incoming
The Bitcoin price chart is flashing bullish signals as the cryptocurrency is up above $60,000 once again. Earlier this month, but witnessed a minor correction that pushed its price back below $59,000.
With the cryptocurrency recovering its previous momentum, many analysts expect more gains in the future. In an X (formerly Twitter) on September 17, popular crypto analyst, Michael van de Poppe suggested that as long as Bitcoin can maintain a steady price above $58,500, the market will remain strong and positive, signaling the possible .
Based on his price chart of Bitcoin’s movements, the $58,500 price mark is seen as a critical support area to hold and Poppe has predicted that if Bitcoin continues to trade above this level, it could experience a massive . This significant price increase is anticipated to surpass , which jumped above $73,000 in March 2024.
At the time, the trigger to Bitcoin achieving its March ATH was the and the subsequent large-scale demand. This time, BTC is expected to reach a new ATH, catalyzed by a confluence of factors, including the fact that Q4 of all years is typically as a bullish period for the cryptocurrency.
Before this attack on the ATH in October, Poppe that Bitcoin may experience a “sweep of the liquidity” as well as a short period of consolidation. The analyst highlighted that for Bitcoin, characterized by and volatility.
However, he has forecasted that BTC could witness a clear breakout to the upside above $62,000 by the end of the month, or in early October. As of writing, Bitcoin is trading at $60,471, marking a 3.76% price increase in the last 24 hours, according to CoinMarketCap.
Next Three Months Seen As Bullish Period For BTC
Bitcoin has been in a long downtrend, with Q3 seen as one of its most bearish periods this year. Despite the cryptocurrency’s price crash and previously persistent declines, analysts that the coming months will be significantly bullish for the cryptocurrency.
Crypto analyst, Crypto Rover on X that September has historically been the worst month for Bitcoin, however, he believes .
Other analysts like ‘Stockmoney Lizards’ Bitcoin hitting a whopping $100,000 price target by year’s end, with expectations that Q4 (between October to December) would significantly push the cryptocurrency to the upside.