The post Bitcoin Price Prediction 2024: BTC Price Has a 60% Chance to Reach New High by October appeared first on Coinpedia Fintech News
After a major crypto capitulation last week, Bitcoin’s (BTC) price has been attempting to regain the support level of around $56k. However, increased fear of further crypto capitulation ahead has seen the total digital assets valuation drop around 3.3 percent in the past 24 hours to hover about $2.14 trillion on Monday during the early.
In the near term, the lack of major crypto events has increased the overall pessimism.
As a result, most analysts believe that the crypto industry will follow the major stock indexes in the ongoing bull run during the tail end of this year. Furthermore, more miners will return to operations after capitulating recently to update mining rigs. Additionally, the impact of the fourth halving event will largely be felt as more institutional investors adopt Bitcoin and digital assets.
What To Expect From Bitcoin Price Action in Three Months
According to technical research conducted by Timothy Peterson, a veteran Bitcoin analyst, and economist, the crypto-bullish sentiment will most likely return in the fourth quarter of 2024. Peterson noted that if Bitcoin price closes July above $50k, there is a high chance that it will be trading above this level in October.
After a -25% drawdown from ATH, there is a 60% chance #Bitcoin will be higher in 3 months. There's a 25% chance of a new ATH.There's even a +10% chance it could reach $100K in that time. pic.twitter.com/ZiB37uK0Xe
— Timothy Peterson (@nsquaredvalue) July 8, 2024
Statistically, Peterson indicated that there is a 60 percent chance that Bitcoin price will be trading higher from its current level in three months following a 25 percent drawdown from its all-time high. Otherwise, Peterson highlighted that there is a 25 percent chance that Bitcoin price against the dollar will reach a new all-time high in three months.
Bigger Picture
Bitcoin price has been trapped in its largest correction phase after registering notable gains since the beginning of last year. The mainstream adoption of web3 protocols and digital assets led by institutional investors has significantly increased the overall crypto liquidity and bullish sentiments.
As a result, the likelihood of crypto bullish continuation later this year, amid the U.S. general election and the anticipated interest rate cut, remains relatively high.
