Bitcoin’s journey—the world’s first and most popular cryptocurrency—has been nothing short of extraordinary. From being worth less than a cent in 2009, it has grown exponentially, reaching a huge ATH of $73,798 on March 14, 2024. This high was partly a result of the recently approved Bitcoin ETF on January 10th. Will BTC retest this ‘hot’ above $70k mark anytime soon, maybe even land on $74k by the end of quarter 3 in September? Let’s find out.
BTC price prediction. Source: Coinfomania
As of writing, per Coinfomania price data analytics, Bitcoin (BTC) is currently trading at $66,603, with a forecasted 4.28% appreciation to $68,093.51 by August 20, 2024. Notwithstanding the bearish technical indicators suggesting a ‘Sell’ market sentiment, with the Fear & Greed Index displaying a 40 (Fear) score, BTC has exhibited a 47% positive trading trend over the last 30 days, with 14 green days. The moderate price volatility of -1.77% indicates a relatively stable market. In the past 24 hours, BTC has experienced a 4.17% uptick. The live market capitalization stands at $1,313,399,826,766.
Source: Coinfomania
August BTC Price Prediction
Following a positive weekly close, Bitcoin’s price underwent a significant bearish reversal during Monday’s early Asian trading session. This resulted in a 4% depreciation, prompting a retest of the critical support level at $58,000. If bullish momentum is sustained above $60,000, Bitcoin’s price is expected to consolidate around $66,726.25 by the end of the month. Conversely, a failure to hold this level may cause the price to fall to the next key support at $53,446.50.
BTC/USDT price. Source: TradingView
Our technical analysis projects that Bitcoin’s 200-day SMA will tank to $68,093.51 by August 20, 2024, while the 50-day SMA is expected to eye $61,825.22 by the same date. The RSI currently stands at 43.41, indicating a neutral market sentiment, and with the volatility, Bitcoin remains the world’s largest cryptocurrency, used by millions of people globally to make payments or as an investment vehicle.
Bitcoin (BTC) Price in Q3 2024
If the bulls can keep the Bitcoin price above $60,000, it will be ready to challenge its resistance level of $66,000. A successful breakout from its triangle pattern could catalyze Bitcoin towards its all-time high (ATH) of $73,750.07 by the end of Q3. However, if the bearish trend persists, Bitcoin may bottom to its lower support level of $46,146.75. This prediction is based on factors like institutional adoption, the most recent halving event, regulatory changes, and macroeconomic trends.
Albeit, Bitcoin experienced a pronounced bull run in Q1 and Q2 2024, with buyers actively taking long positions. The uptrend, having peaked at $72,000, is expected to sustain its momentum above $58,000, potentially fueling further gains. The prospect of interest rate cuts in the US market will likely arm BTC’s price uptrend, making 2024 a highly anticipated bullish year. Price projections indicate a potential high of $120,000 and a potential low of $35,000 by year-end.
The post Bitcoin Price Prediction, Q3 2024: BTC Might Exceed Its March 14 All-time High (ATH) of $73,750.07 by the End of Q3 Teasing $74k appeared first on Coinfomania.
