Bitcoin has recently dropped from a sideways level around $73,000 to a lower level of $69,000 as it makes another attempt to reach its previous ATH of $73,700. While some traders express disappointment at the drop, seasoned traders view Bitcoin's pattern of lower lows and higher highs as a sign of strength, suggesting it is moving closer to past records.
Despite this pullback, analysts widely predict a significant breakthrough for Bitcoin in the coming months, with many expecting BTC to reach new highs in Q4. Forecasts place Bitcoin's potential high for this quarter in the range of $100,000 to $150,000. The optimistic outlook also extends to altcoins, with some analysts predicting BTC's bullish cycle peak to be between $220,000 and $550,000.
Is Altcoin Season Approaching?
While expectations for a new ATH of BTC continue to rise, expectations for a new ATH for altcoins do as well. As we can see from the post above, altseason is expected to begin in November and continue to rise until March 2025. Specifically, BTC is expected to set a new ATH in Q4 of 2024, which will lead to a bullish altseason in 2025.
WIF is preparing for a major bullish breakout
Supporting this bullish altseason expectation is the price chart of many popular altcoins like SHIB, ADA, DOGE, and XRP. These assets, in particular, are printing many bullish signals on this chart while other altcoins have begun to rise such as FET, JUP, and SUI. Another altcoin showing bullish indicators is dogwifhat (WIF).
As described in the chart above, this analyst believes that the price of WIF will soon rise. Specifically, the price of WIF is facing a bullish breakout pattern that will lead to a price high of $3. Once this price level is reclaimed, WIF could continue to set greater ATHs if it continues to hold support.
