Anticipation for Bitcoin’s next big rally has been growing in the cryptocurrency community following the start of the current bull run. However, the wait may be over as one cryptocurrency expert predicts that Bitcoin will see a rally in the final quarter of the year.
Bitcoin expected to hit a new all-time high by the end of this year
Author and online economist Timothy Peterson is optimistic about Bitcoin’s prospects in the fourth quarter of 2024, predicting that the crypto asset could be preparing for a short-term price surge and could hit a new all-time high by the end of the year.
The analyst made the bold prediction after studying the past few BTC price trends in the fourth quarter, which sparked optimism about the crypto asset’s potential in the coming months. Several factors that are currently improving, such as rising demand, increased whale accumulation, and strong market sentiment, could also lead to this upcoming surge.
Analysts say Bitcoin’s performance typically improves significantly in the fourth quarter. Meanwhile, bear years like 2022 and 2018 are usually exceptions, but 2024 is not one of them.
Therefore, Peterson is confident about BTC’s potential in the final quarter, and he expects the digital asset to rise in value by 30% to 60%. He further stated that the probability of BTC reaching a staggering price of $100,000 before the end of 2024 is more than 40%, indicating that he is very optimistic about the coin’s short-term capabilities.
Despite the waning price action, Peterson is optimistic that Bitcoin will hit new all-time highs before the end of the year as the asset continues to struggle to reclaim its current peak of around $73,000 set in March of this year.
Since then, the coin has been in a consolidation mode, fluctuating between $55,000 and $67,000. However, cryptocurrency analyst Negentropic believes that the pullback is over and predicts that BTC’s next leg up has just begun.
Negentropic attributes his prediction to Bitcoin’s resilience amid the geopolitical risks it experienced last week, demonstrating strong fundamentals amid the turmoil that caused BTC to fall. In particular, BTC’s resilience was mainly triggered by network growth and increased liquidity, suggesting that the upward trend “has only just begun.”
Is the recent rally over?
So far, as the overall market recovered on Monday, BTC has suffered another setback after retesting $63,000. Such movements have been happening recently, but the community remains firmly optimistic about a short-term rebound.
Although the asset’s value has dropped by nearly 2% to $62,290 over the past day, its trading volume shows a positive outlook, growing by more than 64% over the past 24 hours. An increase in trading volume indicates the presence of market participants, which could lead to a price rebound.
