đ Will Bitcoin SKYROCKET in Q4?
Historically, Q4 has been a blockbuster period for Bitcoin, and the stars might be aligning for another epic rally.
Bitcoin has had a strong start to 2024, rising over 40% year-to-date. With the successful launch of spot Bitcoin ETFs in the U.S. and the much-anticipated halving event, where mining rewards were slashed by 50%, many believe weâre on the brink of something big. Although Bitcoin hasnât hit a new all-time high post-halving, past trends suggest Q4 could be the catalyst for explosive growth.
Veteran trader Peter Brandt notes that while Bitcoinâs current market cycle is dragging out longer than previous ones, this could either delay the next all-time high or indicate that it might not be in the cards this cycle. Yet, data from CoinGlass paints a more optimistic picture: Bitcoin has posted gains in eight out of the last 11 years during Q4, with average returns of 88%.
CryptoQuant CEO Ki Young Ju sees Bitcoin in an accumulation phase, setting the stage for a potential parabolic uptrend in Q4. Historically, Bitcoin's bull runs often start in the last quarter, and with whales in the mix, Q4 2024 might be far from boring.
However, Bitcoin faces significant resistance at the 200-day EMA, hovering around $59,423. For Bitcoin to break free from its current consolidation, it needs to push past this barrier, requiring substantial demand-side liquidity.
đĄ Whatâs Next?
If Bitcoin can overcome these hurdles, a breakout could be imminent, with analysts eyeing levels above $62,000. But if the bulls falter, we might see a retrace to $57,500 or even as low as $54,500.
Are you bullish or bearish about Q4? Let me know below!
