According to some analysts, Bitcoin is about to enter "batshit season," which could see the price of the cryptocurrency rise to $150,000 by the end of 2024. However, other analysts believe the rally might be hampered by a short-term selling overhang.
Real Vision analyst Jamie Coutts stated in an X post on August 26 that, "unless something has fundamentally changed," Bitcoin price action is still expected to enter "batshit season," or the Banana Zone, as Real Vision founder Raoul Pal put it.
Coutts provided an accompanying chart showing that, in the preceding two bull cycles, Bitcoin had reached new all-time highs 365 days after local peaks of the US Dollar Index.
By the end of 2024, he predicted, Bitcoin may have increased in value by over 100% from its current estimated price of $64,000 to as much as $150,000 if past bull market trends hold true.
Some experts, meanwhile, are less bullish about the near future. A researcher for CryptoQuant going under the pseudonym "XBTManager" indicated significant levels of possible selling pressure for Bitcoin.
Short-term Bitcoin vendors are now operational.
XBTManager said in a research note dated August 27 that significant short-term Bitcoin sellers had "become active." He clarified that although Bitcoin had pulled off a strong surge last week, several inactive metrics have started to move again.
The 1w-1m spent output age ranges indicate that 33,155 Bitcoin were transferred by short-term holders. This can put immediate impact on sales. According to XBTManager, "The price slowdown suggests that Bitcoin might initiate a free pullback."
If these numbers were to rise in the upcoming days, he suggested exercising "extra caution" and warned that a possible sell-off would get more intense.
The price of Bitcoin increased 6.2% on August 23 and has remained stable above the $63,000 support level ever since.
Many traders of Bitcoin futures are skeptical of the recent upswing and have not yet become optimistic despite the price movement.
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