2024 is coming to an end. The fourth quarter of the year is already among us. And investors in Bitcoin (BTC) and cryptocurrencies are waiting to see what will happen. Many have good feelings.
Reasons are not lacking. October has historically been, along with February, one of the most bullish months for bitcoin throughout its history. For this reason it is that many refer to October as ‘uptober’ (play on words, in English, which can be translated as ‘bullish October’).
As can be seen in the following portal graphic CoinGlass, bitcoin had 9 Octobers with positive monthly returns and only 2 Octobers with slightly negative returns:
Monthly returns for the price of bitcoin since 2013. Source: CoinGlass.
CriptoNoticias reported yesterday in its usual column “Señales” that there are at least 5 reasons why bitcoin could be setting new all-time high pricesif not in October, at least in the fourth quarter of the year.
First of all there is the very expectation of a bullish period. If investors act accordingly, they will accumulate bitcoin so as not to miss the rise and this, by simple law of supply and demand, will be bullish for the price.
Secondly, there is the fact that The “halving effect” could begin to take effect and take bitcoin to new heights.
Thirdly, they mentioned the interest rate drops in financial and economic powers such as the United States, the European Union and China. This, added to a liquidity injectionis positive for all volatile assets including bitcoin, cryptocurrencies, gold and stocks.
Fourth, analysts debate whether a great financial crisis is taking shape or yes years of prosperity are approaching for the world economy. Be that as it may, bitcoin has properties that would allow it to stand out in both scenarios.
Lastly, it was mentioned proximity of the presidential elections in the United States and the favorable promises to the Cryptocurrency industry that the two main candidates have made: Donald Trump and Kamala Harris.
What price could bitcoin reach in this bullish cycle?
Trying to answer this question enters speculative territory and no prediction should be taken as infallible. They are simply assumptions.
CriptoNoticias has reported that, according to the “cup with handle” pattern detector of TradingView, bitcoin could reach $125,000.
The trader and communicator, David Battaglia, is also optimistic. He sets its goal at $180,000 and says that it is “inevitable” that bitcoin reaches that price in this bullish cycle. That would mean the digital currency will triple in price.
Battaglia adds:
«Bitcoin is definitely giving a lesson in patience to people who are only looking for quick profits. This market has evolved a lot since I started in it 8 years ago. It is safer to invest now than in those years.
David Battaglia, trader and communicator.
Investor Scott Melker has also expressed his positive expectations. He assures: “Anyone who thinks that $100,000 will be the peak of the cycle needs to think bigger.”
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