Analysts Predict a Bullish Breakout for Bitcoin by Q4 2024
Bitcoin could reach a new all-time high of $110,000 by the end of 2024, according to a growing number of crypto analysts who point to historical trends and technical patterns as indicators of a major price surge. However, some experts caution that a sharp correction to $40,000 may occur before Bitcoin embarks on its anticipated upward trajectory.
Bullish Momentum Driven by Technical Patterns
On September 1st, the well-known crypto analyst Titan of Crypto shared an optimistic projection on social media platform X (formerly Twitter), highlighting the formation of a Cup and Handle pattern on the Bitcoin chart. This pattern, often associated with bullish continuation, suggests that Bitcoin’s current consolidation could lead to a significant breakout, pushing the price to $110,000. This target would exceed Bitcoin’s previous all-time high of $73,750.
Titan of Crypto isn’t alone in this bullish sentiment. Another analyst, Elija Boom, echoed this outlook in an August 31st post, pointing to the development of a giant inverse head and shoulders pattern. Elija believes that once this pattern fully forms, it could propel Bitcoin’s price above $100,000.
Q4 2024 Seen as a Potential Turning Point
Historical data also supports the possibility of a Q4 breakout. According to CryptoQuant CEO Ki Young Ju, past Bitcoin rallies following the halving event have often begun in the fourth quarter of the halving year. In an August 21st post, Young Ju suggested that the upcoming Q4 could be pivotal, with market dynamics favoring a significant price increase.
He added that large investors, or “whales,” are unlikely to allow a flat year-over-year performance, implying that market forces may drive Bitcoin’s price upward as the year draws to a close.
Potential for Short-Term Correction Before Rally
Despite these optimistic projections, some analysts are warning of potential short-term downside risk. On September 1st, Bitcoin analyst Magoo PhD suggested that Bitcoin might experience a sharp correction, potentially dropping below $40,000 before resuming its climb to new highs. This view aligns with earlier analyses from 10x Research, which identified the $40,000 range as a key buying opportunity ahead of the next bull market.
However, not all experts agree on the extent of this possible correction. Popular crypto analyst Moustache believes that the market bottom might be around $57,000, based on historical fractal patterns that have previously marked key support levels and trend reversals. Moustache notes that Bitcoin currently enjoys strong support at this level, but a dip below could lead to significant liquidation of leveraged short positions, further complicating the market outlook.
Conclusion: A Pivotal Period Ahead for Bitcoin
As Q4 2024 approaches, the debate among analysts highlights the uncertainty and potential volatility in Bitcoin’s market. While the long-term outlook remains bullish with a possible surge to $110,000, investors should be prepared for potential short-term setbacks that could test their resolve before Bitcoin reaches new heights.
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