Bitcoin’s price has experienced a strong rebound this week, climbing to $66,000, its highest point since July 31, signaling a potential bull market. The rally coincides with gains in riskier assets such as altcoins and equities, as the Dow Jones and S&P 500 indices reach record highs, while the Nasdaq 100 hovers near its all-time peak.
Bitcoin Moves Into a Bull Market
Crypto analyst Miles Deutscher, in a post on X.com, predicted that Bitcoin could continue its upward trajectory in the near term, potentially reaching $81,000. He noted that the S&P 500, which tracks the largest U.S. companies, has risen 9% above its previous high this year. Based on Bitcoin’s historical correlation with equities, Deutscher suggested that the leading cryptocurrency could follow suit and reach new heights.
Other experts are also optimistic. Analysts from BlackRock, the world’s largest asset manager, described Bitcoin as a “unique diversifier” in a September 17 report, highlighting its potential as an asset uncorrelated with equities during periods of heightened risk. BlackRock’s continued allocation of Bitcoin on its balance sheet could set an example for other institutions to begin purchasing the cryptocurrency.
MicroStrategy and Major Predictions
MicroStrategy, led by Bitcoin advocate Michael Saylor, has consistently accumulated Bitcoin, now holding over 252,000 coins. Saylor has made a bold long-term prediction, forecasting that Bitcoin’s price will exceed $13 million by 2045.
Michael van de Poppe, founder of MC Consultunacy and a noted Bitcoin enthusiast, anticipates that Bitcoin could soar to between $90,000 and $100,000 by year’s end. He cites increasing global liquidity, which he expects to grow further as central banks reduce interest rates.
Seasonality Favors Bitcoin
Historical data also supports a bullish outlook. According to CoinGlass, Bitcoin’s average return in the fourth quarter is 88%, significantly higher than the third quarter’s 6.3% and the second quarter’s 27%. October and November have historically been the best-performing months for Bitcoin, reinforcing expectations of further gains in the coming weeks.
On Polymarket, traders are betting on a 63% chance that Bitcoin will hit a new all-time high in 2024.
Bitcoin’s Strong Technicals
From a technical standpoint, Bitcoin’s chart presents solid bullish signals. It has formed an inverse head-and-shoulders pattern, a classic bullish indicator, alongside a falling broadening wedge. Additionally, Bitcoin has avoided forming a death cross, instead rising above both the 50-day and 200-day moving averages. For Bitcoin’s rally to continue, the coin must break through the upper boundary of the wedge and surpass the year-to-date high of $73,777, potentially accelerating its recovery.
With strong technical patterns, growing institutional interest, and favorable market conditions, Bitcoin appears poised for a significant surge, possibly reaching new all-time highs in the near future.
