Bitcoin (BTC) Price Could Reach ATH by October 2024

10 months ago 1

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Sentiments May Go Bearish with a Fresh Descending Curve

The post Bitcoin (BTC) Price Could Reach ATH by October 2024 appeared first on Coinpedia Fintech News

Bitcoin (BTC) price opened the last week of January on a better note than the past few weeks after the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. With Bitcoin price closing last week on a hammer candlestick pattern, the recent bearish sentiment emanating from frequent large BTC deposits to crypto exchanges by Grayscale Investments has significantly reduced.

As a result, the possibility of a double-top reversal pattern that was gradually forming has similarly decreased. If the Bitcoin price stays above $41k in the coming weeks, another bullish trend could happen anytime.

Bitcoin Price Rally

According to a popular digital asset analyst, MikyBull Crypto, on the X platform, Bitcoin price is well positioned to reach a new all-time high (ATH) based on technical and fundamental aspects by October this year.

Notably, the crypto analyst based the bullish approach on the established four-year cycle marked by the halving events. With about 12,075 Bitcoin blocks left until the next halving event, MikyBull Crypto is confident the short-term resistance level around $44k will soon be cleared. Moreover, global liquidity has already bottomed out, and a fresh cycle has begun.

BTC Price Analysis

Addresses with less than 1 #Bitcoin were all in a downward trend since the 49k top.

Now, all seem to have bottomed out, with more signs of consolidation around 40k.

I also think some of this is due to UTXO consolidation. pic.twitter.com/z3FCSOR0US

— James Van Straten (@jvs_btc) January 28, 2024

After several weeks of accelerated profit-taking by short-term holders and miners, on-chain data shows Bitcoin holders have dramatically reduced their profit-taking. Moreover, the Bitcoin demand from institutional investors is expected to rise exponentially in the coming months as the supply rate gets chopped. Meanwhile, Bitcoin bulls could suffer short-term weaknesses if the crypto cash rotation continues to favor altcoins led by Ethereum.

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