Bitcoin Analyst Expects Bulls To Break $74,000 Within Two Months, History Favors BTC In Q4 2024

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,255,961,387,036	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,255,961,387,036

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-77.07	-0.12%	64,029.17	64,029.17	64,029.18

Price Change

Price Change %

Current Price

Bid Price

Offer

-77.07

-0.12%

64,029.17

64,029.18

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,244.70	63,672.15	64,095.64	64,106.24	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,244.70

63,672.15

64,095.64

64,106.24

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	03:17:30	0.000044	64,029.17	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

03:17:30

0.000044

64,029.17

USD

Price x Volume	Volume	Base Symbol	Related Pairs
77,023,270.27	1,204.75	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

77,023,270.27

1,204.75

Bitcoin Analyst Expects Bulls To Break $74,000 Within Two Months, History Favors BTC In Q4 2024

23/08/2024 8:30pm

NEWSBTC

The rejection of lower prices after the climactic drop in early August assuaged trades. Despite the welcomed recovery, Bitcoin bulls are yet to build on the momentum and break above the local resistance levels. Even so, traders are optimistic, expecting buyers to take charge and resume the uptrend set in motion in Q1 2024. In their forecasts, more analysts think any breakout above $72,000 and July highs could spark a wave of demand that may see Bitcoin record fresh all-time highs above $73,800. Bitcoin Breaking To All-Time Highs Will Take Time Taking to X, one trader, pointing to Bitcoin’s historical price cycles, is convinced that there are two more phases to go before the coin breaks an all-time high and registers fresh all-time highs. In the past, all cycles tops–from the RSI Bollinger Band % Phases indicator, the analyst continued, tend to print out on the fifth move. So far, only three of these five cycles have been completed. Related Reading: Algorand Achieves New Record With 2 Billion Transactions, ALGO Price Jumps 14% Judging from the current state of price action, another analyst, commenting on this preview believes Bitcoin bulls may not have the momentum to break above $73,800 and sustain this level on the first attempt. Instead, in the next two months or so, between September and October, the all-time high will be conquered. However, these gains will be extended with the coin printing new all-time highs in early January 2025. This forecast will align with the Bitcoin historical 4-year cycle. Will Bitcoin Find Favor In Q4 2024? As traders chip in, making predictions, another analyst, pointing to price data, notes that it has been 162 days since Bitcoin broke November 2021 highs and printed fresh all-time highs. The previous cycle only required 209 and 188 days to print fresh all-time highs. Now that history favors Bitcoin in every last cycle of the year, the analyst expects prices to expand rapidly in the last three months. Related Reading: Cardano Price Poised To Hit $2.88, Following Solana’s Fractal: Crypto Analyst As of August 23, bulls are back in the equation, according to the Bitcoin bull-bear market cycle indicator. After fluctuating since early August, the signal is back to blue, pointing to interest, a net positive. Overall, Bitcoin remains within a narrow range. Bulls must decisively push prices higher, reversing all losses of early August. However, any drop below $50,000 would trigger a sell-off to new H2 2024 lows. Feature image from DALLE, chart from TradingView

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