The fourth quarter (Q4) of every four-year cycle has been historic bullish of Bitcoin (BTC). With Uptober just a week away, a crypto analyst has shared predictions How can the price of Bitcoin rise at this normal time of year.
Here’s How High Bitcoin Could Go Uptober
On the latest X (formerly Twitter) postedcrypto analyst, Jelle shared details on how the next few weeks could impact the Bitcoin price. According to various analysts, the month of September is seen as a historically bearish period for BTC, characterized by volatility and volatility. big price drop. However, in the crypto market, a long bearish period usually precedes an explosion.
As September ends, the much-awaited Uptober will begin. Name “October” was coined by many within the crypto community to explain the bullish pattern of prices seen in October. Jelle pointed out that in the past two cycles, during the volatile “summer chop festival seasons,” The price of Bitcoin was out two to three weeks after the start of Q4, which starts in October.
Based on this ongoing bullish trend, the analyst suggested that the same exit price it could happen with Bitcoin within a few weeks of October. Jelle shared a chart detailing BTC’S price movements from 2020 to date, pointing out the next target price of the cryptocurrency.
He predicted that the price of Bitcoin could rise to $150,000 in October. For this significant price increase to happen, Bitcoin would need to rise by about 135% from its current price of $63,817 as of writing.
Sharing the same sentiment, a crypto analyst known as ‘Altstein Trade,’ revealed that October is an important month for BTC and with historical patterns in mind, the market may see exciting opportunities. He added that if Bitcoin can survive the chop fest season, the expected outbreak in Q4 it may set the stage for new reforms.
In a previous post, Jelle also revealed that BTC was on its way to testify strong performance for September in history. He revealed that if cryptocurrency can close September in greenQ4 2024 may be the most promising, and strong prospects for October, November and December are even stronger.
BTC Fractal Patterns Suggest a Repeat of Last Year’s Uptober
Bitcoin expert and analyst, Kaleo has it are drawn the similarity between Bitcoin price action and performance over the past year to current trends noted in September 2024. Kaleo pointed out that September 2023 marks the bottom of Bitcoin, however, the cryptocurrency had high pressure end of September, through December.
As a result, the analyst remains optimistic Future vision for Bitcoinexpects cryptocurrency price action to play out based on bullish historical patterns in Q4. Based on his price chart, the Kaleo BTC project may witness a price increase to $112,000.
The featured image was created with Dall.E, a chart from Tradingview.com