Bitcoin is down as of writing, down about 8% from its September high. After two days of losses, BTC starts Q4 2024 on the wrong foot, with a real risk of prices falling below $60,000 and returning to September and August lows.
Bitcoin Slips: Did Q4 2024 Lows Print Around $60,000?
One analyst at X is optimistic about the world’s most valuable coin, which is flat and hanging by a chain. In the post, the analyst said the recent decline should be seen as positive. In addition, the trader continued, Bitcoin, even with the pain managers faced at the beginning of October 2024, is likely to print Q4 2024.
According to the analyst’s preliminary assessment, Bitcoin tends to establish swing highs or lows at the beginning of the trading period, in this case, in Q4 2024. Although the rise in the Middle East disturbs, Bitcoin will not have a big impact–a big gain is the price. The trader expects liquidity to increase in the coming months, pushing prices up.
Bitcoin fell after an impressive September in which prices rose, reaching $66,000. Historically, September is bearish for Bitcoin. However, by the end of September, it was up 7%, rejecting early losses and closing above a strong level of completion around $65,000 and $66,000.
Will BTC Repeat Early August and September Price Action?
Hope is high because Bitcoin is printing at the same price as in early August and September. Bitcoin prices had fallen as low as $49,000 in the first week of August before recovering slightly over the next three weeks. In early September, prices fell again, dropping to $52,000 before resuming the highs set in August.
It remains to be seen whether the events of early August and September will repeat themselves. However, hope is high, and many owners of BTC, according to CoinMarketCap sentiment analysis, there are bullish. More than 60% of all voters expect BTC to reach higher, while 38% are lower, expecting traders to manage.
Potential bullish scenarios include inflows to see Bitcoin ETFs. Soso Value data shows that when BTC prices dropped on October 1, BlackRock bought more than $40 million worth of coins.
Featured image from Canva, chart from TradingView