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Cryptocurrency News Articles
Bitcoin (BTC) Price Predictions: How High Can It Climb In the Typically Bullish 'Uptober' Season?
Sep 26, 2024 at 01:00 am
The fourth quarter (Q4) of every four-year cycle has always been historically bullish for Bitcoin (BTC). With Uptober just a week away, a crypto analyst has shared
Crypto analyst Jelle has shared his predictions on how high the price of Bitcoin (BTC) could climb during the upcoming Uptober season, which is typically bullish for the cryptocurrency.
According to Jelle, the next few weeks could be crucial for BTC. While September is often bearish for Bitcoin, characterized by volatility and price declines, a breakout typically follows a prolonged bearish period in the crypto market.
As September comes to an end, the crypto community is gearing up for Uptober, a term coined to describe the usual upward pricing pattern observed during October. Jelle pointed out that during the last two bull cycles, Bitcoin’s price broke out two to three weeks after the start of Q4 (which begins in October) following the volatile “summer chop fest seasons.”
Based on this recurring bullish trend, Jelle suggests that a similar price breakout might occur for Bitcoin within a few weeks of October. The analyst shared a detailed chart of BTC’s price movements from 2020 to date, pinpointing the cryptocurrency’s next price target.
He predicts that BTC’s price could surge as high as $150,000 in October. For this significant price increase to occur, Bitcoin would need to rise about 135% from its current price of $63,817 as of writing.
Another crypto analyst, known as ‘Altstein Trade,’ shared a similar analysis, highlighting that October is a key month for BTC and that considering past patterns, the market could witness some interesting possibilities. He added that if Bitcoin can push through the chop fest season, the anticipated breakout in Q4 could pave the way for new highs.
In a previous post, Jelle also revealed that BTC is currently on track to witness the strongest September performance in history. He said that if the cryptocurrency can close September in the green, Q4 of 2024 could be very promising, with October, November and December likely to be significantly bullish.
Meanwhile, Bitcoin expert and analyst Kaleo has drawn parallels between Bitcoin’s price action and performance last year to the current trends observed in September 2024. Kaleo pointed out that September 2023 marked a bottom for Bitcoin, but the cryptocurrency experienced an upward momentum at the end of September, which continued till December.
As a result, the analyst is optimistic about Bitcoin’s future outlook, expecting the cryptocurrency’s price action to follow the historical bullish patterns in Q4. Based on his price chart, Kaleo projects that BTC could potentially witness a price surge to $112,000.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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