Bitcoin price
Will Bitcoin Price Repeat Its Q4 Rally Pattern After a Bullish September?
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2 hours agoon
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adminBitcoin price shows a modest loss of 0.13% during Sunday trading, currently trading at $65789. If the monthly candle closes around the aforementioned value, September 2024 would record around 15% growth. The historical shows this recovery trend in this month is rare, but if happening it signals the potential growth in Q4.
Is Bitcoin Price Poised to Repeat Its Q4 Rally After a September Upswing
According to the Coinglass data, the Bitcoin price trades at $65818 while the market cap holds at $1.3 Trillion. If the monthly candle closes around $65800, September 2024 would record an 11.5%-15% growth.
Since 2013, Bitcoin has experienced a September positive trend only thrice scenarios, each acting as a precursor of the significant rally to 2024. If history is an indicator, the BTC price could witness a prolonged recovery in Quarter 4, potentially pushing the asset past All time high of $73,750.
ETFs are heating up in the cryptocurrency market, with spot Bitcoin ETFs witnessing substantial inflows last week. On Friday alone, Bitcoin recorded a remarkable $494.4 million in net inflows, according to Sosolvaue data.
Over the weeks, the spot Bitcoin ETFs witnessed a weekly inflow of +$1.1B, indicating growing institutional interest. Moreover, the spot ETH ETH recorded a $85 million weekly info. This inflow is a positive sign for the market, potentially indicating rising confidence in digital assets.
BTC Eyes 25% Rally as Bull Flag Pattern Signals Breakout
This week, the Bitcoin price prediction recorded a substantial jump from $60800 to $65910, registering a 5% This upswing assisted the price to extend V-shaped in the daily chart, reflecting a sudden flip in market sentiment.
With sustained buying, the BTC price surged 3% before challenging the resistance trendline of a bull-flag pattern. Theoretically, the chart setup drives a temporary counter-trend move before providing a deceive breakout.
An upside breakout will accelerate the bullish momentum and drive a rally to $85000, accounting for 25% potential growth.
On a contrary note, if the overhead supply from the resistance trendline persists, the Bitcoin price could spark another reversal.
Frequently Asked Questions (FAQs)
Bitcoin ETFs recorded strong institutional demand last week, with over $1.1 billion in net inflows
Historically, Bitcoin has posted substantial Q4 gains following positive September closes, as seen in 2017, 2020, and 2021. If this pattern repeats, Bitcoin could see a major rally, potentially surpassing its all-time high of $73,750 in Q4 2024.
A bull-flag pattern on the Bitcoin chart suggests a potential upside breakout. If this occurs, Bitcoin could rally up to 25%, driving the price to around $85,000.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Will Bitcoin Price Break Records Again? Analyst Predicts $70K Milestone
Published
2 days agoon
September 28, 2024By
admin10x Research founder Markus Thielen has predicted that the Bitcoin price would reclaim $70,000 in the next two weeks and break above its current all-time high (ATH) of $73,000 by late October. He also alluded to the surge in stablecoin liquidity and China’s recent monetary easing policy as what could fuel this crypto rally.
Bitcoin Price To Reach $70,000 And Then New ATH
In the latest 10x market update, Thielen predicted that the BTC price would move toward $70,000 in the next two weeks and then reach a new ATH by late October. He highlighted how Bitcoin’s recent break above $65,000 has confirmed the breakout from the downtrend and paved the way for this rally to the upside.
Thielen’s accompanying chart showed that the Bitcoin price could rise to $75,000 when this projected price rally occurs. The analyst also mentioned the surge in the stablecoin liquidity and China’s recent quantitative easing (QE) measures as what could spark this next crypto wave. This aligns with the CoinGape report on how BTC could reach $80,000 in October.
Stablecoin minting has increased sharply since July, as issuers like Tether and Circle issued almost $10 billion in the weeks following the July 31 FOMC meeting. Thielen noted that Circle, which typically offers its services to regulated institutions, accounts for 40% of the recent stablecoin inflows, indicating an influx of large market players into the crypto space.
How China Will Contribute To The BTC Rally
Meanwhile, Thielen highlighted how China’s history with Bitcoin and the country’s recent stimulus measures could contribute to the Bitcoin price rally. 55% of currently mined Bitcoin is said to come from Chinese mining pools, while the country dominated 90% of global BTC trading back in 2014. He also claimed Chinese exporters used over-invoicing to funnel billions into BTC in 2013, which triggered a massive rally.
In line with this, the analyst predicts that the stimulus measures could trigger significant capital outflows from China into the crypto market. Furthermore, Thielen asserted that the $278 billion Chinese stimulus plan could ignite a parabolic rally for BTC and other cryptocurrencies, especially with global liquidity rising.
Interestingly, the 10x Research founder also hinted that Donald Trump could play a major role in the BTC rally extending till next year. He claimed that Trump, if re-elected, may seek to overstimulate the US economy, potentially pressuring the Federal Reserve to cut interest rates by the first half of 2025 totally.
Arthur Hayes predicted that Bitcoin would benefit from the ‘volatility supercycle,’ an allusion to the monetary easing policies of world governments, including the US. He expects that fiat printed by these governments will flow into BTC and the broader crypto market.
Bitcoin’s Dominance Is At Risk
Although the Bitcoin price is set to continue rallying, Markus Thielen suggested that BTC’s dominance is at risk. He noted that the dominance has waned since last week’s FOMC meeting when the Fed cut interest rates by 50 basis points (bps). Since then, Ethereum gas fees have spiked thanks to the surge in altcoin activity across the crypto market.
The analyst predicts that this trend will likely continue if the Federal Reserve remains open to cutting rates. The Fed already suggested that there could be two 25 bps rate cuts before this year ends.
At the time of writing, the Bitcoin price is at around $65,500, down in the last 24 hours. Trading volume is also down by over 33%, with $26.3 billion traded during this period.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin
Here’s Who Has Been Driving The Bitcoin Price Recovery Above $65,000
Published
2 days agoon
September 27, 2024By
adminBitcoin is now trading above the $65,000 price level for the first time in two months, leaving the $63,000 resistance level behind. This interesting increase has seen Bitcoin increase by almost 23% from a September low of $53,400 on September 6, pushing many holders into profitability.
According to Santiment, this price action has been mostly fueled by increased activity from whales and sharks, with the on-chain analytics platform noting a huge accumulation trend among them.
Sharks And Whales Continue To Accumulate BTC
Recent shifts in market dynamics worldwide have propelled Bitcoin back to the forefront of investor portfolios since mid-September. According to data from Santiment, Bitcoin’s upward price movement has been largely supported by increased accumulation from investors. The on-chain analytics platform revealed that many wallets holding ten or more BTC have been steadily accumulating additional Bitcoin over the past six months. This consistent buying behavior has played a critical role in stabilizing and propping up the price, especially during market corrections when Bitcoin has faced downward pressure.
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Notably, these addresses have accumulated $4.08 billion worth of BTC in the past six months, and their collective holdings currently stand at 16.19 million. Santiment’s data also shows that this accumulation trend gained significant momentum starting in mid-September just after the Fed reduced the base interest rate, indicating a renewed wave of confidence among these Bitcoin investors.
Current State Of Bitcoin
As noted by NewsBTC, September has always been a crucial month for Bitcoin’s price performance in the last quarter of the year. Interestingly, what looked to be a bearish month for Bitcoin in the first two weeks has now played out as a forerunner for a potential surge in the last quarter of 2024.
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At the time of writing, Bitcoin is trading at $65,470 and has been up by 2.6% in the past 24 hours. Institutional investors have resumed their investments in Bitcoin since the beginning of the week. This has seen spot Bitcoin funds witness consecutive days of inflows since the beginning of the week. Particularly, they received $365.7 million in net inflows in the past 24 hours.
Bitcoin has also seen a notable increase in open interest as investors pile up. According to Coinglass, the Bitcoin open interest now stands at $35.90 billion across multiple exchanges, reflecting a 3.53% increase in the past 24 hours. As Bitcoin’s price continues to attract attention from traders across the globe, the surge in open interest could act as a catalyst for further price increases.
The next step for Bitcoin’s price is a bullish break above the July high of $70,162. Surpassing this level and keeping the momentum could open the stage for Bitcoin to easily break into new all-time highs in October.
Featured image created with Dall.E, chart from Tradingview.com
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Bitcoin Price Hits $65K Since August, Will BTC Reach $80K in Uptober?
Published
3 days agoon
September 27, 2024By
adminThe Bitcoin price has hit $65,000 for the first time since early August, thanks to several recent developments that provide a bullish outlook for the flagship crypto. These developments are also why there is the belief that this BTC rally can extend, with its price rising to $80,000 in Uptober, a term used to describe Bitcoin’s bullish nature in October.
Bitcoin Price Can Reach $80,000 In Uptober
Several factors support the Bitcoin price reaching $80,000 in October. One is the macro side, which has provided a major boost for the crypto market, with investors again allocating a significant amount of their capital to risk assets. These macro developments began with the US Fed rate cuts last week when the Federal Reserve cut interest rates by 50 basis points (bps).
This week, the People’s Bank of China (PBoC) also announced interest rate cuts and stimulus policies to improve the country’s economy. CoinGape reported that that move was bullish for BTC, noting that the Bitcoin price targets $100,000 following China’s stimulus package and its crypto trade with Russia.
Meanwhile, the latest US GDP data and jobless claims showed that the US economy is healthy, supporting the Fed’s move to cut interest rates by two more 25 bps this year. These world governments will continue adopting monetary easing policies to boost their economies.
In line with this, more liquidity will flow into the BTC ecosystem in October. A Coingape report states that this market liquidity will aid Bitcoin’s surge, which is one of the reasons why its price is likely to keep rallying in October.
From A Historical And Technical Perspective
From a historical and technical perspective, the Bitcoin price also looks poised to rally to $80,000. Coinglass data shows that October has been one of the most profitable months for BTC in the last eight years.
For context, the flagship crypto has only recorded monthly losses once in October over this period. Moreover, Bitcoin’s gains in October have been double digits. The only time the crypto recorded a single-digit gain was in 2022 when it closed the month with a 5% gain.
In his recent analysis, crypto analyst Jelle suggested that Bitcoin can reach $80,000 in October. The analyst noted that the market structure is now bullish, considering that BTC has breached the $65,000 resistance level. The analyst’s accompanying chart showed that $80,000 was the price target as the flagship crypto continues its uptrend.
Market Volatility Ahead Of October
A lot could still happen between now and Uptober, with the Bitcoin price gearing up for heavy market volatility. CoinGape reported that 89,027 Bitcoin options will expire today, with a notional value of $5.8 billion. The put-call ratio is $0.64, which suggests a bullish sentiment ahead.
The US Core PCE inflation data is also set to be released today by 1:30 p.m. UTC. This could also spark a lot of volatility for the BTC price. The current forecast is that the PCE price index rose by 0.2% in August.
For now, $65,000 remains the key level that Bitcoin bulls must defend if the BTC rally is to extend. Crypto analyst Ali Martinez revealed that 57.77% of Binance users with open positions are currently shorting BTC. This is also something to watch out for, although Bitcoin is currently on course to record its most profitable September ever, having surged by over 10% this month.
At the time of writing, the BTC price is at around $65,400, up over 2% in the last 24 hours. Trading volume is up over 57%, with $39 billion traded during this period.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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