Bitcoin (BTC) has been trading sideways for six months in a range below its most recent all-time high price. However, according to Jacobo Maximiliano, an analyst at the Bitget exchange, this trend could reverse in the short term.
In a report sent to CriptoNoticias, the analyst sees “bitcoin heading for a new all-time high in October.” This would mean the currency trading above the record of $73,700 (USD) it reached six months ago.
“Factors such as the reduction in interest rates in the United States and a robust stock market support a performance of bitcoin that is better than expected,” highlights Jacobo. The reason is that such aspects reflect an environment of greater liquidity and investor demand.
“If prices remain above key supports in the last days of September, we could see a significant injection of capital in October, pushing the asset towards a new all-time high,” he warns. The currency has been trading around USD 63,000 for the past week, after a rebound following the rate cut.
If it breaks above $65,000, Bitcoin would break its six-month streak of lower highs, as seen below. “The recent uptrend suggests that this month it could break key price resistances,” says Jacobo in this context.
The price shows a substantial recovery from its fall last month to USD 48,000. The Bitget specialist highlights that such a level was expected by whales and investors, and has worked as critical support with a large purchase volume. Therefore, he sees strength at a technical level that enables its bullish continuity.
Given this scenario, he believes that “the next ATH could arrive in October.” “This would open the door to a bullish scenario, with the possibility of finally reaching the long-awaited six-figure price, exceeding USD 100,000,” he says. Although it should be noted that it could take longer to achieve this.
The fourth quarter of 2024 shows optimistic factors for bitcoin
Historically, the northern hemisphere autumn, which began last week, is a bullish season for the markets. This is because during this period economic activities are reactivated after the summer holidays. In line with this, October is usually a month of positive returns for stocks and bitcoin.
“The US elections could also become an important catalyst for cryptocurrencies,” adds Jacobo. These will be in November, so they encompass a quarter with optimistic expectations for the market, since this phenomenon usually motivates demand.
According to this scenario, the Bitget specialist concludes that, even if it takes longer than October, the digital currency could break its current lateral period before the end of the year. “If everything follows a logical course, this last quarter we could see bitcoin marking a new ATH, far exceeding USD 75,000,” he concludes.
