
Bitcoin is currently worth $62,344.50, which is slightly less than its highest value of $66,508 on September 27. However, some experts think this drop might benefit Bitcoin’s future.
Is Bitcoin Primed for Q4 Growth?
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- Analyst Optimism: Bitcoin’s recent 7% dip might set the stage for big gains in late 2024 as analysts see a reset in crucial valuation metrics.
- Market Indicators: Rising open interest and strong ties to global liquidity hint at a potential price surge in Q4, with recent market adjustments creating favorable conditions.
- Election Impact: Although U.S. elections can cause volatility, Bitcoin could rebound and gain as political uncertainties ease, with some predicting it could reach six figures by year-end.
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Jamie Coutts, a chief analyst, mentioned on October 1 that while Bitcoin is getting close to its highest value ever, its worth compared to past values has dropped a lot since March. This means Bitcoin might be priced lower than it should be right now.
Coutts also discussed the number of people interested in Bitcoin. The number of people wanting to trade Bitcoin has gone up by 800% over the last four years, which shows that many people believe Bitcoin’s price will go up. Even though many people are trading, the extra costs are not high, which means the market is steady. Coutts thinks that because there has been less excitement and more money available in the market, Bitcoin could make a big move upward soon.
Another expert, Lyn Alden, said that Bitcoin’s price often increases when more money is available worldwide. From May 2013 to July 2024, Bitcoin’s price and the amount of money worldwide were closely linked. This means if there is more money, Bitcoin’s price might increase significantly in the last part of 2024.
In September, Bitcoin had a perfect month, growing by 7.29%. This makes people think Bitcoin might do well in the last part of 2024, especially since it’s a particular year when Bitcoin has a halving event, and there’s a U.S. election.
However, Timothy Peterson, another expert, warns that Bitcoin doesn’t work as well during the U.S. election years because people are still determining what will happen. He thinks that while there might be ups and downs, Bitcoin could still grow towards the end of the year as things become more evident.
On the other hand, Archie from BTC Archive believes that Bitcoin’s good performance in September could continue and that it might even reach a very high value by the end of the year.
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