- BTC’s multi-month price range could soon be over.
Analysts projected BTC could explode above $90K in Q4 2024.
As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles, and I must say that the current state of Bitcoin (BTC) seems rather intriguing. The multi-month price range we’ve been stuck in might soon come to an end, according to the Puell Multiple’s historical patterns.
For more than half a year now, the value of Bitcoin (BTC) has been fluctuating within a volatile price band, leading certain speculators and capitalists to temporarily step away from the market.
Despite the recent surge in Bitcoin price to $64K following the Federal Reserve’s pivot, certain financial analysts remain wary about an impending economic recession in the United States.
However, Bitcoin analyst Crypto Con noted that based on Puell Multiple’s historical patterns, the boring price range could soon be over. He stated,
Based on the stages indicated by the Puell Multiple, it’s evident that we’re currently experiencing a corrective phase, known as the mid-top correction. This stage typically precedes the actual bull market surge.
In simpler terms, the Puell Multiple indicates when the Bitcoin market reaches its peaks and troughs, primarily due to miner profits. Consequently, this metric can serve as a signaling tool for Bitcoin’s value, helping us understand if the market seems excessively heated.
In simpler terms, the ‘mid-point adjustment phase’ recently experienced was a great opportunity to buy Bitcoin at a reduced price just before its upward trend resumes. This perspective is also shared by BTC analyst Willy Woo, who referenced Dr. David Puell’s thoughts on the matter.
“According to Dr. Puell, the optimal moment to purchase Bitcoin is when its price has reached rock bottom. If that’s not possible, then the next best opportunity arises during the period of post-halving accumulation.
The green bubbles capture the cycle bottoms, while the orange bubbles denote the post-halving re-accumulation range. The BTC price range witnessed since April is part of the post-halving range.
In simpler terms, this could mean that this might be your final chance to purchase Bitcoin at a relatively lower price, especially if its dramatic rise resumes within the coming weeks. Many market analysts are optimistic about Bitcoin’s future in the last quarter of this year and beyond 2025.
Geoff Kendricks, Head of Digital Asset Research at Standard Chartered, predicted that Bitcoin might reach $200,000 by the year 2025, regardless of the outcome of the US elections. He also stated that the price could jump to $125,000 by the end of 2024 if Donald Trump wins the election.
According to the financial analysis provided by Stockmoney Lizards, they predict that Bitcoin’s price might range from $90,000 to $100,000 during the last quarter of 2024 and into early 2025.
However, past performance doesn’t dictate future BTC results. Besides, geopolitical and other macro updates could also impact these projections. So, tracking these fronts along with expert projections is crucial.
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2024-09-23 11:03