As we approach the fourth quarter, a wave of optimism surrounds Bitcoin’s growth potential, with analysts sharing different insights on what drives their expectations. Among the latest to join this group of ‘crypto optimists’ is CoinDesk Senior Analyst James Van Straten, who offers a compelling reason for his optimism.
Curious to find out more? Here’s what you need to know!
In a recent post on X, Van Straten shared a chart that shows the price movement of three Bitcoin market cycles: 2015 to 2018, 2018 to 2022, and the current cycle since 2022. The chart reveals a striking pattern—Bitcoin has consistently performed well in September during these cycles.
In just the past week, Bitcoin has seen impressive growth of 8.6%, bringing its current price to about $63,458. Just a week ago, on September 17, Bitcoin was valued at $58,287. This upward momentum gained speed after the U.S. Federal Reserve announced an interest rate cut, boosting market confidence. At the start of the month, Bitcoin was priced around $58,998 and dropped to a low of $53,947 on September 6. After September 7, the market turned mostly bullish, with the only significant pullback happening between September 14 and 16, when prices fell from over $60,000 to below $58,300.
Like many ‘crypto optimists,’ Van Straten has a very bullish outlook for Bitcoin in Q4 2024. He predicts that Bitcoin could reach between $108,000 and $155,000 by the end of the year, backed by the trends shown in his chart. This visual evidence strongly supports Van Straten’s hopeful view.
If the current Bitcoin cycle follows the patterns of past cycles, it’s reasonable to expect the market to aim for the impressive price levels that Van Straten predicts. His chart shows that the ongoing cycle is tracking within the limits set by previous ones. However, he also notes that if the global market experiences a recession, reaching these predicted price ranges could become much more challenging.
The potential for Bitcoin’s growth is limitless. The only question is, are you willing to invest?
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