Bitcoin Price Prediction: Bullish Q4 Outlook Points to $100K Target

Bitcoin (BTC) surged over 8% last week, closing above $63K, driven by the U.S. Federal Reserve’s recent rate cut. After bouncing off the 50-week Moving Average (MA), BTC is now testing the key resistance level above $64k. Is this a sign of a bigger breakout?

Over the past two weeks, Bitcoin’s rally has eased concerns of further crypto market declines. The Bitcoin Fear and Greed Index climbed above 50% on Monday, showing growing positive sentiment. Investors are becoming more optimistic about a potential bull run.

Bitcoin Whales Increase Appetite

As geopolitical tensions rise, especially between NATO and the BRICS movement, both Bitcoin and Gold are seeing increased demand. Gold, which recently hit a new all-time high of $2,630, could be paving the way for Bitcoin to follow in its footsteps.

On-chain data shows that large Bitcoin holders, or “whales,” have been significantly increasing their positions. The supply of Bitcoin on centralized exchanges (CEXs) has dropped to multi-year lows, from 2.7 million units in March to about 2.3 million now. This trend aligns with the optimistic outlook for Bitcoin’s price in the months ahead.

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In the last 30 days, over 91,100 Bitcoins have been withdrawn from major exchanges like Binance and Coinbase Pro. Meanwhile, U.S. Bitcoin ETF issuers have accumulated nearly $800 million in BTC over the past two weeks, reflecting growing institutional interest.

Exciting Predictions for Q4

After a weak performance in Q3, Bitcoin is expected to rebound strongly in Q4, with predictions that it could reach around $100K by year-end. While there’s still a chance of retesting the $55K support level, many indicators suggest the bulls are gaining momentum.

The weekly Relative Strength Index (RSI) has already rebounded above the 50 percent level and broken out of a falling logarithmic trend. A consistent close above the 200-day Moving Average will propel Bitcoin price towards the next major milestone of about $69k.

Do you think Bitcoin will hit $100K by year-end, or are the bears lurking?