Many cryptocurrency analysts hold an optimistic view about Bitcoin’s growth potential in the fourth quarter of the year. CoinDesk Senior Analyst James Van Straten is the latest entrant to the club of ‘crypto optimists’. Here’s what you need to know.
Bitcoin's Historic Cycle Trends
Van Straten recently shared a chart on X, showcasing the price movement trajectories of three Bitcoin market cycles: the 2015 to 2018 cycle, the 2018 to 2022 cycle, and the latest 2022 cycle. The chart illustrates that Bitcoin has shown exceptional performance in September during all these cycles.
Current BTC Market Analysis
In the last seven days alone, the Bitcoin market has recorded a notable growth of 8.6%. The current price of Bitcoin is approximately $63,458. On September 17, the price was at $58,287. Over the last week, the market has witnessed consistent growth, especially after the U.S. Federal Reserve declared an interest rate cut. At the start of the month, the price was around $58,998. It touched a low of $53,947 on September 6. Notably, after September 7, the market was mostly bullish; the only significant pullback was between September 14 and 16, when the price swiftly dropped from over $60,000 to under $58,300.
Expert's Bitcoin Price Prediction
Like most ‘crypto optimists’, Van Straten holds an extremely optimistic view about Bitcoin's growth potential in Q4 2024. He predicts that the BTC market will reach between $108,000 and $155,000 by the end of the year. He justifies his prediction using the chart he shared. Notably, the chart strongly supports Van Straten's argument. If the current Bitcoin market cycle mirrors the previous ones, the market might reach the impressive price level predicted by the expert. However, Van Straten also acknowledges that it may be challenging for BTC to reach this range if the global market faces a recession.
If the current Bitcoin market follows the trends of previous cycles, significant growth can be expected by year-end. However, potential global economic conditions must be considered.
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