Fun

Bitcoin ‘parabolic’ rally may start in Q4, according to historical price data

News Feed - 2024-08-22 02:08:43

Nancy Lubale6 hours agoBitcoin ‘parabolic’ rally may start in Q4, according to historical price dataQ4 could be a blockbuster moment for Bitcoin’s price as a multi-year historical price trend holds up.4346 Total views25 Total sharesListen to article 0:00Market AnalysisOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin (BTC) had a good start to 2024, rising over 40% year-to-date. This was fueled by a number of positive fundamental factors, including the launch of spot Bitcoin exchange-traded funds in the United States and the halving event, which reduced the amount of BTC awarded to miners by 50%. 


Unlike previous cycles, Bitcoin price hit new all-time highs before the halving, leading many analysts to predict a supercycle within the current halving year.


More than 123 days have passed since the Bitcoin halving, and BTC’s price is yet to surpass its pre-halving all-time high. Bitcoin is down 13% over the last month and 14% over the last 30 days. This has left market analysts debating whether Bitcoin will launch a rally during the fourth quarter of 2024.


Veteran trader and analyst Peter Brandt said that the current market cycle could soon be the longest in post-halving history, adding that it could either indicate that a new all-time high will take longer to come or it’s “not in the cards.”Source:Peter Brandt


Data from CoinGlass reveals that Bitcoin has always had positive returns in Q4 during halving years, posting 58% and 168% gains in 2016 and 2020, respectively. Moreover, BTC’s price has posted positive returns in eight out of the 11 years between 2013 and 2023, with average gains of 88%.Bitcoin quarterly returns (%). Source: CoinGlass


If history is any guide, there is a 73% chance that Bitcoin will rally in the fourth quarter of 2024. 


CryptoQuant founder and CEO Ki Young Ju analyzed Bitcoin’s price action during the 2020 halving and found that the rally began in Q4.“In the last Bitcoin halving cycle, the bull rally began in Q4. Whales won’t let Q4 be boring with a flat YoY performance.”Bitcoin: Cumulative return index on halving years (start of year = 1). Source: CryptoQuant


According to Ju, Bitcoin’s price is in an accumulation phase, suggesting that it could possibly initiate a parabolic uptrend once it enters the last quarter of 2024.The 200-day EMA poses stiff resistance for Bitcoin’s price


Data from Cointelegraph Markets Pro and TradingView shows Bitcoin’s price action has formed a series of higher lows on the daily chart but has remained below the 200-day exponential moving average (EMA) over the last seven days. BTC/USD daily chart. Source: TradingView


The In/Out of the Money Around Price (IOMAP) model by IntoTheBlock reveals that Bitcoin faces relatively stiff resistance in its recovery path, compared to the support it enjoys on the downside.


The 200-day EMA at $59,423 is found close to the $59,500–$61,300 price range, where approximately 817,770 BTC was previously bought by about 1.51 million addresses.Bitcoin IOMAP chart. Source: IntoTheBlock


This suggests that high demand-side liquidity is required to push BTC’s price past the 200-day EMA and later above resistance provided by the 50- and 100-day EMAs at $61,383 and $62,323, respectively, breaking it out of the current consolidation.


If this doesn’t happen, analyst Mark Cullen said Bitcoin’s price could drop toward $57,500 or even lower to revisit the $54,500 level.Source:Mark Cullen


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Markets# Bitcoin ETF# ETFAdd reaction

News Feed

Dogecoin At Major Breakout Point As Liquidity Bottoms, Says Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Secondary Sales Volume Tied to Reddit’s Collectible NFT Avatars Surges Crossing $5 Million
Secondary Sales Volume Tied to Reddit"s Collectible NFT Avatars Surges Crossing $5 Million Reddit’s non-fungible token (NFT) avatars have produced significant market action in th
Two Masterminds in Last Ditch Effort to Stall Liquidation of MTI
Two Masterminds in Last Ditch Effort to Stall Liquidation of MTI In a last-ditch attempt to stall the sale of Mirror Trading International (MTI) assets, two mast
NFTs Will Persist for as Long as Communities Are Willing to Use Them — Lostworlds Co-Founder
NFTs Will Persist for as Long as Communities Are Willing to Use Them — Lostworlds Co-Founder According to Quaison Carter, the co-founder and CMO of the location-based NFT platfor
David Attlee13 hours agoCrypto ahead in fintech investments in France and Germany in 2023: ReportEurope experienced a 50% fall in fintech investments in the first half of 2023.1161 Total views4 Total sharesListen to arti
Privacy-Centric Messaging App Signal Experiments With Stellar-Based Mobilecoin Project
Privacy-Centric Messaging App Signal Experiments With Stellar-Based Mobilecoin Project One of the most popular privacy-centric messaging applications Signal has
Citigroup: Bitcoin Is at a Tipping Point, Could Become Preferred Currency for International Trade
Citigroup: Bitcoin Is at a Tipping Point, Could Become Preferred Currency for International Trade Citigroup says bitcoin is at a tipping point and the cryptocurr
While Ethereum Prices Skyrocket, Ether Gas Fees Surge Fueling Costly Transfers
While Ethereum Prices Skyrocket, Ether Gas Fees Surge Fueling Costly Transfers On October 29, 2021, the second-largest crypto asset in terms of market valuation, ethereum, reached
LBank Exchange Will List Apollo Inu (APOLLO) on March 9, 2022
LBank Exchange Will List Apollo Inu (APOLLO) on March 9, 2022 press release PRESS RELEASE. INTERNET CITY, DUBAI, March. 5, 2022 – LBank Exchange, a global digital asset tradi
Chinese Crypto Regulations Force NFT Gaming App Stepn to Block Mainland Users
Chinese Crypto Regulations Force NFT Gaming App Stepn to Block Mainland Users China’s anti-crypto regulations have reportedly forced the non-fungible token (NFT) game, Stepn
‘Bitcoin Is Not a Privacy Coin’ Says Crypto Evangelist Andreas Antonopoulos
"Bitcoin Is Not a Privacy Coin" Says Crypto Evangelist Andreas AntonopoulosAndreas Antonopoulos discussed how he desired to see Bitcoin have more “privacy features” in a
US gov’t Bitcoin sale ‘doesn’t affect anything’ as analyst blames bears
William Suberg30 minutes agoUS gov’t Bitcoin sale ‘doesn’t affect anything’ as analyst blames bearsGovernments divesting themselves of their BTC is a non-event, but Bitcoin bears make sure that the market feels t