Bitcoin price showed a modest decline of 0.13% during Sunday trading and is currently trading at $65,789. If the monthly candlestick closes around the aforementioned values, we would be registering a growth of around 15% in September 2024. Looking at past performance, this recovery trend this month is rare, but if it occurs, it signals potential growth in the fourth quarter.
Is Bitcoin Price Ready to Repeat Q4 Rally After September Rally?
According to data from Coinglass, the price of Bitcoin is trading at $65,818, holding the market cap at $1.3 trillion.. If the monthly candlestick closes around $65,800, it will record a growth of 11.5% to 15% in September 2024.
Since 2013, there have only been three scenarios in which Bitcoin has experienced a positive trend in September, each serving as a harbinger of a significant rally through 2024. If history is an indicator, BTC prices could witness a prolonged recovery in the fourth quarter, with the asset surpassing all Bitcoin. The all-time high was $73,750.
ETFs are heating up in the crypto market, with a large amount of money flowing into Spot Bitcoin ETFs last week. According to Sosolbaue data, on Friday alone Bitcoin recorded an astonishing $494.4 million in net inflows.
Over the past few weeks, the Spot Bitcoin ETF has seen weekly inflows of +$1.1 billion, indicating increased interest from institutional investors. Additionally, spot ETH ETH recorded weekly information of $85 million. This influx is a positive sign for the market and may indicate growing confidence in digital assets.
BTC to watch for 25% rise as bull flag pattern signals breakout
This week, Bitcoin price predictions recorded a significant increase from $60,800 to $65,910, marking a 5% increase. This rally helped the price extend a V-shape on the daily chart, reflecting the sudden reversal in market sentiment.
The continued buying pushed BTC price up 3%, challenging the resistance trend line of the bullish flag pattern. In theory, the chart setup will drive a temporary countertrend movement before providing a deceptive breakout.
An upside breakout would accelerate the bullish momentum and push the price higher to $85,000 with 25% potential growth.
Conversely, if overhead supply from the resistance trend line persists, Bitcoin price could trigger a further reversall.
Frequently asked questions (FAQ)
Bitcoin ETFs recorded strong demand from institutional investors last week, with net inflows exceeding $1.1 billion
Historically, Bitcoin has posted strong gains in the fourth quarter following a strong September close, as seen in 2017, 2020, and 2021. If this pattern repeats, Bitcoin could see a significant rally and surpass its all-time high of $73,750 in the fourth quarter of 2024.
A bull flag pattern on the Bitcoin chart suggests a potential breakout. If that happens, Bitcoin could rise by as much as 25%, reaching a price of around $85,000.
Sahil Mahadik
Sahil is a dedicated full-time trader with over 3 years of experience in financial markets. He has a strong grasp of technical analysis and keeps a close eye on daily price movements of top assets and indices. Drawn by his fascination with financial products, Sahil enthusiastically embraced the emerging field of cryptocurrencies, where his passion for trading continues to explore opportunities.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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