As Bitcoin Surges $64,000, Analysts Eye New Record Highs Post-Consolidation
In September, after Fed Chair Jerome Powell signaled that rates might be lowered, the Bitcoin price surged above $64,000, surpassing its supply range of $59,000–$62,000. Analysts anticipate that Bitcoin will continue to rise to $70,000 and ultimately reach a new all-time high; however, there may be a few weeks of consolidation in between.
- In the longest time it has taken to surpass a prior all-time high, the price of Bitcoin has entered a phase of consolidation that will last for almost six months.
- The fact that BTC rose at the highest rate to its all-time high prior to the April Bitcoin halving, however, indicates that the present consolidation phase is effectively counteracting the previous sharp price increase.
Bitcoin Price Set for October 2024 Peak as Institutional Inflows Surge Post-Rate Cut
Rekt Capital, a well-known cryptocurrency expert, emphasized that the re-accumulation period is still not the longest in the cycle. The re-accumulation from the previous year, which occurred in 2023 during the breakout’s creation, lasted for about 224 days. According to Rekt Capital, if past trends continue, Bitcoin might peak in October 2024. This would be consistent with the usual post-halving price patterns, which point to a possible peak in late September 2024.
Following Powell’s rate cut, inflows into spot Bitcoin ETFs also increased, indicating that institutional interest in Bitcoin is once again picking up momentum. QCP Capital analysts predict that the price of bitcoin will stay between $61,000 and $70,000 as markets await important reports like the US PCE inflation data and the US initial jobless claims for the week.
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