Bitcoin (BTC) Price Could Reach ATH by October 2024

The post Bitcoin (BTC) Price Could Reach ATH by October 2024 appeared first on Coinpedia Fintech News

Bitcoin (BTC) price opened the last week of January on a better note than the past few weeks after the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. With Bitcoin price closing last week on a hammer candlestick pattern, the recent bearish sentiment emanating from frequent large BTC deposits to crypto exchanges by Grayscale Investments has significantly reduced.

As a result, the possibility of a double-top reversal pattern that was gradually forming has similarly decreased. If the Bitcoin price stays above $41k in the coming weeks, another bullish trend could happen anytime.

Bitcoin Price Rally

According to a popular digital asset analyst, MikyBull Crypto, on the X platform, Bitcoin price is well positioned to reach a new all-time high (ATH) based on technical and fundamental aspects by October this year.

Notably, the crypto analyst based the bullish approach on the established four-year cycle marked by the halving events. With about 12,075 Bitcoin blocks left until the next halving event, MikyBull Crypto is confident the short-term resistance level around $44k will soon be cleared. Moreover, global liquidity has already bottomed out, and a fresh cycle has begun.

#Bitcoin in a short-term perspective heading towards the resistance at $44k for a possible macro correction before heading to a new ATH.

If it closes above the resistance of $44k on a macro weekly TF then the uptrend to a new ATH will resume.

4/4 pic.twitter.com/CHY9nI5iwF

— Mikybull Crypto (@MikybullCrypto) January 28, 2024

BTC Price Analysis

Addresses with less than 1 #Bitcoin were all in a downward trend since the 49k top.

Now, all seem to have bottomed out, with more signs of consolidation around 40k.

I also think some of this is due to UTXO consolidation. pic.twitter.com/z3FCSOR0US

— James Van Straten (@jvs_btc) January 28, 2024

After several weeks of accelerated profit-taking by short-term holders and miners, on-chain data shows Bitcoin holders have dramatically reduced their profit-taking. Moreover, the Bitcoin demand from institutional investors is expected to rise exponentially in the coming months as the supply rate gets chopped. Meanwhile, Bitcoin bulls could suffer short-term weaknesses if the crypto cash rotation continues to favor altcoins led by Ethereum.