After Bitcoin (BTC) failed to keep its price above the $60,000 mark, a cryptocurrency analyst claimed that the asset is likely to reach new highs in the coming months.
This prediction comes after Bitcoin experienced a notable price consolidation, with analysts suggesting it is geared towards the post-halving move before a potential recovery.
In this context, crypto trading expert Mikybull Cryptopointed out in an August 20 X-post that Bitcoin is heading for a new all-time high in the last quarter of the year. The analysis particularly highlighted Bitcoin’s cyclical behavior, especially its performance during the “summer phase” in recent years.
In particular, the Bitcoin price tends to consolidate or suffer slight declines during these phases, as was seen in both 2022 and 2023. However, these periods are typically followed by a strong upward movement that Mikybull Crypto suggests that this will happen again in 2024.
The Bitcoin price prediction at the current stage shows a descending channel that mirrors the pattern of the past few years. This pattern, which has appeared after an uptrend, often precedes a significant breakout and sets the stage for a new all-time high.
According to the analyst, investors should “ignore the summer phase” and instead focus on preparing for the upcoming rally. In particular, the current consolidation phase is a harbinger of a major price movement that could catapult Bitcoin to new heights.
The analyst’s prediction that Bitcoin’s price will rise to $95,000 and eventually $143,000 in the fourth quarter of 2024 suggests that it could experience one of the most significant bull runs in its recent history.
Important Bitcoin prices to keep an eye on
In the short term, crypto trading expert Michaël van de Poppe pointed out in another X-post on August 20 that Bitcoin has shown resilience by holding a crucial support level at $56,000, marking a positive start to the week.
Although Bitcoin failed to stay above $60,000, the expert said the sentiment remains optimistic.
The next major hurdle for Bitcoin is breaking the $61,000-$62,000 range, and according to Poppe, a successful breakout here could pave the way for Bitcoin to challenge its all-time high.
Overall, he noted that August has historically been a tricky month for Bitcoin, often marked by corrections, but recent market movements suggest that the correction phase may be over, especially as the holiday season comes to a close.
With Bitcoin offering no significant catalysts in the short term, investors are looking for insights from other macroeconomic data. In this case, the US Bureau of Labor Statistics (BLS) will release a preliminary estimate of the benchmark revision for the level of monthly nonfarm jobs from April 2023 to March 2024.
Analysts forecast that data in the year to March 2024 will show significantly weaker employment growth than originally estimated, signaling weakness. The expected downward revision to employment data could reignite recession fears and lead to a shift away from risk assets such as cryptocurrencies.
Bitcoin Price Analysis
At press time, Bitcoin price was trading at $59,140, down nearly 3% in the past 24 hours. On the weekly time frame, BTC is down over 3%.
As things stand, Bitcoin’s biggest challenge remains to reclaim the $60,000 mark and target a price target of $61,000 to exit the current consolidation phase.
Disclaimer: The content of this website does not constitute investment advice. Investments are speculative. When you invest, your capital is at risk.
