Many cryptocurrency analysts hold an optimistic view about Bitcoin’s growth potential in the fourth quarter of the year. Interestingly, each has a different reason for their optimistic expectation. CoinDesk Senior Analyst James Van Straten is the latest entrant to the club of ‘crypto optimists’. He also has an interesting rationale for joining the club. Don’t you want to know what it is? Here is what you should know about this!
Bitcoin’s Historic Cycle Trends
In a recent post published on X, Van Straten shares a chart, which showcases the price movement trajectories of three Bitcoin market cycles: the 2015 to 2018 cycle, the 2018 to 2022 cycle, and the latest 2022 cycle. The chart shows that in all these three cycles the Bitcoin market has shown exceptional performance in September.
Bitcoin Price Analysis: Understanding the Current BTC Market Landscape
In the last seven days alone, the Bitcoin market has recorded a notable growth of 8.6%. The current price of Bitcoin is approximately $63,458. On September 17, the price was at $58,287. In the last seven days, the market has witnessed consistent growth, especially after the U.S. Federal Reserve declared an interest rate cut. At the start of the month, the price was around $58,998. It touched a low of $53,947 on September 6. Notably, after September 7, the market was mostly bullish in nature; the only period the market experienced a significant pullback was between September 14 and 16, when the price swiftly dropped from over $60,000 to under 58,300.
Crypto Expert’s Bitcoin Price Prediction
Like most ‘crypto optimists’, Van Straten has an extremely optimistic view about the growth potential of Bitcoin in the fourth quarter of 2024. He predicts that the BTC market would reach between $108,000 and $155,000 by the end of the year. He justifies his prediction using the chart his post showcases. Interestingly, the chart strongly supports the argument of Van Straten.
So, it is sensible to assume that if the present Bitcoin market cycle mirrors the previous cycles, the market might have no choice but to reach the impressive price level predicted by the expert. Looking at the chart, it is evident that so far the currency cycle has stayed within the range set by the previous ones. Meanwhile, the expert also agrees that it may not be easy for the BTC market to reach this predicted range if the global market faces a recession.
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