The Bitcoin price has shown strong performance in the past fourth quarters (Q4), gaining 61% in 2016 and 171% in 2020. Currently priced at around $63.6k, many analysts speculate whether BTC could once again surge.
Captain Faibik, a top crypto trader, predicts Bitcoin may test the $68,000 resistance level soon, with a potential breakout pushing BTC to $88,000-$90,000 by December.
What you'll learn 👉
Bitcoin’s Price Projections Based on Historical Data
During Q4 2016, Bitcoin jumped 61%. By the end of Q4 2024, BTC would rise to around $102,454 if it reflects the same increase from its present price of $63,631.70. Conversely, should the 2020 Q4 performance of 171% be duplicated, Bitcoin might soar to around $172, 457.
This comparison emphasizes, depending on whether history repeats itself, the possibility for a substantial increase in Q4 2024. Although past performance does not ensure present results, these trends help one to understand prospective outcomes.
Could Bitcoin Reach $100K?
As Captain Faibik pointed out, BTC is almost to the $68,000 resistance level; so, the likelihood of Bitcoin either hitting or surpassing $100,000 is really high. The vital resistance has to be removed if we are to maintain this increasing momentum. Faibik also sees a widening wedge pattern, implying that Bitcoin might have a breakthrough not too distant.
Given the reflected price behavior from 2016 and 2020, it is remarkable that Bitcoin might soar to $100k by the end of 2024. Unlocking this milestone might need a widening wedge breakout.
Doge2014 raises 450K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Sui Network Breaks $900 Million in TVL as SUI Price Explodes
Analyst Predictions and Market Sentiment
Ali (@ali_charts) also adds to the conversation by highlighting Bitcoin’s similar price patterns in previous bull runs, suggesting the possibility of history repeating itself. His observation that 2024 mirrors both 2016 and 2020 adds weight to the expectation of a continued upward trajectory.
Although forecasts of prices differ, these observations from market analysts highlight that Bitcoin’s price might hit new highs before the end of the year; some anticipate up to $90k as the next target. $100,000 is still a possibility, but the present market attitude is positive.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
