For the past five days, the Bitcoin price has remained locked in a narrow range between $62,000 and $64,000, following the US Federal Reserve’s (Fed) decision to cut interest rates. This move sparked investor optimism but Bitcoin struggles to consolidate above $64,000, a critical level.
Analysts are optimistic about Bitcoin's potential in Q4. Market expert Lark Davis highlights that historical trends suggest an average 88% return for Bitcoin during Q4, which could push its price to $120,000. Even a conservative 55% gain could bring it to $100,000.
Unique catalysts this year, like the launch of the Bitcoin ETF market, upcoming US elections, and $16 billion in cash repayments from the collapsed FTX exchange, could drive significant price movements. However, signs show current price movements are “artificially constrained.”
Analyst InspoCrypto notes persistent hovering around $63,000, with breakout attempts blocked. Institutional traders appear to keep Bitcoin’s price stable until October 4. The Spot Cumulative Volume Delta (CVD) and Futures CVD suggest recent price increases have been driven by futures trading.
Whales accumulating short positions while retail investors bet on long positions creates a potentially unfavorable scenario for retail investors. InspoCrypto predicts one final dip before Bitcoin reaches new all-time highs of $80,000 or even $85,000.
Analyst Ali Martinez points out that Bitcoin is currently testing its 200-day Simple Moving Average (SMA) at $64,000, acting as short-term resistance. A breakout above this level could signal a significant bullish trend and, if the Bitcoin Long-Term Power Law holds, the next market top could reach $400,000 by October next year.
Overall, despite short-term challenges, the consensus among analysts is that Bitcoin is poised for new all-time highs in Q4 and into 2025. At the time of writing, BTC is trading at $63,160, up 0.7% over the past 24 hours.
