Home web3.0 Bitcoin (BTC) Price Predictions: Can the Leading Cryptocurrency Rally into Year-End?

Bitcoin (BTC) Price Predictions: Can the Leading Cryptocurrency Rally into Year-End?

Oct 05, 2024 am 06:18 AM
bitcoin Price Predictions bearish trends

Following a volatile week, Bitcoin (BTC) has once again captured the attention of investors as it fluctuates between bearish and bullish sentiments.

Bitcoin (BTC) Price Predictions: Can the Leading Cryptocurrency Rally into Year-End?

Bitcoin (BTC) price continues to attract the attention of investors and recent price movements have been oscillating between bear and bull trends. According to CoinMarketCap data, the largest cryptocurrency gained 2.6% in the last 24 hours and rose above $62,380.

Previously this week, BTC retreated from its two-month high of $66,500, which it reached at the end of last week, and fell to $59,800. However, despite these fluctuations, analysts believe that Bitcoin can break new records by the end of the year.

Could the upcoming year-end raise Bitcoin prices?

The revival of demand for Bitcoin exchange-traded funds (ETFs) offers a glimmer of hope for the price of the cryptocurrency in the medium term, according to the latest news from CNBC.

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However, BTC demand remains stagnant and significant support is needed for an upward move in its price. John Todaro, a crypto analyst at Needham, emphasized that a significant weekly buying demand is required for a significant price increase. He told CNBC:

Bitcoin's total market value is currently $1.2 trillion, with very large and significant liquidity. While there is a lot of purchasing volume, there are also a lot of sellers.

CryptoQuant's latest data also reveals a shift in Bitcoin ETF activity. After selling a net of 5,000 BTC on September 2, Bitcoin ETFs net purchased 7,000 BTC by the end of September, marking the highest daily purchase since July 21.

According to analysts, if this upward trend continues, it could help Bitcoin prices rise as the year progresses. Additionally, the fourth quarters of previous Halving cycles have been historically bright for BTC, with increases of 9, Y and 1% in 2012, 2016 and 2020 respectively.

Interest cuts and global tensions

As CNBC noted, there are several factors contributing to the current volatile price movement, and there is hope for further recovery for the leading digital asset in the coming period. The stock market broke new records as the stock market reached new highs and both US presidential candidates made positive comments about cryptocurrencies.

Moreover, the Federal Reserve's (Fed) decision to reduce interest rates on September 18 and the Chinese central bank's announcement of a series of interest rate cuts created an environment that could be favorable for Bitcoin.

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Although Bitcoin had a bullish outlook in the fourth quarter, there was an oversupply caused by the actions of the US and German governments and Mt. It faces challenges such as upcoming repayments to creditors from the Gox exchange.

According to CNBC, while many traders are adopting a wait-and-see approach regarding the outcome of the upcoming US presidential elections, the increasing tensions between Israel and Iran in the Middle East are also noteworthy.

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