Bitcoin recently surged past $55,000 in early August, marking a notable 20% gain. Since then, it has been trading within a tight range, hovering between $57,000 and $63,000. Julio Moreno, head of research at CryptoQuant, has noted that Bitcoin’s performance in 2024 will be similar to its behavior during the 2016 and 2020 halving years.
As the fourth quarter approaches, there are signs that Bitcoin is gearing up for a significant rally.
Bitcoin Poised for Q4 Surge
Julio Moreno pointed out in a recent tweet that Bitcoin's performance in 2024 will closely follow the trends seen during the 2016 and 2020 halving years. Historically, Bitcoin has seen significant price gains in the latter part of these halving years, and Moreno believes that if Bitcoin is going to see a boost, it will likely happen in the fourth quarter of 2024.
Bitcoin has seen large price increases following the halving events of 2016 and 2020. These past trends are useful for predicting current patterns. The similarities between Bitcoin’s performance in 2024 and those previous years suggest that we could see a similar price increase.
If historical trends continue, Bitcoin's price could rise significantly during this period, just as Moreno predicts.
Long term investors who go long
Recent analysis shows that over 300,000 BTC has been added to the wallets of long-term holders (LTH) in the past three months. This significant accumulation reflects the growing confidence in Bitcoin’s future.
The ratio of long-term holders to short-term holders has increased by 8.7% over the past month, showing that LTHs now hold a larger share of the market. For aggressive traders, this period can be seen as an opportunity to buy at lower prices, in anticipation of an imminent price increase.
On the other hand, a breakout above $63,000 could trigger a new bullish trend, possibly pushing Bitcoin towards the resistance zone between $70,000 and $72,000.
See Also: Bitcoin Price Prediction: Mild Bullish Momentum Expected as Negative Financing Rates Indicate Positive Outlook
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