Bitcoin price shows a modest loss of 0.13% during Sunday trading, currently trading at $65789. If the monthly candle closes around the aforementioned value, September 2024 would record around 15% growth. The historical shows this recovery trend in this month is rare, but if happening it signals the potential growth in Q4.
Is Bitcoin Price Poised to Repeat Its Q4 Rally After a September Upswing
According to the Coinglass data, the Bitcoin price trades at $65818 while the market cap holds at $1.3 Trillion. If the monthly candle closes around $65800, September 2024 would record an 11.5%-15% growth.
Since 2013, Bitcoin has experienced a September positive trend only thrice scenarios, each acting as a precursor of the significant rally to 2024. If history is an indicator, the BTC price could witness a prolonged recovery in Quarter 4, potentially pushing the asset past All time high of $73,750.
ETFs are heating up in the cryptocurrency market, with spot Bitcoin ETFs witnessing substantial inflows last week. On Friday alone, Bitcoin recorded a remarkable $494.4 million in net inflows, according to Sosolvaue data.
Over the weeks, the spot Bitcoin ETFs witnessed a weekly inflow of +$1.1B, indicating growing institutional interest. Moreover, the spot ETH ETH recorded a $85 million weekly info. This inflow is a positive sign for the market, potentially indicating rising confidence in digital assets.
BTC Eyes 25% Rally as Bull Flag Pattern Signals Breakout
This week, the Bitcoin price prediction recorded a substantial jump from $60800 to $65910, registering a 5% This upswing assisted the price to extend V-shaped in the daily chart, reflecting a sudden flip in market sentiment.
With sustained buying, the BTC price surged 3% before challenging the resistance trendline of a bull-flag pattern. Theoretically, the chart setup drives a temporary counter-trend move before providing a deceive breakout.
An upside breakout will accelerate the bullish momentum and drive a rally to $85000, accounting for 25% potential growth.
On a contrary note, if the overhead supply from the resistance trendline persists, the Bitcoin price could spark another reversal.
Frequently Asked Questions (FAQs)
Bitcoin ETFs recorded strong institutional demand last week, with over $1.1 billion in net inflows
Historically, Bitcoin has posted substantial Q4 gains following positive September closes, as seen in 2017, 2020, and 2021. If this pattern repeats, Bitcoin could see a major rally, potentially surpassing its all-time high of $73,750 in Q4 2024.
A bull-flag pattern on the Bitcoin chart suggests a potential upside breakout. If this occurs, Bitcoin could rally up to 25%, driving the price to around $85,000.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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