Fourth Quarter 2024 is a Crucial Period for Bitcoin, Here’s the Explanation

Todaysgist, News – Bitcoin started the year with optimism. Bitcoin prices surged more than 40% amid the launch of a Bitcoin ETF in the United States (US) and a halving event that reduced the supply of new Bitcoins to the market.

Unfortunately, this increase in Bitcoin prices did not continue until the beginning of the third quarter of 2024. Bitcoin’s journey during the last quarter of this year has become the focus of attention for investors and traders.

Unlike previous cycles, Bitcoin’s price in 2024 reached an all-time high before the halving, a phenomenon that has raised speculation about the potential for a “super megacycle” in this halving year.

However, more than 123 days since the halving, Bitcoin price has not managed to surpass its previous high, even falling 13% in the past month. This has sparked debate among market participants about the possibility of a rally in the fourth quarter of 2024.

Tokocrypto trader Fyqieh Fachrur explained that although the current market cycle may take longer than previous cycles, the potential for Bitcoin to reach a new record high remains very open.

He is optimistic that despite the challenges in breaking through key resistance levels, the positive momentum that is currently building will push Bitcoin towards reaching new highs in the near future.

“Investors must remain vigilant and ready to take opportunities, because market dynamics can change quickly and take Bitcoin to new, higher levels,” he explained in a written statement, Monday (26/8/2024).

According to him, the value of Bitcoin will most likely increase in the fourth quarter of 2024. Data from CoinGlass reveals that Bitcoin has always recorded positive returns in Q4 during halving years, with significant gains in 2016 and 2020.

“In addition, Bitcoin has also posted positive returns in eight of the 11 years between 2013 and 2023, with an average return of 88%. If history is any guide, there is a 73% chance that Bitcoin will strengthen in the fourth quarter of 2024,” he explained.