BTC, the largest cryptocurrency by market cap, bounced off the $52,620 support level on Friday, showing signs of a price reversal in the short term. Market analysts expect that if this momentum continues, the asset could see its value rise to the $59,000 threshold by the end of the week. Could this be the start of the long-awaited bull run?
BTC Price Action
Bitcoin has shown increased positivity over the past 24 hours, with its price challenging previous highs. As noted on CoinMarketCap, the token started the day at an opening price of $53,830 before jumping to an intraday high of $56,007 and stabilizing above the $56,000 mark.
At press time, BTC was trading at $56,460, up 4.74% from the previous day. Following this surge, its intraday market cap also soared to $1.115 trillion, cementing its position as the dominant player in the crypto industry.
Likewise, the token’s trading volume also looks quite comparable as it has grown by over 77% and moved the token to around the $29.498 billion threshold. This bullish price action suggests that investors in the Bitcoin market may regain interest and further price increases could be seen in the next few days.
However, BTC has not completely eradicated the bearish sentiment in its market as can be seen from the weekly chart which shows a decline of 3.13% from the opening price of $58.31k. However, any break above this level can be considered a reliable bullish signal for Bitcoin and could pave the way for higher tops.
Analysts React to Shift in Bitcoin Optimism
In a post on X (formerly Twitter), renowned market analyst Rekt Capital argued that BTC’s performance has been resilient in Q4s, especially during halving years. Historically, the October to December period has been a period of steady upward movement for the cryptocurrency in such years.
#BTD
Bitcoin is in the year of halving
Therefore, it makes sense to compare 2024 with previous halving years.
In previous halving years (2016 and 2020), Bitcoin showed growth for three months in a row: in October, November and December$BTC #Crypto #Bitcoin pic.twitter.com/q73EvHOkVn
— Rekt Capital (@rektcapital) September 8, 2024
Therefore, Rekt Capital stated that the most appropriate comparison for Q4 2024 would be to previous halving years. This could lead to Bitcoin experiencing three-month bull runs in October, November, and December.
However, the analyst also posted another warning on Twitter, stating that the only time BTC has declined in Q4 was in 2014 and 2018, when it fell by 12%, 95%, and 3.83%, respectively. However, these events occurred during bear markets.
#BTD
The only times Bitcoin fell in October were in 2014 (-12.95%) and 2018 (-3.83%).
These were bear markets.
Bitcoin is currently in a state of halving$BTC #Crypto #Bitcoin pic.twitter.com/MlkIyLroxG
— Rekt Capital (@rektcapital) September 9, 2024
Will the Bull Run Last?
Following this price rebound, BTC is expected to extend its recent high near $58,577, which was last seen on September 4. Assuming the cryptocurrency clears this hurdle, it could face resistance along the 61.8% Fibonacci level at $59,929, an area that has historically proven to be a reliable resistance point.
Market analysts believe that the success of this move could signal a solid uptrend in the near term for the BTC token, potentially targeting $62,000. On the contrary, if BTC fails to break through the $58,577 zone, it could pull back to the $53,591 level for support before attempting to rally to the bullish level again.
