Bitcoin recently surged past $55,000 in early August, marking a notable 20% gain. Since then, it has been trading within a narrow range, fluctuating between $57,000 and $63,000. Julio Moreno, Head of Research at CryptoQuant, has observed that Bitcoin’s performance in 2024 is similar to its behavior in the halving years of 2016 and 2020.
With the Q4 approaching, there are signs that Bitcoin could be gearing up for a significant rally.
Bitcoin Set for a Q4 Surge
In a recent tweet post, Julio Moreno pointed out that Bitcoin’s performance in 2024 is closely mirroring the trends observed during the halving years of 2016 and 2020. Historically, Bitcoin has shown significant price increases 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 experienced major price rallies after its halving events in 2016 and 2020. These past trends are useful for predicting current patterns. The similarities between Bitcoin’s performance in 2024 and those earlier years suggest that we could see a similar price increase.
If historical trends continue, Bitcoin’s price might rise significantly during this period, just as Moreno predicts.
Long-Term Holders Going Long
Recent analysis reveals that over 300,000 BTC have been added to long-term holders’ (LTH) wallets in the last three months. This significant accumulation reflects growing confidence in Bitcoin’s future.
The ratio of long-term holders to short-term holders has risen by 8.7% in the past month, showing that LTHs now command a larger portion of the market. For aggressive traders, this period may be seen as an opportunity to buy at lower prices, anticipating an upcoming price surge.
On the other hand, a breakout above $63,000 could spark a new bullish trend, potentially pushing Bitcoin towards the resistance zone between $70,000 and $72,000.
Also Check Out: Bitcoin Price Prediction: Slight Bullish Momentum Expected as Negative Funding Rates Signal Positive Outlook