The fourth quarter (Q4) of every four-year cycle has historically been bullish for Bitcoin (BTC). With Uptober just around the corner, a crypto analyst has made predictions on how high the price of Bitcoin could climb during this typically bullish season.
In a recent post on X (formerly Twitter), crypto analyst Jelle shared insights on how the next few weeks could impact the price of Bitcoin. September is typically seen as a bearish period for BTC, characterized by volatility and severe price declines. However, in the crypto market, a prolonged bearish period often precedes a breakout.
As September comes to a close, the highly anticipated Uptober is set to begin. “Uptober” is a term coined by many in the crypto community to describe the typical upward pricing pattern seen during October. Jelle pointed out that in the previous two bull cycles, Bitcoin’s price had broken out two to three weeks after the start of Q4, which begins in October.
Based on this recurring bullish trend, the analyst has suggested that a similar price breakout might occur for Bitcoin within a few weeks of October. Jelle shared a detailed chart of BTC’s price movements from 2020 till date, pinpointing the cryptocurrency’s next price target.
He predicted that Bitcoin’s price could surge as high as $150,000 in October, requiring a rise of about 135% from its current price of $63,817. Another crypto analyst, known as ‘Altstein Trade,’ also mentioned that October is a pivotal month for BTC, and historical patterns suggest exciting possibilities if Bitcoin can push through the chop fest season.
Looking at fractal patterns, Bitcoin expert Kaleo drew parallels between Bitcoin’s price action last year and the current trends observed in September 2024. Kaleo pointed out that September 2023 marked a bottom for Bitcoin, but the cryptocurrency experienced an upward momentum at the end of September, extending to December.
Kaleo remains optimistic about Bitcoin’s future outlook, expecting the cryptocurrency’s price action to align with historical bullish patterns in Q4. Based on his price chart, Kaleo projects that BTC could potentially witness a price surge to $112,000.
In conclusion, analysts are optimistic about Bitcoin’s performance in the upcoming Uptober, with expectations of significant price increases and new highs. The historical bullish patterns in Q4 suggest that Bitcoin could see substantial growth in the coming weeks. As the crypto market gears up for Uptober, all eyes are on Bitcoin’s price movements and the potential for a breakout in the months ahead.
