Bitcoin (BTC) could be gearing up for a new All-Time High (ATH) this year if it breaks through key resistance levels at $60,000. Despite experiencing substantial volatility and price instability over the past few months, analysts express bullish optimism for the cryptocurrency in the coming months.
New Bitcoin All-Time High Incoming
The Bitcoin price chart is flashing bullish signals as the cryptocurrency is up above $60,000 once again. Earlier this month, Bitcoin jumped over the $60,000 mark but witnessed a minor correction that pushed its price back below $59,000.
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With the cryptocurrency recovering its previous momentum, many analysts expect more gains in the future. In an X (formerly Twitter) post on September 17, popular crypto analyst, Michael van de Poppe suggested that as long as Bitcoin can maintain a steady price above $58,500, the market will remain strong and positive, signaling the possible start of the bull market.
Based on his price chart of Bitcoin’s movements, the $58,500 price mark is seen as a critical support area to hold and Poppe has predicted that if Bitcoin continues to trade above this level, it could experience a massive pump to new all-time highs in October 2024. This significant price increase is anticipated to surpass Bitcoin’s current ATH, which jumped above $73,000 in March 2024.
At the time, the trigger to Bitcoin achieving its March ATH was the launch of Spot Bitcoin ETFs and the subsequent large-scale demand. This time, BTC is expected to reach a new ATH, catalyzed by a confluence of factors, including the fact that Q4 of all Bitcoin halving years is typically seen as a bullish period for the cryptocurrency.
Before this attack on the ATH in October, Poppe revealed that Bitcoin may experience a “sweep of the liquidity” as well as a short period of consolidation. The analyst highlighted that September remains a significantly weak month for Bitcoin, characterized by price declines and volatility.
However, he has forecasted that BTC could witness a clear breakout to the upside above $62,000 by the end of the month, or in early October. As of writing, Bitcoin is trading at $60,471, marking a 3.76% price increase in the last 24 hours, according to CoinMarketCap.
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