Bitcoin Price Forecast 2024 October Sees a 60 Likelihood of BTC Price Surging to Unprecedented Levels

Bitcoin’s price is currently trying to recover from a major drop last week, aiming to regain the $56k support level. However, concerns about further crypto capitulation have caused the total valuation of digital assets to decrease by 3.3 percent in the past 24 hours, reaching around $2.14 trillion on Monday.
The lack of significant crypto events in the near future has contributed to increased pessimism in the industry. Analysts predict that the crypto market will follow the performance of major stock indexes during the remaining months of this year’s bull run. They also expect more miners to re-enter the market after recently capitulating and upgrading their mining rigs. Additionally, the fourth halving event will have a significant impact as institutional investors continue to adopt Bitcoin and other digital assets.
According to Timothy Peterson, an experienced Bitcoin analyst and economist, the bullish sentiment in the crypto market is likely to return in the fourth quarter of 2024. Peterson’s technical research indicates that if the price of Bitcoin closes above $50k in July, there is a high probability that it will continue to trade above this level in October. He also states that there is a 60 percent chance that Bitcoin’s price will be higher in three months after a 25 percent drawdown from its all-time high. Furthermore, there is a 25 percent chance of reaching a new all-time high in three months, and even a 10 percent chance of reaching $100k in that time.
Looking at the bigger picture, Bitcoin’s price has experienced its largest correction phase after significant gains since the beginning of last year. The increased adoption of web3 protocols and digital assets by institutional investors has greatly boosted liquidity and bullish sentiment in the crypto market. Therefore, there is a relatively high likelihood of continued bullish momentum later this year, especially considering the upcoming U.S. general election and anticipated interest rate cuts.
Tags: Bitcoin, Price Analysis