Originally published on: October 01, 2024
Bitcoin’s price is currently 7% below the recent high of $66,508, but analysts suggest that this dip may just be a necessary reset of key metrics as Bitcoin gets ready for substantial gains in the final quarter of 2024.
According to Jamie Coutts, chief crypto analyst at Real Vision, Bitcoin’s valuation metrics have significantly decreased from extreme overbought levels earlier this year. This reset is evident in metrics like the market value realized value (MVRV) Z-score, which indicates that Bitcoin is undervalued across multiple timeframes.
Additionally, Coutts highlighted that Bitcoin’s open interest (OI) is high, showing market sentiment and potential future price movements. This, combined with increasing global liquidity, sets the stage for a “major move higher” in Bitcoin’s price.
Independent analyst Lyn Alden’s report indicates a historical correlation between Bitcoin’s price and global liquidity, suggesting that an uptick in liquidity could contribute to a surge in Bitcoin’s value.
CoinGlass data shows that Bitcoin had its best September on record, closing 7.29% higher, fueling speculations on how Bitcoin will perform in the final quarter of 2024, a halving year and US election year.
Bitcoin analyst Timothy Peterson warns of potential weakness during US election years but anticipates stronger performance in November and December as uncertainties settle.
On the other hand, analyst Archie predicts Bitcoin to continue its upward trajectory after a positive September, setting a six-figure price target for the end of the year.
As we head into Q4, the stage is set for Bitcoin to make a significant move, with analysts and investors closely watching for potential gains in the final months of 2024. Make sure to conduct your own research before making any investment decisions in this dynamic market.
