bullish

2024

Bitcoin

<ul> 
 <li>Bitcoin’s Q4 rally historically has a 73% chance of occurring during halving years.</li> 
 <li>Breaking the 200-day EMA is crucial; failure could lead to significant price drops.</li> 
</ul> 
In a recent CNF<a href="https://www.crypto-news-flash.com/bitcoin-accumulation-matches-2019-100k-parabolic-rally-imminent-these-2-altcoins-are-set-to-explode-in-price/"> update</a>, we questioned whether the current Bitcoin accumulation matches that of 2019 and if a $100K parabolic rally is imminent. In a turn of events, Bitcoin (BTC) actually started 2024 on a strong note, climbing over 40% year-to-date, driven by positive developments like the launch of spot Bitcoin ETFs in the U.S. and the halving event, which cut miners’ rewards by 50%. 
Veteran trader Peter Brandt suggested in his tweet yesterday that this market cycle could become the longest post-halving in history, indicating either a delayed all-time high or none at all. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 An FYI on <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Current bull market cycle in <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> will soon become the longest time post halving in history for a new ATH or, Could indicate that new ATH is not in the cards <a href="https://t.co/jkeboVAGtp">pic.twitter.com/jkeboVAGtp</a> 
 — Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1826227273684726124?ref_src=twsrc%5Etfw">August 21, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
However, <a href="https://www.crypto-news-flash.com/glass-node-analyst-predicts-bitcoin-at-250k-expert-says-to-get-in-on-borroe-finance-presale-before-price-goes-parabolic/">historical data</a> from CoinGlass shows that Bitcoin typically sees strong returns in Q4 during halving years, with a 73% chance of a rally. CryptoQuant’s CEO, Ki Young Ju, noted that Bitcoin’s current accumulation phase might precede a significant uptrend in late 2024. 
According to today’s CoinMarketCap data, Bitcoin (BTC) has surged by 2.02% in the past day and 5.01% in the past week, reaching a current price of $60,914.78. See BTC price chart below. 

<div class="cryptoboxes" id="mcw-19491" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="bitcoin" data-symbol="BTC" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="month" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div> 
It is important to note that Bitcoin’s price faces <a href="https://www.crypto-news-flash.com/bitcoin-to-surge-400-as-trader-eyes-long-term-gains-despite-short-term-pain/">significant resistance</a> at the 200-day EMA. If BTC fails to break through this level, analysts like Mark Cullen warn that prices could drop towards $57,500 or even revisit the $54,500 level, highlighting the challenges Bitcoin faces in sustaining its bullish momentum.

Bitcoin Gearing Up for a ‘Parabolic’ Rally in Q4? Historical Data Suggests It Might Be

Crypto News Flash

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