Bitcoin has shown a remarkable surge in 2024, driven by factors like the launch of spot Bitcoin ETFs in the US and the halving event. While the cryptocurrency’s price has faced recent volatility, historical data suggests a potential parabolic rally in the fourth quarter of the year.

Historical Trends and Predictions

• Post-Halving Performance: Bitcoin’s price has historically shown positive returns in Q4 of halving years, with gains as high as 168% in 2020.
• Expert Opinions: Analysts like Peter Brandt and Ki Young Ju have predicted a potential parabolic uptrend in Q4, based on historical patterns and current market conditions.
• Accumulation Phase: Ju believes Bitcoin is currently in an accumulation phase, setting the stage for a significant price increase.

Technical Analysis

• Resistance Levels: The 200-day EMA poses a significant resistance level for Bitcoin. Breaking through this barrier could lead to a more substantial rally.
• IOMAP Model: The In/Out of the Money Around Price model indicates potential resistance zones that could hinder price recovery.

Conclusion

While historical data and expert opinions suggest a bullish outlook for Bitcoin in Q4, technical analysis highlights potential challenges. If Bitcoin can overcome these obstacles, a parabolic rally could be on the horizon. However, a failure to break through resistance levels could lead to a price correction.

Read Similar: Bitcoin’s September Surprise: 3 Reasons for a Bullish Breakout