After Bitcoin (BTC) failed to hold above $60,000, one crypto analyst still believes the asset is likely to hit new highs in the coming months. The prediction comes after Bitcoin experienced a notable period of price accumulation, with analysts suggesting that this is consistent with the post-halving trend before a potential bull run.
In this context, cryptocurrency trading expert Mikybull Crypto, in a post on X on August 20, pointed out that Bitcoin is preparing for another all-time high in the final quarter of the year. Notably, this analysis highlights Bitcoin’s cyclical behavior, especially its performance during the “Summer Phase” in previous years.
Notably, Bitcoin prices tend to consolidate or decline slightly during these periods, as observed in both 2022 and 2023. However, these periods are often followed by a strong rally, which Mikybull Crypto suggests will occur again in 2024.
Bitcoin price prediction shows a falling channel in the current period, mirroring a pattern seen in previous years. This pattern, which usually occurs after a strong rally, often heralds a major breakout, laying the groundwork for a new all-time high.
According to the analyst, investors should “look past the summer phase” and instead focus on preparing for the upcoming bull run. Notably, the current accumulation phase is a precursor to a major price movement that could push Bitcoin to new highs.
Analyst’s prediction that Bitcoin price could reach $95,000 and eventually $143,000 by Q4 2024 suggests that Bitcoin could experience one of the biggest bull runs in recent history.
Important Bitcoin Price Levels to Watch
In the short term, cryptocurrency trading expert Michaël van de Poppe, in a post Another on X on August 20, suggested that Bitcoin has shown resilience by holding key support at $56,000, marking a positive start to the week.
Although Bitcoin failed to hold above $60,000, the expert said that sentiment remains bullish.
The next important hurdle for Bitcoin is breaking above the $61,000-62,000 range. According to Poppe, if it successfully breaks here, Bitcoin could challenge its all-time high.
Overall, he noted that August is typically a sensitive month for Bitcoin, often marked by corrections. However, recent market moves suggest that the correction phase may be over, especially as the holiday season comes to a close.
Notably, with Bitcoin lacking any major near-term catalysts, investors are looking for information from other macroeconomic data. In this case, the U.S. Bureau of Labor Statistics (BLS) is scheduled to release its preliminary estimate of the revision to its benchmark index of monthly nonfarm payrolls from April 2023 to March 2024.
Analysts expect the data to show significantly weaker-than-first-estimated job growth in the year to March 2024, signaling weakness. The expected downward revision to the jobs data could stoke fears of a recession, prompting a move away from riskier assets like cryptocurrencies.
Bitcoin Price Analysis
At the time of writing, Bitcoin is trading at $59,140, down nearly 3% over the past 24 hours. On a weekly basis, BTC is down more than 3%.
Currently, Bitcoin’s main challenge remains to reclaim the $60,000 mark and target $61,000 to exit the current accumulation phase.