After Bitcoin (BTC) failed to hold its price above the $60,000 mark, a cryptocurrency analyst has maintained that the asset will likely reach new highs in the coming months.
This projection comes after Bitcoin experienced a notable price consolidation, with analysts suggesting that it aligns with the post-halving movement before a possible rally.
In this context, crypto trading expert Mikybull Crypto, in an X post on August 20, pointed out that Bitcoin is poised for another all-time high in the last quarter of the year. Notably, the analysis highlighted Bitcoin’s cyclical behavior, particularly its performance during the “Summer Phase” in previous years.
Bitcoin price analysis chart. Source: TradingView
Notably, Bitcoin’s price tends to consolidate or experience slight declines in these phases, as observed in both 2022 and 2023. However, these periods are typically followed by a sharp upward movement, which Mikybull Crypto suggests is about to occur again in 2024.
The Bitcoin price projection shows a descending channel in the current phase, mirroring the pattern seen in previous years. This pattern, which has occurred after a bullish run, often precedes a significant breakout, setting the stage for a new all-time high.
According to the analyst, investors should “ignore the summer phase” and instead focus on preparing for the upcoming rally. Notably, the current consolidation phase is a precursor to a major price movement that could catapult Bitcoin to new heights.
The analyst’s prediction of a run to $95,000 and eventually $143,000 for the fourth quarter of 2024 suggests that Bitcoin could experience one of its most significant bull runs in recent history.
Key Bitcoin prices to watch
In the near term, crypto trading expert Michaël van de Poppe, in another X post on August 20, suggested that Bitcoin has shown resilience by holding a crucial support level at $56,000, marking a positive start to the week.
Although Bitcoin failed to hold above $60,000, the expert suggested that sentiment remains bullish.
The next significant hurdle for Bitcoin lies in breaking through the $61,000-$62,000 range. According to Poppe, a successful breakout here could pave the way for Bitcoin to challenge its all-time high.
Bitcoin price analysis chart. Source: TradingView
Overall, he noted that August has historically been a delicate month for Bitcoin, often marked by corrections. However, recent market movements suggest that the correction phase may be over, especially as the holiday season winds down.
Notably, with Bitcoin lacking any significant catalysts in the short term, investors are looking for insights from other macroeconomic data. In this case, the U.S. Bureau of Labor Statistics (BLS) is set to publish a preliminary estimate of the benchmark revision to the level of monthly nonfarm payrolls from April 2023 to March 2024.
Analysts project that the data will show job growth significantly weaker than initial estimates in the year to March 2024, signaling weakness. The anticipated downward revision to jobs data could reignite recession fears, prompting a shift from risk assets like cryptocurrencies.
Bitcoin price analysis
As of press time, Bitcoin was trading at $59,140, having plunged by almost 3% in the last 24 hours. In the weekly timeframe, BTC is down by over 3%.
Bitcoin seven-day price chart. Source: Finbold
As things stand, Bitcoin’s main challenge remains reclaiming the $60,000 mark and targeting $61,000 to exit the current consolidation phase.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
