What awaits Bitcoin in Q4?

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Despite Bitcoin's struggles, one analyst believes BTC is approaching a potential breakout milestone that could lead to a six-figure price.

Gert van Lagen, an independent technical analyst, believes that Bitcoin's current price action will eventually lead to an explosive outcome. Van Lagen highlighted the formation of a parabolic curve, in which BTC continues to rise in a stair-step manner.

The chart also highlights a rare “Cup and Handle” (CnH) pattern on the weekly chart – which has been forming for nearly three years, since October 2021.

Bitcoin's CnH model is about to enter a strong breakout phase. Source: X

On the parabolic curve, base 1 was formed at the market Dip in November 2022. The price recovery from $15,460 to $25,290 confirmed base 2. Bitcoin's sideways consolidation between $30,000 and $25,000 in April 2023 and September 2023 confirmed base 3.

Bitcoin then saw its first parabolic increase of 198%, reaching a new ATH of $73,737 in March 2024.

Over the past few weeks, the BTC/USD chart has been showing the formation of a base 4 – the final stage of a parabolic curve. Base 4 is also the “handle” part of the CnH pattern, which is approaching a simultaneous breakout.

As Bitcoin breaks above the 4 base level, the analyst predicts “this is the strongest bull run BTC has ever seen.”

By the end of 2024, the price target will be above $260,000, a 312% increase from the current price of BTC.

Source: CoinGlass

As observed, Short liquidations amounted to $7.18 billion at that price as of August 27. Similarly, at $72,581, another $6.54 billion in Short positions would have been liquidated.

However, Longing/ Short accounts have turned strongly bullish over the past 24 hours despite the BTC price drop.

Bitcoin 3 Year Chart

Bitcoin Longing/ Short Accounts on Binance. Source: CoinGlass

The data shows that 57.19% of accounts are currently Longing. However, the taker buy/sell volume among traders on each side is very balanced, as the Longing/ Short ratio is currently still at 1.01.

Real Vision analyst Jame Coutts has predicted that BTC price will enter “batshit season” or “banana zone” with a target of $150,000.

Banana zone is defined as a parabolic rally where price and volume witness a significant escalation, triggering general market interest and thus, continuing the exponential upward momentum.

Additionally, Smithson With, a Bitcoin researcher, also Chia a study that correctly predicted Bitcoin's top from previous bull cycles. With's price target changes throughout 2025, but the minimum expected price is $164,173 on January 1, 2025.

Overall, these predictions follow a similar pattern, where BTC is expected to move rapidly once the previous All-Time-High is broken.

You can XEM the Bitcoin price here.

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Itadori

According to Cointelegraph

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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