Bitcoin

Banana

Bitcoin will soon enter what one analyst is calling “batshit season,” which could see the price of BTC surge as high as $150,000 by the end of 2024 — but others suggest a short-term seller overhang could dent the rally.&nbsp;
In an Aug. 26 X <a data-ct-non-breakable="null" href="https://x.com/Jamie1Coutts/status/1828044742682141108/photo/1" rel="null" target="null" text="null">post</a>, Real Vision analyst Jamie Coutts said that “unless something has fundamentally changed,” Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null">BTC</a>) price action is still on track to enter “batshit season,” also known as <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-banana-zone-crypto-analysts-key-metrics" rel="null" target="null" text="null">the Banana Zone</a>, a term coined by Real Vision founder Raoul Pal.&nbsp;
In an attached chart, Coutts noted that in the previous two bull cycles, Bitcoin had notched new respective all-time highs in the 365 days following local US Dollar Index peaks.&nbsp;
He suggested that if BTC follows previous bull market patterns, it could surge more than 100% from an approximate price of $64,000 to reach as high as $150,000 by the end of 2024.&nbsp;
<figure>
 <img alt="Bitcoin poised for $150K ‘batshit season’ but sellers could dent rally" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919209-3b38-79f0-8757-b5437da68f63">
 <figcaption style="text-align: center;">
 Bitcoin could rally over 100% if it follows previous cycle trends. Source: Jamie Coutts
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However, other analysts aren’t as optimistic in the short term. Pseudonymous CryptoQuant researcher “XBTManager” pointed to high volumes of potential selling pressure for Bitcoin.&nbsp;
<h2 id="strong-short-term-btc-sellers-have-become-active-strong">Short-term BTC sellers have become active</h2>
In an Aug. 27 research <a data-ct-non-breakable="null" href="https://cryptoquant.com/insights/quicktake/66cbb54f1f00ab5dee89f4b5-Sellers-have-become-active?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=xbtmanager" rel="null" target="null" text="null">note</a>, XBTManager noted that large short-term Bitcoin sellers had “become active.” He explained that while Bitcoin had staged a successful rally last week, some stagnant metrics had begun showing signs of activity once again.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-40-month-slump-bitcoin-dollar-freefall-scenario" rel="null" target="null" text="null">Ethereum’s 40-month slump vs. Bitcoin won’t end in a dollar ‘freefall’ scenario</a>
“Short-term holders transferred 33,155 Bitcoin as shown by the 1w-1m spent output age bands. This could present immediate selling pressure. The slowdown in price suggests that Bitcoin might initiate a free pullback,” wrote XBTManager.&nbsp;
<figure>
 <img alt="Bitcoin poised for $150K ‘batshit season’ but sellers could dent rally" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919208-fc9e-7860-8fe5-139137544fb3">
 <figcaption style="text-align: center;">
 Short-term holders transferred 33,155 Bitcoin in recent weeks. Source: CryptoQuant
 </figcaption>
</figure>
He advised “extra caution” if these figures were to increase in the coming days, adding that a potential sell-off could intensify.&nbsp;
On Aug. 23, Bitcoin’s price gained 6.2% and has since held steady above the $63,000 support level.&nbsp;
Despite this price action, many Bitcoin derivatives traders have yet to flip bullish, indicating <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-s-weekend-rally-fizzles-and-under-64-k-pro-traders-take-neutral-positions" rel="null" target="null" text="null">skepticism about the recent move</a> upward.
The Bitcoin futures premium — a key indicator of risk appetite for derivatives — has stagnated at around 6% for the last month. This indicates that many professional traders remain cautious about opening leveraged long positions.&nbsp;
<figure>
 <img alt="Bitcoin poised for $150K ‘batshit season’ but sellers could dent rally" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919208-baf1-7841-aad1-fa9c9f031ce4">
 <figcaption style="text-align: center;">
 Bitcoin two-month futures annualized premium. Source: Laevitas
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</figure>
Asia Express: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-mining-crackdown-epicenters-nft-phishing-scam-asia-express/" rel="null" target="null" text="null">Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam</a>

Bitcoin poised for $150K ‘batshit season’ but sellers could dent rally

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