2024

bullish

Bitcoin

Gold

<p class="is-style-lead">Bitcoin price has done modestly well this week as it soared to $66,000, rising to its highest level since July 31. </p> 
<h2 class="wp-block-heading" id="bitcoin-moves-into-bull-market">Bitcoin moves into bull market</h2> 
<p>Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) recovery coincided with the surge of the most risky assets like altcoins and equities. The Dow Jones and the S&amp;P 500 index have jumped to a record high, while the Nasdaq 100 is a few points below its all-time high.</p> 
<p>In a post on X.com, crypto analyst Miles Deutscher estimated that Bitcoin may continue rising in the near term, reaching a high of $81,000.</p> 
<p>He argued that the S&amp;P 500 index, which tracks the biggest American companies, was up by 9% above its highest level this year. As such, he told his 541,000 followers that the coin would hit $81,000 if it caught up with equities as it has done in the past.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> could break ATHs way sooner than you think.<br><br>The S&amp;P 500 is now sitting 9% above its yearly high.<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$BTC</a> is still lagging, 11% below its yearly high ($74k).<br><br>If BTC catches up to stocks (9% above yearly high) – this would imply a BTC price of $81,000.<br><br>The catchup begins. <a rel="nofollow" href="https://t.co/VqpZ7oOrGg" target="_blank">pic.twitter.com/VqpZ7oOrGg</a></p>— Miles Deutscher (@milesdeutscher) <a href="https://twitter.com/milesdeutscher/status/1839934881251635415?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 28, 2024</a>
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<p>Other analysts are bullish on Bitcoin. In a recent note, analysts at BlackRock, the biggest asset manager in the world, referred to Bitcoin as a “unique diversifier” in a report on Sept. 17.<strong> </strong></p> 
<p>The New York-based firm argued that the top cryptocurrency was a unique asset that is uncorrelated with equities, especially in periods of elevated risks.&nbsp;</p> 
<p> You might also like: <a rel="" href="https://crypto.news/blackrock-makes-its-case-for-bitcoin-as-its-price-stalls/"> Blackrock makes its case for Bitcoin as its price stalls </a> </p> 
<p>BlackRock has continued allocating Bitcoin in its balance sheet, a move that may inspire other firms to start buying.&nbsp;</p> 
<p>Meanwhile, MicroStrategy has continued to accumulate Bitcoin. The firm’s founder, Michael Saylor, predicts that Bitcoin will rise to over $13 million by 2045. The company currently holds over 252,000 coins.&nbsp;</p> 
<p>MC Consultunacy founder and self-proclaimed Bitcoin enthusiast Michael van de Poppe also noted that the coin would jump to between $90,000 and $100,000 by the end of the year. He cited the soaring global liquidity, which will increase as central banks <a href="https://crypto.news/crypto-products-see-surge-in-inflows-fueled-by-fed-rate-cut/" target="_blank">slash interest rates</a>.</p> 
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   <p lang="en" dir="ltr">Gold continues to push higher, while Silver has reached the highest price level in a decade.<br><br>Global liquidity is significantly increasing and <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Altcoins</a> have barely started.<br><br>Before the end of the year, we’re likely seeing <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> trading between $90,000-100,000.</p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1839224262407893155?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 26, 2024</a>
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<p>Seasonality is also favoring Bitcoin in the near term. CoinGlass data shows that the average return in the fourth quarter is 88%, higher than the third quarter’s 6.3% and the second quarter’s 27%. </p> 
<p>October and November are usually the best months for the coin.</p> 
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  Bitcoin performance by month | Source: <a href="https://www.coinglass.com/today" target="_blank" rel="nofollow">CoinGlass</a>
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<p>Polymarket traders are betting that the coin will jump to a new all-time high in 2024 — <a href="https://polymarket.com/event/bitcoin-new-all-time-high-in-2024?tid=1727538329124" target="_blank" rel="nofollow">63% odds</a>.</p> 
<h2 class="wp-block-heading" id="bitcoin-technicals">Bitcoin technicals</h2> 
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  Bitcoin price chart | Source: <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank" rel="nofollow">TradingView</a>
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<p>The daily chart shows that Bitcoin has solid technicals. It has formed an inverse head and shoulders pattern, a popular bullish sign. It has also been forming a falling broadening wedge.</p> 
<p>Bitcoin has avoided forming a death cross pattern, and has instead, moved above the 50-day and 200-day moving averages. The coin will need to move above the upper side of the wedge to continue the bullish trend and clear the year-to-date high of 73,777 to accelerate the recovery.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/the-dreaded-death-cross-and-shining-golden-cross/"> The Dreaded Death Cross and Shining Golden Cross </a> </p>

Bitcoin poised for surge, analysts expect new all-time high

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