Bitcoin has finally moved out of the bearish trend, which opens up possibilities of a bull market just in time for Q4, as Crypto Rover shared in a YouTube video on Saturday. Past performance data indicates that markets have performed well in this period, and Bitcoin is already looking good, trading at around $66,000 after breaking through important barriers.
Price Trend Reversal
Looking at the current price of Bitcoin, he makes several key points in his analysis. Bitcoin price finally escaped from the declining pattern, which has been forming the price trend for several months. Rover pointed out that this breakout and the confirmation of higher highs on the daily chart mean the start of an upward trend. This change in the trend comes after a 200-day consolidation suggesting that Bitcoin is now in the process of preparing for a major surge.
The analyst noted that Bitcoin has broken through the previous range high, which means that the asset has only been forming lower highs for some time. This is a reversal pattern, which is important because it shows that Bitcoin is about to make a higher high, something characteristic of the beginning of a bull market.
Bitcoin ETF Inflows
Furthermore, Rover also highlighted that $490 million has been invested into Bitcoin ETFs, the largest amount since May 2024. Institutional inflows normally occur at market tops, but this time may be different, and institutional investors are positioning themselves for the fourth-quarter rally.
Bitcoin Hovers Around $64K, TON Rises Amid Mixed Trends
Rover also mentioned possible resistance near the previous all-time high at $ 70,000: last time Bitcoin got to this level, it fell by 30%. But he said that the market has since bounced back and the next crucial support levels are at $63,000 and $65,000.
Strong Q4 Prospects
According to analysts, the fourth quarters of 2012, 2016, and 2020 experienced remarkable increases, with October having an average increase of 22.9%. Since September is also looking to be on the rebound, Crypto Rover is confident that BTC has what it takes to post another great Q4 in 2024 and possibly signal the beginning of the next bull run.
The situation for Bitcoin is still positive, as fundamental factors are in sync and prior trends imply that the future is bright. The analyst has provided a detailed analysis that suggests that Q4 could be a truly explosive quarter.
