Bitcoin to Hit New All-Time Highs in 2024? Market Survey Says Yes

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen trends come and go, bubbles burst, and recoveries unfold. With that said, when it comes to Bitcoin, my crystal ball is still undergoing calibration. However, based on historical trends and the current market sentiment, I must admit I am intrigued by the prospect of a new all-time high for Bitcoin in 2024.

As we approach the final two months of the year 2024, there’s a palpable excitement within the crypto sphere, as many believe that Bitcoin, currently the largest cryptocurrency by market cap, might yet reach another record high (peak value), based on recent market surveys.

In mid-March, Bitcoin peaked at approximately $74,000 due to anticipation of increased demand from American exchange-traded funds (ETFs), which received approval for the first time in January within the United States. Even with this significant increase, there is a general consensus that Bitcoin’s upward trend may continue.

Based on a recent study, it appears that there’s still a widespread opinion among investors that Bitcoin could potentially reach new highs similar to or surpassing its previous record.

According to Polymarket, there’s approximately a 3 out of 4 chance that Bitcoin will reach a new all-time high in 2024. So, here’s my guess: I think Bitcoin might set a new record by the end of 2024.

— Lark Davis (@TheCryptoLark) October 17, 2024

According to a recent post by cryptocurrency expert Lark Davis, who goes by the handle Cryptolark on Twitter, data from Polymarket suggests a strong possibility, approximately 72%, that Bitcoin will reach a fresh record high in the year 2024.

Cryptolark recently posed a question to his audience: What do you think the price of Bitcoin will be in 2024? This prediction is bolstered by past patterns, as Bitcoin has shown growth and hit record highs around the fourth quarter during years when the halving event occurs.

Positive returns in Q4? Will history repeat

According to CoinGlass data, Bitcoin tends to perform well during the last quarter of years when it undergoes a halving event. For instance, it registered gains of 58% in 2016 and a staggering 168% in 2020. Over the past eleven years, from 2013 to 2023, Bitcoin’s price has shown positive growth in eight instances, with an average increase of 88%.

As a seasoned analyst, based on historical patterns, I estimate that there’s approximately a 73% chance Bitcoin will surge during the last quarter of 2024. Yet, it remains uncertain if this trend will persist into future quarters.

In recent trading, Bitcoin, the leading digital currency by market value, surpassed a nearly 3-month peak at approximately $68,399. This increase followed a series of consecutive gains over the past three days, before experiencing a slight dip.

As a researcher, I’m keeping a close eye on the cryptocurrency market today, bracing myself for potential shifts due to incoming economic data. In light of the latest remarks from Fed members regarding the anticipated trajectory of interest rates, investors seem to be adjusting their strategies accordingly.

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2024-10-17 18:51