Bitcoin ETF

Bitcoin Skyrockets 118% In 2024 – What’s Next For The Crypto King?

Bitcoin, the undisputed king of cryptocurrency, has had an impressive year, with its price skyrocketing by a staggering 118.2%. Starting 2024 at around $42,280, Bitcoin has surged to $56,318, marking a 33.7% increase just this year alone. As we analyze Bitcoin’s price action and what might lie ahead, it’s clear that the king continues to make headlines.

A Year In Review – Bitcoin’s Price Action

Bitcoin began the year with robust upward momentum, peaking at $73,682 between late January and mid-March. This sharp rise was followed by a period of consolidation, with Bitcoin’s price fluctuating between $71,500 and $52,000. April saw a notable dip of -14.75%, but the cryptocurrency bounced back with gains of 11.1% in May and 3.09% in July. However, June and August brought declines of -7.02% and -8.73%, respectively.

September has been particularly volatile. Bitcoin opened the month at $57,290, only to fall to a monthly low of $53,905 by September 6. Although the cryptocurrency has seen a slight recovery, reaching $57,601, recent charts suggest another potential downturn is looming, with prices slipping once again.

Bitcoin’s Yearly & Quarterly Performance

Over the past year, Bitcoin has recorded a remarkable gain of 155.4%. Historically, Bitcoin has only seen negative yearly changes three times—2014, 2018, and 2022—with drops of -57.6%, -73.3%, and -64.3%, respectively. The standout year remains 2013, when Bitcoin’s price skyrocketed by an astonishing 5,435%.

This year has been a mixed bag. Bitcoin posted a stellar performance in Q1 with a 68.7% increase. However, Q2 and Q3 have been less kind, with losses of -12% and -10.3%. Historically, Q3 tends to be a weak quarter for Bitcoin, showing positive returns only four times in the past decade. Conversely, Q4 has often proven favorable, with six positive growth instances in the same period.

Currently, Bitcoin’s Relative Strength Index (RSI) is at 44.03, indicating that the market is in the overbought region. The market slipped below the 50-level RSI on August 26. The 50-day Simple Moving Average (SMA) stands at $60,242, significantly higher than the current price range. The 100-day SMA is at $61,997, and the 200-day SMA is $63,942. Bitcoin also broke through the 9-day SMA on September 9, which now stands at $56,193.13—just below the current market price of $57,601, suggesting potential instability.

Also Read: Standard Chartered Expands Crypto Custody To UAE – Bitcoin & Ethereum To Lead Initial Launch

Q4 Outlook – Will Bitcoin Rebound?

As we approach the final quarter of 2024, there’s growing optimism that Bitcoin could experience a significant rally. Historically, Q4 has been a favorable period for Bitcoin, and the current data seems to support this expectation. With the king of crypto showing resilience and historical trends backing a strong Q4, Bitcoin enthusiasts are watching closely to see if the cryptocurrency can extend its impressive gains.

In conclusion, while Bitcoin’s journey this year has been marked by dramatic highs and lows, the potential for a strong finish remains on the horizon. As always, investors should stay informed and cautious, keeping an eye on the evolving market dynamics as we head into the final stretch of 2024.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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