The leading cryptocurrency is poised to enter a “mad season,” during which its price could soar to $150,000 by the end of 2024, according to Real Vision analyst Jamie Coutts.
Unless something fundamentally has changed, we are entering what @RaoulGMI refers to as the ?zone, or what I would describe as #Bitcoin batshit season. pic.twitter.com/pMxk49ATtq
— Jamie Coutts CMT (@Jamie1Coutts) August 26, 2024
The expert highlighted the potential for the price to enter the so-called “banana zone,” a term used by the firm’s founder and CEO Raoul Pal to describe euphoria. This will occur “if nothing fundamentally changes,” the analyst added.
On the chart, Coutts noted that in the previous two bull cycles, Bitcoin reached a new all-time high within 365 days after the US dollar index peaked.
According to calculations, if previous patterns hold, the growth of digital gold could exceed 100% from $64,000 and reach $150,000 by the end of 2024.
Trendstorm CEO Philip Swift pointed out the return of the leading cryptocurrency’s spot price above the average purchase cost for short-term investors, which should be seen as a signal for continued upward momentum.
Back where we belong.$BTC now back above Short-Term Holder Realized Price, the cost basis of short-term investors. Bullish. pic.twitter.com/9EYt9FPlOU
— Philip Swift (@PositiveCrypto) August 26, 2024
Bearish Arguments
CryptoQuant expressed doubts about the immediate realization of a bullish scenario due to the activation of large bears focused on the short term.
According to analysts’ observations, amid last week’s rally, some “stagnant metrics” have begun to show signs of revival.
“Speculators holding coins for a week to a month transferred 33,155 BTC. The slowdown in price growth suggests that prices could shift to a free retreat,” the specialists wrote.
Experts advised “exercising particular caution” due to the risks of a potential sell-off intensifying.
The Bitcoin futures market also reflects traders’ caution. The premium on two-month contracts to the spot price has remained around 6% annualized over the past month, indicating a reluctance to increase leverage.
Earlier, QCP Capital predicted that the leading cryptocurrency’s rate would remain in a narrow range between $62,000 and $67,000 in the near term, as indicated by indecision in options.
Previously, analysts recorded significant purchases of December calls.