bitcoin, on track for a potential surge to $110K, has analysts divided on the path ahead. While some envision a smooth journey to new all-time highs, others foresee a short-term retracement to $40K before any further upward movement.
Analysts Eye Q4 2024 for a bitcoin Breakout
Optimism abounds among analysts, with many eyeing the final quarter of 2024 as a potential breakout period for bitcoin. Titan of crypto and Elija Boom, in their respective analyses, highlighted technical developments on the bitcoin price chart that support the likelihood of a significant uptrend in the coming months.
crypto." class="wp-image-279546" style="width:840px;height:auto">The Cup and Handle pattern formation on the bitcoin chart is a key factor fueling the $110K price target speculation. If history repeats itself, bitcoin could surpass its previous all-time high and soar to new heights, signaling a potential breakthrough in the last quarter of 2024.
Short-Term Pain For Long-Term Gain: bitcoin Could See $40,000
Despite the optimistic outlook shared by some analysts, others caution against overlooking the possibility of a sharp correction before reaching $110K. Magoo PhD and 10x Research paint a picture of a potential retracement to the low $40,000s before bitcoin's next bull market phase.
bitcoin-Chart-Analysis-3-1024x619.jpg">Moustache, on the other hand, points to historical fractal patterns to suggest a market bottom around $57,000. While uncertainty lingers, the possibility of a move below this level could trigger significant liquidations of leveraged short positions, adding another layer of complexity to bitcoin's near-term price action.
As the crypto market continues its rollercoaster ride, investors and traders are advised to approach with caution and conduct thorough research before making any investment decisions. The road to $110K for bitcoin may be marked by both obstacles and opportunities, requiring a keen eye and strategic planning to navigate successfully.
