Famous economist has made an interesting prediction about Bitcoin price in Q4 2024. Here are the details. In an interesting analysis on the X platform, crypto economist Timothy Peterson, shared his expectations for Bitcoin price growth in Q4 of this year.
Accordingly, Timothy Peterson stated that we have a 40% chance of seeing Bitcoin price surpass $100,000 in Q4. He based his evidence on historical data, when BTC has usually had positive price action in Q4 since its inception, except for 2018 and 2022, which saw a decline due to economic and side effects.
Overall, the BTC price trend in the last three months of the year has been positive, so Peterson asserts that 2024 should be no exception. He predicts a 30% to 60% increase in BTC price this quarter, with a roughly 40% chance of reaching $100,000 by the end of the year.
More notably, he believes that this is only the potential increase while Bitcoin could see even higher gains. Among the annual Q4s, excluding the early stages when Bitcoin prices were immature, the biggest increase occurred in 2017 with over 200%. This was followed by 2020 with an increase of around 150% and 2015 with growth of nearly 100%.
Finally, other analysts agreed with this opinion, saying that the cryptocurrency market dubbed October as ‘Uptober’, meaning the month of price increases. However, in the early days of the month, Bitcoin suffered severe losses and fell below $60,000 due to geopolitical influences in the Middle East.
At the time of writing, Bitcoin is trading at $62,495, down 1.1% over the past 24 hours. Traders should keep a close eye on the situation before making any investment decisions.
