Is Bitcoin Poised for a Breakout in Q4?

As Q4 2024 approaches, some analysts are predicting continued price growth for Bitcoin and the broader cryptocurrency market, driven by institutional adoption and macroeconomic factors.

“Amid macroeconomic shifts and institutional adoption, digital assets are poised for continued growth in Q4; as sovereign balance sheets face pressure, investors will look to long-term hedges like bitcoin,” said CF Benchmarks senior research analyst Gabriel Selby in a note sent to The Block.

Ryan Lee, chief analyst at Bitget Research, is similarly bullish on Bitcoin’s trajectory heading into the final quarter. “Bitcoin’s expected performance in October is projected to outperform September, with a target price range of $58,000 to $72,000,” he said. Lee pointed to several compelling signals from the derivatives market, including multiple instances of negative funding rates on Bitcoin futures throughout September, along with the Fear and Greed Index remaining in the “extreme fear” zone. “Historically, these factors typically precede significant rallies,” he said.

Lee added that institutional players will be a major driver of this growth. “MicroStrategy continued to sell bonds in September to buy more bitcoin, and bitcoin exchange-traded funds (ETFs) saw continued net inflows following interest rate cuts.

This indicates that institutions are optimistic about the market outlook. With institutional buying ongoing, bitcoin is likely to surpass previous highs.”

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