According to the latest charts and insights from crypto experts and analysts, the fourth quarter of this year is going to be rather kind to bitcoin.
Will These Final Months Be Good for Bitcoin?
In the past, the fourth quarter is always a major determiner of how bitcoin’s price trends will be in future months. In 2016, we saw bitcoin reach the $1,000 range for the first time in approximately three years. Not since 2013 had bitcoin managed to hit such a goal. This set the stage up for the currency’s massive price rally that lasted all throughout 2017.
As we all remember, the currency hit its all-time high of nearly $20,000 per unit. It hit this number during the Christmas season of that year, leaving all crypto enthusiasts the biggest gift they could hope for. However, 2018 took a nasty turn and saw the asset enter a heavy bearish phase that lasted much of the year.
When the fourth quarter arrived, bitcoin took a super nasty fall, dropping from the $6,000 range – where it had spent most of the summer – into the mid-$3,000 range. It lasted all throughout the remaining months of 2018 and about four months into 2019.
Now that we’ve entered the final three months of 2020, many sites and sources are claiming that bitcoin is in a “buy zone.” Data analytics firm Glass Node, for example, claims that bitcoin has hit its biggest buy zone since early March, when the coronavirus first began spreading on an international level and striking against nation’s biggest financial markets.
At that time, bitcoin lost more than $6,000 off its price, falling from the low $10,000 range in mid-February all the way into the high $3,000 range. The asset took only two months to fully recover, likely because many people were intrigued by bitcoin’s sudden low price and began purchasing the asset on a much more serious level.
Analysts such as Willy Woo agree with Glass Node and have taken to Twitter and other social media platforms to express their thoughts and ideas. Woo recently offered the following tweet:
Prepare for a great quarter four 2020 for BTC folks (blah blah, de-coupling, blah blah, new correlations). The difficulty ribbon is one of my more reliable personal favorites.
We’re Heading Into the Final Countdown
The idea is that bitcoin, after recently having suffered from a $2,000 drop (a fall from around $12,400 to roughly $10,400 just weeks ago), the currency is less expensive and more affordable to both new buyers and long-term investors who are seeking to add further bitcoin units to their portfolios.
A separate chart issued by Bitwise explains that the currency could potentially reach as high as $150,000 by the end of 2021. The chart uses the third halving that occurred last May as support, claiming that the currency typically takes a year or more after the halving to really move itself into uber bullish territory.