Bitcoin poised for surge, analysts expect new all-time high

Bitcoin price has performed modestly this week, rising to $66,000 and rising to its highest level since July 31.

Bitcoin enters a bull market

Bitcoin’s (BTC) recovery has coincided with the rise of the riskiest assets such as altcoins and stocks. While the Dow Jones and S&P 500 index rose to record highs, the Nasdaq 100 is several points below its all-time high.

In a post on X.com, crypto analyst Miles Deutscher predicted that Bitcoin could continue to rise in the near term, reaching $81,000.

He argued that the S&P 500 index, which tracks the largest companies in the USA, increased by 9 percent above its highest level this year. Thus, he told his 541,000 followers that if the coin catches up with stocks as it has in the past, it will reach $81,000.

#Bitcoin It may break ATHs much sooner than you think.

The S&P 500 is currently 9 percent above its yearly high.$BTC it’s still lagging, 11% below the yearly high ($74k).

If BTC catches up with stocks (9% above yearly highs) that means the BTC price will be $81,000.

The capture begins. pic.twitter.com/VqpZ7oOrGg

— Miles Deutscher (@milesdeutscher) September 28, 2024

Other analysts think Bitcoin is on the rise. In a recent note, analysts at BlackRock, the world’s largest asset manager, called Bitcoin a “unique diversifier” in a Sept. 17 report.

The New York-based firm argued that the top cryptocurrency is a unique asset that has no correlation to stocks, especially during periods when risks are high.

BlackRock has continued to segregate Bitcoin on its balance sheet, a move that could inspire other firms to start buying.

Meanwhile, MicroStrategy continued to accumulate Bitcoin. The company’s founder, Michael Saylor, predicts that Bitcoin will rise above $13 million by 2045. The company currently holds more than 252,000 coins.

Michael van de Poppe, founder of MC Consultunacy and a self-proclaimed Bitcoin enthusiast, also stated that the cryptocurrency will rise to between $90,000 and $100,000 by the end of the year. He noted increased global liquidity, which will increase as central banks lower interest rates.

While gold continues its rise, silver reached its highest price level in the last decade.

Global liquidity is increasing significantly and #Altcoins I barely started.

We’ll probably see it before the end of the year #Bitcoin It trades between $90,000-$100,000.

— Michaël van de Poppe (@CryptoMichNL) September 26, 2024

Seasonality also favors Bitcoin in the near term. CoinGlass data shows that the average return in the fourth quarter was 88%, higher than the 6.3% in the third quarter and 27% in the second quarter.

October and November are generally the best months for cryptocurrency.

Bitcoin performance by month | Source: CoinGlass

Polymarket investors predict that the cryptocurrency will hit an all-time high in 2024: 63% probability.

Bitcoin techniques Bitcoin price chart | Source: TradingView

The daily chart shows that Bitcoin has solid technicals. It formed an inverted head and shoulders formation, a popular bullish sign. It forms an expanding wedge that is also falling.

Bitcoin avoided forming a death cross pattern and instead broke above the 50-day and 200-day moving averages. To sustain the uptrend and accelerate the recovery, the coin will need to break above the top of the wedge to break through the year-to-date high of 73,777.