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Bitcoin has been on a rollercoaster ride lately. After a thrilling 20% surge past $55,000 in early August, the world’s largest cryptocurrency has settled into a relatively calm trading range between $57,000 and $63,000. But something more interesting is brewing.

Julio Moreno, Head of Research at CryptoQuant, has observed that Bitcoin’s performance in 2024 is strikingly similar to its behavior during the halving years of 2016 and 2020.

Could history be about to repeat itself? With the Q4 approaching, there are signs that Bitcoin could be gearing up for a significant rally.

Bitcoin Set for a Q4 Surge

With Q4 approaching, there are signs that Bitcoin might be gearing up for a significant rally. Julio Moreno recently noted on Twitter that Bitcoin’s current performance closely mirrors the trends seen in 2016 and 2020. Historically, Bitcoin has shown substantial price increases in the latter part of these halving years, and Moreno believes a similar boost could happen in Q4 2024.

Drawing Insights from Past Trends

Bitcoin experienced major price rallies after its halving events in 2016 and 2020. These past trends are useful for predicting current patterns. The similarities between Bitcoin’s performance in 2024 and those earlier years suggest that we could see a similar price increase.

If historical trends continue, Bitcoin’s price might rise significantly during this period, just as Moreno predicts.

Long-Term Holders Stand Strong

Recent data shows that over 300,000 BTC have been added to long-term holders’ (LTH) wallets in the past three months, reflecting growing confidence in Bitcoin’s future. The ratio of long-term holders to short-term holders has increased by 8.7% in the last month, indicating that LTHs now hold a larger share of the market.

For aggressive traders, this period might offer a chance to buy at lower prices in anticipation of an upcoming price surge.

On the other hand, a breakout above $63,000 could trigger a new bullish trend, potentially pushing Bitcoin towards the resistance zone between $70,000 and $72,000.

As Bitcoin’s market unfolds, all eyes are on whether it will follow the historical patterns and predictions laid out by experts.

Also Check Out: Bitcoin Price Prediction: Slight Bullish Momentum Expected as Negative Funding Rates Signal Positive Outlook

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