Analyst Predicts Bitcoin to Hit Bottom This Month, Eyes Q4 Rally

A well-known cryptocurrency analyst predicts that Bitcoin (BTC) may be approaching the bottom of its extended correction within this month.

The analyst, known as Rager, believes Bitcoin could soon reach a local low. He emphasizes that while the exact timing of Bitcoin’s lowest point is uncertain, he anticipates a rally for the cryptocurrency in the fourth quarter of this year.

Good news and Bad news

Bad news: $BTC has been breaking down the past two days while stocks are going sideways

When (not if) stocks do pull back in September, it’s likely not gonna be great for crypto – if Bitcoin can’t bounce

BTC really needs to hold the $60k-$61k

Good… pic.twitter.com/sngxsK9Hup

— Rager (@Rager) August 27, 2024

Rager notes that August and September offer a significant opportunity for Bitcoin to hit its low, but regardless of the precise timing, he expects prices to rise over the next three to six months.

To back his optimistic long-term view, Rager cites historical data showing strong Bitcoin performance in the fourth quarter following its halving years. According to his data, Bitcoin surged nearly 170% in Q4 of 2020 and about 60% in Q4 of 2016.

Rager believes the groundwork is being laid for another substantial rally in Q4. He adds, “I actually hope sentiment remains as pessimistic as possible before Q4. Historically, major turnarounds often occur after the worst sentiment, excluding bear markets. I see a strong signal when people give up just before improvements start.”

Hang in there

Eventually the wind changes direction pic.twitter.com/STwOv1fGnq

— Rager (@Rager) August 31, 2024