Bitc is making waves in the crypto world again.
Some experts think it could hit $150,000 by the end of 2024.
This prediction comes from looking at past trends.
However, some analysts aren’t so sure due to potential short-term risks.
The “Batshit Season” Prediction
Jamie Coutts, an analyst at Real Vision, has a bold forecast for Bitcoin.
He thinks we’re about to enter what he calls “batshit season.
Source: Coutts
Notably, this term comes from Real Vision’s founder, Raoul Pal. It’s a time when Bitcoin’s price could rally significantly.
Coutts bases his prediction on past patterns. He’s looked at how Bitc behaved after the U.S. Dollar Index peaked.
In the past, Bitcoin hit new all-time highs within a year of these peaks.
If this pattern holds, we could see Bitcoin jump from about $64,000 to $150,000, indicating a massive increase of over 100%.
The idea of such gains is getting a lot of attention. Many are wondering if Bitcoin can climb that high.
But not everyone thinks it will be smooth sailing. Some experts are pointing out potential bumps in the road.
They’re looking at short-term trends that could slow Bitcoin’s rise.
Bitc Short-Term Challenges on the Horizon
While some are dreaming big, others are urging caution. Earlier today, August 27, a researcher known as “XBTManager” spotted some worrying signs.
This analyst noticed that some Bitcoin holders might be getting ready to sell.
XBTManager found that short-term holders moved a lot of Bitcoin recently.
The analyst shared a chart stating that “short-term holders transferred 33,155 Bitcoin.”
Source: CryptoQuant
This could mean there’s pressure to sell coming soon which could push the price down.
Furthermore, the researcher thinks this might lead to a “free pullback,” advising traders to be extra careful.
This selling pressure is happening even though Bitcoin’s price has gone up recently.
Since August 23, BTC’s price has stayed above $61,000. But this rise hasn’t convinced everyone that things will keep going up.
According to recent data, many Bitcoin futures traders aren’t feeling very bullish yet.
They’re still being cautious about betting on Bitcoin going higher.
This caution shows up in something called the Bitcoin futures premium.
Source: Bitcoin futures data
It’s been stuck around 6% for a month, which means professional traders aren’t rushing to make big bets on Bitcoin rising.
Whether you’re a long-term believer or just curious about crypto, keep an eye on Bitcoin.
It might not hit $150,000 right away, but it’s clear that many people think it has room to grow.
Just remember, in the world of crypto, things can change fast.