{"id":27772,"date":"2024-08-27T17:30:00","date_gmt":"2024-08-27T14:30:00","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=27772"},"modified":"2024-08-27T12:18:39","modified_gmt":"2024-08-27T09:18:39","slug":"bitcoin-price-could-double-to-150k-by-year-end","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-price-could-double-to-150k-by-year-end\/","title":{"rendered":"Bitcoin Price Could Double to $150K by Year-End, But Short-Term Risks Loom"},"content":{"rendered":"

Bitcoin<\/strong> could soon enter what one analyst has described as \u2018batshit season<\/strong>\u2019 and thereby push its value up as high as $150,000 by year end. This prediction has been put forward by RealVision analyst Jamie Coutts who, in a post dated August 26, X said that unless something fundamental has changed, bitcoin price action is set to replicate previous bull markets.<\/p>\n

According to Coutts’ research, Bitcoin hit fresh all-time highs within 365 days after the US Dollar Index (DXY)<\/strong> peaked in the last two bull cycles. If Bitcoin continues this historical tendency, he said it might more than double its present price of around $64,000 to reach $150,000 by year-end.<\/p>\n

This positive view is not shared, however, everywhere. ManagerXBT of Pseudonymous CryptoQuant highlighted possible short-term selling pressure likely to impede Bitcoin’s ascent. ManagerXBT said in an August 27 research note that big short-term sellers have just been active and transferred 33,155 Bitcoin. According to ManagerXBT, this may create impressions of immediate selling pressure and may pull down its Bitcoin\u2019s price down.<\/p>\n

He said this, while admitting that this might trigger a more vehement sell-off if these sales numbers increase. Though Bitcoin’s recent 6.2% rise on 23 of August has sustained the price above the $63,000 support level, similar conservativeness is seen in the behaviour of Bitcoin futures traders who remain optimistic yet.<\/p>\n

A main gauge of risk tolerance in the derivatives market, the Bitcoin<\/strong> futures premium has remained unchanged for the last month at around 6%. This implies that professional traders continue to be cautious about establishing leveraged long positions, therefore expressing doubts on the viability of the current price movement.<\/p>\n

Traders and experts both are intently observing for clues that can confirm or contradict the expected spike during this so-called “batshit season,” as Bitcoin wanders in this unknown land.<\/p>\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i>Telegram, <\/span><\/i><\/a>YouTube<\/span><\/i><\/a>, and <\/span><\/i>Twitter<\/span><\/i><\/a> channels for the latest <\/span><\/i>news<\/span><\/i><\/a> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin could soon enter what one analyst has described as \u2018batshit season\u2019 and thereby push its value up as high as $150,000 by year end. This prediction has been put forward by RealVision analyst Jamie Coutts who, in a post dated August 26, X said that unless something fundamental has changed, bitcoin price action is<\/p>\n","protected":false},"author":6,"featured_media":23708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,657,1],"tags":[8205,61,1049],"class_list":["post-27772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","category-crypto-news","category-en","category-genel","tag-batshit-season","tag-bitcoin","tag-bitcoin-price-prediction"],"yoast_head":"\nBitcoin Price Could Double to $150K by Year-End, But Short-Term Risks Loom - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-price-could-double-to-150k-by-year-end\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Could Double to $150K by Year-End, But Short-Term Risks Loom - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Bitcoin could soon enter what one analyst has described as \u2018batshit season\u2019 and thereby push its value up as high as $150,000 by year end. 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