Prominent Binance Trader Forecasts Bitcoin (BTC) Will Hit a New All-Time High Until the End of the Year
- Barbara StreisandOriginal
- 2024-10-02 06:44:20930browse
Trader Alphawifhat suggested on his social media account that the market is taking a breather following a period of strong macro bullishness.
A prominent Binance trader is anticipating an all-time high for Bitcoin (CRYPTO: BTC) by the end of the year.
What Happened: Trader Alphawifhat suggested on his social media account that the market is taking a breather following a period of strong macro bullishness.
He noted that Bitcoin has finally made an important higher high on a daily basis, after a series of lower highs since March.
"The stars are aligned for Q4 to be bullish. Now is the time to have conviction in the projects you’re bullish on. Dips are for buying."
His shopping list of cryptocurrencies includes, Solana (CRYPTO: SOL), Dogwifhat (CRYPTO: WIF), Pepe (CRYPTO: PEPE), Popcat (CRYPTO: POPCAT), Aave (CRYPTO: AAVE), Pendle (CRYPTO: PENDLE) and a few others.
Why It Matters: Alphawifhat highlighted that in the past decade, whenever September closed green, the period from October to December also closed green.
The Federal Reserve’s easing cycle, China’s aggressive stimulus and the continued rise in global money supply correlates highly with Bitcoin’s price, according to the trader.
On the other hand, on-chain analytics provider CryptoQuant stated that active Bitcoin and Ethereum (CRYPTO: ETH) addresses have been declining since early 2024.
The current data shows a decrease in active addresses, from 1.17 million to 855,000 for Bitcoin and from 382,000 to 312,000 for Ethereum.
But for the bulls to dominate, new investor influx is a crucial point. Despite anticipation, the market did not rally following the Federal Reserve’s first rate cut.
Cryptoquant attributes this to the Fed’s ongoing quantitative tightening, which involves withdrawing liquidity from the market.
The provider believes that the Fed will eventually shift back to quantitative easing, pumping liquidity back into the market. If this happens, the long-awaited hype will arrive, leading to a rise in active addresses.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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