Bitcoin's 2024 ATH Expectations

With just over two months until the end of the year 2024, many in the crypto community are still anticipating a new all-time high (ATH) for Bitcoin, according to a market survey.

Recent ATH

Bitcoin reached an all-time high of about $74,000 in mid-March, driven by strong demand expectations from U.S. exchange-traded funds, approved in January. Despite this surge, many believe Bitcoin's bullish run may not be over yet.

Market Sentiment

A recent survey indicates that there is a belief in the market that Bitcoin might surpass its previous peak. Crypto analyst Lark Davis, known as Cryptolark, highlighted data from Polymarket, showing a 72% chance of Bitcoin achieving a new ATH in 2024. He engaged his followers, asking for their BTC price predictions for 2024.

Historical Trends

The expectation that Bitcoin might hit new all-time highs in 2024 is supported by historical trends. Bitcoin has shown positive returns in Q4 during halving years, with CoinGlass data revealing gains of 58% and 168% in 2016 and 2020, respectively. Additionally, BTC's price has shown positive returns in eight of the eleven years between 2013 and 2023, with an average gain of 88%.

If history is any indication, there is a 73% likelihood that Bitcoin will rally in the fourth quarter of 2024; however, the continuation of this trend remains uncertain.

Current Market Situation

As for now, Bitcoin, the largest cryptocurrency by market capitalization, reached a nearly three-month high of $68,399 in Wednesday's trading session, after three days of steady increases. However, the cryptocurrency market is trading in the red as investors await new economic data following Fed members' comments on the likely interest rate path. On Thursday, the latest weekly jobless claims figures and September manufacturing and industrial production data will be released.

This article was originally published on U.Today.