Bitcoin Price Analysis: Metrics Point to ‘Major Move’ in Q4 – Can BTC Soar to $100,000?
Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
Bitcoin price has faced continuous downward pressure, staying below the critical $60,250 level and hitting an intra-day low of $60,087. The general cryptocurrency market has become uneasy due to the rising geopolitical tensions between Israel and Iran, which are primarily to blame for this decline.
Although Bitcoin strengthened in September, it has struggled to hold its value above $65,000 amid mounting selling pressure.
Additionally, recent Bitcoin ETF outflows surged to $242 million, breaking an eight-day inflow streak and adding to bearish sentiment. With weakening U.S. PMI data signalling a slowing economy, analysts are cautious about Bitcoin’s short-term outlook.
Many suggest that the cryptocurrency may not revisit its all-time high until mid-November, as global uncertainties continue to weigh on its price.
Bitcoin’s recent downtrend has reset key metrics, setting it up for a potential Q4 rebound. Despite trading 7% below its recent high of $66,508, analysts believe Bitcoin may be undervalued. The market value to realized value (MVRV) Z-score indicates room for growth, while high open interest in futures shows strong market sentiment.
Increased global liquidity could further support Bitcoin’s recovery. However, uncertainties like the U.S. elections may create short-term volatility, as Bitcoin often struggles during election years due to market instability.
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