Bitcoin’s price may potentially experience a significant surge in the final months of 2024, if historical trends are any indication. This is the assertion of Julio Moreno, the head of research at CryptoQuant, who suggests that the cryptocurrency’s price performance during halving years may point to an upcoming major rally.

According to Moreno, Bitcoin’s price behavior in halving years has followed a specific pattern, with 2024 showing similarities to 2016 and 2020. Halving events, occurring approximately every four years, reduce the reward for mining new blocks by half and historically lead to substantial price increases. Both 2016 and 2020 were halving years that saw substantial price rises, and Moreno believes that the same trend could continue for 2024.

Bitcoin’s most recent halving event in April 2024 saw the block reward for miners slashed by half, from 6.25 BTC to 3.125 BTC. Based on historical data, Moreno suggests that if Bitcoin’s price is going to surge, it is likely to occur in Q4.

As of the time of writing, Bitcoin was showing positive movement in the market, with a 0.43% increase in the last 24 hours, reaching $58,423. However, the cryptocurrency had recently experienced a dip of nearly 5% to $56,120, following the release of the latest U.S. consumer price index (CPI) statistics. The CPI for July rose by 2.9% year on year, causing U.S.-listed spot Bitcoin ETFs to have net outflows.

Cryptocurrencies have been particularly sensitive to U.S. economic data in recent months, and there are predictions that Bitcoin’s price might drop to around $55,000 in the short term due to macroeconomic uncertainty, before potentially initiating a significant rally.

While Moreno acknowledges the possibility of a correction in the short term, he also highlights the fact that the market is eagerly awaiting signs of a potential rally in Q4 2024. Nevertheless, it is important to remember that while historical trends can provide insights, they may not always be indicative of future results.

It is crucial to exercise caution and to conduct thorough research before making any investment decisions, especially when it comes to trading cryptocurrencies. Ultimately, the potential rally in Bitcoin’s price in Q4 2024 will be of interest to many, and it is essential for investors to stay informed and updated on the latest market developments.

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