Bitcoin (BTC) Price Targets New All-Time High in October 2024

After investing 1 billion Japanese Yen ($6.7 million) in Bitcoin, Tokyo-based investment firm Metaplanet has boosted its Bitcoin holdings.

Tokyo-based investment firm Metaplanet has increased its Bitcoin (BTC) holdings after purchasing 108.78 BTC on October 7, 2024. The new acquisition brings their total Bitcoin ownership to over 639 BTC, valued at more than 6 billion Yen ($40.6 million).

This recent purchase is part of the firm’s aggressive Bitcoin buying strategy, which began in May 2024. The company has been purchasing the cryptocurrency as a reserve asset throughout the year.

Bitcoin Price Targets New All-Time High in October

Analyzing BTC price on a daily time frame reveals that the price is currently trading above the $60,500 support level after bouncing off a recent low.

The breakout level at $68,650 is the next critical resistance to watch for BTC price. If surpassed, BTC could average 30% gains to a psychological resistance of $80,000.

The Relative Strength Index (RSI) trades above the neutral 50 level at 56.47, indicating bulls are in charge of momentum. The next target for the price to rally past is the $80,000 psychological mark. If the price stays above the $63k level and breaks through $68,650, the next target would be the $80,000 psychological mark.

However, if the price cannot hold above $63k, it may plunge back to the $60,500 support level. For signs of overbought conditions, momentum and RSI levels should be monitored closely, too.

BTC 2024 Follows Halving Year Trend, Poised for Strong Q4 Surge

Comparing BTC price performance around Q4 of halving years in the chart above reveals that the value of Bitcoin rises significantly each year, especially if we’re near the end of the year.

Moreover, Bitcoin’s trajectory just prior to and leading up to the 2024 halving is identical to that of earlier halving cycles, namely a sharp acceleration in price right into the last quarter of that year. Specifically, Bitcoin’s price sprang up an impressive 171% in 2020 alone in Q4, but a 9% increase in 2012 and 59% in 2016.

The 2024 trajectory of Bitcoin performance mirrors the 2020 path, with BTC well positioned for a repeat strong tail end-of-the-year run. As the market enters the fourth quarter, BTC price performance is already showing positive movement.

The 2024, representing a sharp rise, hints that BTC could be at the cusp of matching or exceeding its past all-time highs.

Bitcoin’s Net Realized Profit and Loss metric signals possible bull run

The Net Realized Profit and Loss (NRPL) metric is another crucial indicator to follow for BTC price movements, which measures the net profits or losses generated by investors.

Although Bitcoin has remained relatively flat over the past six months, the NRPL has declined to a level last seen at the start of the bull market, when BTC traded around $30,000.

The NRPL has decreased here, indicating that BTC could be setting up for a new bullish phase. The data suggests a possible rally in Bitcoin in months to come if external market factors stay the same, with optimism in the community of Bitcoin investors and market participants at large.