Bitcoin Slips: Did Q4 2024 Lows Print At Around $60,000?

One analyst on X is optimistic about the world's most valuable coin, which is flat and hanging by a thread.

Bitcoin price is showing signs of weakness at the start of Q4 2024, with two days of losses putting the major support at $60,000 at risk. However, one X analyst is optimistic and believes that the Q4 lows may have already printed at around $60,000.

Bitcoin Price Slips: Q4 2024 Lows In At Around $60,000?

One X analyst is keeping the faith in the world’s leading cryptocurrency as it trades flat and floundering. In a recent post, the analyst highlighted the recent setback in a positive light. Despite the pain holders faced in early October 2024, the trader thinks that Bitcoin is printing the Q4 2024 lows.

The analyst’s theory is based on the premise that Bitcoin tends to establish swing highs or lows early in the trading period, in this case, for Q4 2024. Although the escalations in the Middle East areIJ disruptive, Bitcoin won’t be significantly impacted - a net positive for price. The trader expects liquidity to ramp up in the coming months, boosting prices.

Bitcoin price is down after an impressive September that saw prices climb higher, reaching $66,000. September is bearish for Bitcoin, historically. However, by the end of September, it was up 7%, rejecting early losses and closing above a strong liquidation level at around $65,000 and $66,000.

Optimism is high because Bitcoin is printing at the same price as in early August and September. Bitcoin prices had plunged to as low as $49,000 by the first week of August before recovering steadily in the next three weeks. In early September, prices again fell, dropping to as low to $52,000 before resuming the uptrend set in motion in August.

It remains to be seen whether the events of early August and September will be replicated. However, optimism is high, and most BTC holders, according to CoinMarketCap sentiment analysis, are bullish. Over 60% of all voters expect BTC to edge higher, while 38% are bearish, expecting sellers to dominate.

Possible tailwinds for bulls include the inflow of capital to spot Bitcoin ETFs. Soso Value data shows that when BTC prices fell on October 1, BlackRock bought over $40 million in coins.