Bitcoin's performance in Q3 2024 surprised many market watchers, including myself. September has been a challenging month for the crypto market. Despite of ups and down Bitcoin delivered an impressive 7% grain, and reach $66,500 by the end of the quarter. Despite this great success, Bitcoin did not do well in the market. Source
As a long-time observer of Bitcoin, what struck me most this quarter is sluggishness of Bitcoin despite this unbelievable gain. What really struck me during this Q3 of Bitcoin was the role of institutional interest, especially with the rise of spot Bitcoin ETFs. These product accumulated over $50 billion in assets within six months, that was a new capital of market.
Image Source Cryptorank
It's amazing to see Bitcoin becoming a valuable assets. Especially when I recall the days when it was considered a risky investment. The ETFs not only deepened liquidity but also fueled the price momentum we witnessed throughout Q3.
However, there are caution to note. In the September, we saw Bitcoin pull back slightly from its peak of $67,500, and technical indicators suggested a bullish momentum. For example, the MACD showed a bearish crossover, signaling that some profit-taking might occur, while the RSI hinted at an overbought condition.
Because of everything is good in condition of Bitcoin, I think Bitcoin will do well in next Q4. In years where Bitcoin Has show gain in September. it often follow with a final quater rally that could push price to new highs.
In the end, Q3 2024 I felt we are in critical junction for Bitcoin. Not just of of the price action but also we are fetching some fundamental issue. Whatever comes next, it feels like we're it the midst of something big.
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