The recent projection by a prominent analyst suggests that Bitcoin prices could skyrocket to a monumental $150,000 by the end of 2024. This prediction is based on a period the analyst refers to as ‘batshit season’ or the ‘Banana Zone,’ a phenomenon characterized by significant BTC price surges. This term was originally put forward by Real Vision, a company specializing in finance and business media content.
Analyst Jamie Coutts from Real Vision observes that such price hikes had been seen in the last two bull cycles, following the Index peaks of the U.S. Dollar. Based on this trend, Coutts predicts that BTC could surge beyond 100% from its current price standing at approximately $64,000.
On the contrary, other analysts remain skeptical about Bitcoin’s short-term prospects. CryptoQuant researcher, known by the pseudonym “XBTManager,” points out the increasing volumes of Bitcoin being placed in the selling queue. According to recent data, short-term holders decided to move 33,155 Bitcoins, leading to possible selling pressure.
Furthermore, while Bitcoin has made impressive gains recently, XBTManager advises caution due to the potential intensification of a sell-off. He noted that the diminishing price growth indicates a probable pullback for Bitcoin. Despite Bitcoin price holding steady above the $63,000 level after a 6.2% increase on August 23, skepticism among Bitcoin derivatives traders persists.
A key indicator of risk appetite for derivatives, the Bitcoin futures premium, has remained static at approximately 6%, indicating cautious behavior among professional traders towards opening leveraged long positions.