Bitcoin has hit a significant roadblock around $116,000, according to analysts at Bitfinex, who say the cryptocurrency is unlikely to break through this level until it gains fresh momentum. The flagship digital asset recently touched an all-time high of $124,100 on August 14, but its upward push has slowed, leaving Bitcoin fluctuating between $108,000 and $116,000.
Bitcoin is up 4.34% over the past seven days. Source: CoinMarketCap
Bitcoin is trading at $116,370 at the time of writing, showing a modest rebound as the market anticipates a key decision from the US Federal Reserve. According to the CME FedWatch Tool, there is a 96.1% probability of a 25 basis point rate cut.
Mixed Analyst Views on the Fed Impact
Fundstrat co-founder Tom Lee highlighted the possibility that a rate reduction could trigger a significant surge for both Bitcoin and Ether over the next three months — describing it as a potential catalyst for a "monster move." Conversely, some analysts anticipate the price could pull back to $104,000 or even $92,000 before surging to new heights.
Quarter-4 Could Boost Bitcoin
October 1st marks the beginning of the fourth quarter, historically Bitcoin's strongest performing quarter. Since 2013, Bitcoin has averaged a return of 85.42% in Q4 according to CoinGlass data. Whether historical trends repeat remains to be seen, but the combination of potential Fed stimulus and seasonal patterns makes this a pivotal period for Bitcoin.
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