As a seasoned crypto investor with years of experience under my belt, I find myself cautiously optimistic about the September trajectory for Bitcoin. The analysis by Titan of Crypto resonates with me, given his deep understanding of market trends and technical patterns. His prediction of two possible scenarios – a bullish surge or a final phase of capitulation – aligns well with my own observations.
As a crypto investor, I’m closely watching the price trajectory of Bitcoin in September, which seems to be at a crucial crossroads. Following a bearish close in August, Bitcoin has shown signs of weakness since September started. The initial days of this month have even seen Bitcoin slipping further into bearish territory, which might hint at an extended phase of capitulation for the rest of the month. However, given that we’re dealing with Bitcoin, and it’s only the third day of September, there’s a chance we could see a recovery in its price sometime around mid-month
Adding to this speculation, a well-known crypto analyst who goes by the pseudonym Titan of Crypto (@Washigorira) on social media, recently shared his thoughts on the possible outcomes for Bitcoin this month.
Bitcoin Trajectory In September
Based on his assessment, there are two major possibilities for Bitcoin in September. One of these possibilities suggests a rally that goes against the current bearish predictions and takes the market by surprise with an unexpected spike. The second possibility, however, foresees a period of continued decline where Bitcoin might hit new lows before seeing a substantial rebound in the last quarter of 2024 following a phase of intense selling off
In this analysis, we’re zeroing in on the weekly Bitcoin/US Dollar (BTC/USD) chart, as analyzed by @Washigorira. The chart suggests that Bitcoin has been following a price pattern similar to a bullish expanding triangle since it hit an all-time high of $73,737 in March 2024. This specific pattern is well-known for its bullish indications. While there’s some short-term volatility, the overall Bitcoin forecast remains optimistic. Consequently, both potential outcomes suggested by the analyst point towards a strong upward trend for Bitcoin
In the first instance, it’s predicted that Bitcoin will experience a substantial price increase in September. This rise might be powerful enough to propel Bitcoin over the upper trendline of the bullish expanding triangle, which has been acting as a robust resistance barrier for months. If Bitcoin manages to breach this resistance, the price could theoretically accomplish a full breakout and pave the way for a new record high
For this specific situation, a full breakout could potentially drive Bitcoin to hit $150,000 by the first quarter of 2025. Remarkably, this projected rise resembles the bullish surge that occurred during the final quarter of 2023, which culminated in reaching a new peak in the first quarter of 2024
In the second situation, we anticipate a more conservative viewpoint where Bitcoin might prolong its current downturn. This perspective suggests that Bitcoin may fall even lower in September, possibly dropping below the $50,000 price point. If this happens, Bitcoin could revisit its August low of $49,800, which is an important support level to watch out for
Despite finishing somewhat negatively at present, there’s optimism for Bitcoin’s future. After a possible drop, predictions suggest that the downward movement could reverse in Q4 2024, leading to a bullish surge. The projected price target is a more cautiously ambitious $100,000
At the time of writing, Bitcoin is trading at $56,716.
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2024-09-05 01:41