As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market trends and cycles. The current Bitcoin price action is reminiscent of certain patterns we’ve seen before – especially the rare September uptrend that often precedes a significant rally in Q4.
During Sunday trading, Bitcoin experienced a minor decrease of 0.13%, currently valued at $65,789. If September 2024 ends near this price point, we could anticipate approximately a 15% increase for that month. Historically, such recovery trends in September are uncommon, but if it occurs, it could hint at potential growth in the last quarter of the year.
Is Bitcoin Price Poised to Repeat Its Q4 Rally After a September Upswing
As a crypto investor, I’m keeping a close eye on the current Bitcoin price, which stands at approximately $65,818 according to Coinglass data. The market capitalization remains steady at around $1.3 Trillion. If the monthly candle closes near this level, we could potentially see an impressive growth of 11.5%-15% by September 2024. Exciting times ahead!
From 2013 onwards, Bitcoin has shown a positive trend in September just three times, each instance serving as a forerunner to a major rally towards 2024. If past trends hold true, the price of Bitcoin might undergo an extended recovery during the last quarter, which could propel the asset beyond its previous high of $73,750.
In the realm of cryptocurrencies, Exchange-Traded Funds (ETFs) are seeing a surge in popularity. Specifically, funds that directly track Bitcoin (referred to as spot Bitcoin ETFs) have been receiving significant investments recently. As per Sosolvaue’s data, last Friday alone saw a staggering $494.4 million flow into Bitcoin, indicating strong investor interest.
Over several weeks, Bitcoin ETFs saw an increase of approximately $1.1 billion in investments, suggesting increasing institutional interest. Additionally, Ethereum ETFs experienced a weekly influx of around $85 million. This investment trend is promising for the market, possibly signaling growing confidence in digital currencies.
BTC Eyes 25% Rally as Bull Flag Pattern Signals Breakout
This week, the predicted price of Bitcoin saw a significant rise from around $60,800 to approximately $65,910, marking a 5% increase. This surge has caused the price trend on the daily chart to take on a V-shape, indicating a swift change in market sentiment.
Over a period of continuous purchases, the price of Bitcoin climbed by 3%, approaching the resistance line of a bullish flag formation. In theory, this chart configuration suggests a brief reversal movement prior to offering a misleading breakout.
A move above the current level (upside breakout) could significantly boost the positive trend and potentially lead to a surge towards $85000, representing a potential increase of 25%.
Contrarily, should the resistance trendline’s overhead supply continue, there is a possibility that Bitcoin’s price might trigger another price reversal.
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2024-09-29 23:31