Will Bitcoin (BTC) Trade Back Above $70,000 By September? Analysts Weigh In
August 16 2024 - 2:00AM
NEWSBTC
Bitcoin’s (BTC) price continues fluctuating within the $58,000 to
$61,000 price range following its recovery from the ‘Black Monday’
crash. However, analysts remain unsure about the next step for the
flagship cryptocurrency. Some market watchers suggest the key
levels BTC must break to continue the bullish run, while others
highlight signals that could indicate a timeline for the next leg
up. Related Reading: Dogecoin On Track To Rally 100% To $0.2;
Crypto Analyst Analysts Unsure About BTC’s Next Move On August 5,
the crypto market experienced a massive crash that shredded over
20% of most cryptocurrencies’ gains. Bitcoin led the market with a
22% decline from its monthly opening (MO) of $63,000. Many
investors feared that the bears had taken control and that the
bullish rally was officially over. Since then, the largest
cryptocurrency by market capitalization has hovered between the
$58,000-$61,000 price range, currently trading above the $59,000
mark. The recent price action has left some crypto analysts unsure
about BTC’s next move. According to Altcoin Sherpa, Bitcoin has
shown “lots of conflicting signals” lately and is “pretty neutral
in the short-term.” To the analyst, BTC’s 200 EMA (Exponential
Moving Average) in the 4-hour timeframe is “acting as a stopping
point.” Still, the chart looks like the cryptocurrency will return
to the $56,000 to $58,000 support area. Sherpa considers that for a
price surge, Bitcoin needs to reclaim the $62,000 resistance zone
in the coming days. A break above this level could kickstart a
rally toward the $70,000 level, not seen since June. Crypto trader
Byzantine General described the recent performance as a “weird spot
where it looks like it’s gonna nuke the entire time, but it just
doesn’t.” He suggested that when BTC exits this “mini range,”
investors will see an “explosive move” either way. Is Bitcoin
Retesting $70,000 In September? Some market watchers pointed out a
few indicators that could suggest the flagship cryptocurrency is
near a price explosion. Rekt Capital highlighted that Bitcoin
retested the support at the Descending Channel bottom earlier this
week. To the analyst, the token has reclaimed the channel as it is
still successfully retesting the $58,000 mark. Additionally, he
considers that continued price stability at this level would
benefit BTC’s “future trend continuation to the upside.” Crypto
investor Ted Pillows shared on X that Bitcoin’s Fair Value Gap
(FVG) has been filled. Per the investor, this happened in the 2020
top during the COVID-19 crash and led to a strong bounce back.
Following the FVG fill, BTC’s price took eight weeks to recover
from the 2020 crash. Based on it, Ted believes Bitcoin could trade
above $70,000 again by the end of September if history repeats
itself. Similarly, crypto investor Elja forecasted that BTC might
experience a big breakout in the next two months. Related Reading:
Can The XRP Price Cross $250? Crypto Analyst Predicts 42,000%
Breakout The investor explained that the flagship cryptocurrency
has historically consolidated for approximately 170 days
post-Halving. This suggests that Bitcoin has around 35-40 days of
consolidation before breakout. As of this writing, BTC is trading
at $59,730, a 1.4% surge in the last 24 hours. Featured Image from
Unsplash.com, Chart from TradingView.com
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