As a seasoned researcher with over two decades of experience in financial markets, I have seen my fair share of bull and bear runs, but none quite like the crypto market. The recent price action of Bitcoin has piqued my interest, as it seems to be following a similar pattern to last year’s consolidation phase.
After enduring a turbulent period the previous month, various financial experts are now reassessing Bitcoin‘s price trends to predict potential developments in the Bitcoin market during the month of September.
One well-known cryptocurrency expert, often referred to as Mags on various platforms, has recently offered a thoughtful viewpoint about the current market trends of Bitcoin in one of his recent articles.
Is Bitcoin Primed For A September Rally?
Bitcoin has been stuck in an extended period of consolidation since March, which is now extending into its seventh month, as highlighted by Mags.
He compared the current situation to a pattern seen previously, specifically the way Bitcoin had paused its advance in March of last year, followed by a recovery starting in September.
As per Mags’ analysis, the price of Bitcoin surged by approximately 195% during the subsequent seven months. This significant price rise has sparked speculation about whether September could once more play a crucial role in Bitcoin’s future.
#Bitcoin – september is a bearish month ?
We all know Bitcoin has been stuck in a long consolidation phase for the past few months.
On one hand, this slanted project (PA) kicked off in March and continues to run its course. However, here’s an interesting thought: we noticed a strikingly similar trend the previous year.
Back then, the consolidation…
— Mags (@thescalpingpro) September 2, 2024
Bitcoin appears to be following a downward pattern, dropping below the significant threshold of $60,000. In the last seven days, there’s been a 9.9% decrease in its value.
On the other hand, it appears that Bitcoin is showing some signs of improvement, as it’s now being traded at around $58,411, marking a 0.3% increase over the last day.
Next Moves Expected From BTC
In response to Bitcoin’s recent price fluctuations, well-known crypto analyst Captain Faibik shared his perspective, indicating that BTC continues to trend within a bullish flag formation. Faibik predicts that Bitcoin might revisit the $54,000 support level in the future.
He strongly highlighted that it’s crucial for bulls to hold their ground at this level. If they manage to rebound from around $54,000, there might be a surge all the way up to $68,000 by September.
In this situation, Mags’ hypothesis suggests that Bitcoin may experience a significant shift in September, similar to the price increase seen during the same month last year.
Cont contributing to the conversation, renowned analyst Willy Woo shared valuable perspectives on factors influencing Bitcoin’s price. Specifically, he pointed out that the supply from sources like Germany’s Mt. Gox and the US Department of Justice is being gradually ‘soaked up’ by the market.
He also observed that paper BTC bets are declining, which he interprets as a positive sign. Overall, Woo suggested that the market sentiment has shifted from bearish towards neutral, indicating that the worst sell-off may be over.
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2024-09-03 09:40