Amid BTC’s recovery from its August lows, crypto community members shared their opinions on what levels the coin is aiming for.
What’s Happening With Bitcoin
Bitcoin started the new working week with a slight increase. As of the time of writing, the cryptocurrency is trading at $64,161, which is almost 13% below the absolute maximum recorded at $73,750 in March 2024.
Recall that in early August, BTC fell below $50,000 amid an unexpected decision by the Bank of Japan on the rate, an outflow from cryptocurrency ETFs, growing uncertainty in the macroeconomy, and a number of other factors. Bitcoin began to recover as the expected reduction in the key rate in the United States, the payment to FTX creditors, and the American presidential election, in which the crypto community supporter Donald Trump may win, approached.
Bitcoin Forecast
Many members of the crypto community believe that Bitcoin has already passed through all possible obstacles that stopped the growth of the coin. For example, this point of view adheres to crypto enthusiast Elja Boom. He believes that a technical analysis figure “cup with handle” has formed on the cryptocurrency chart. Breaking out of it could open the way for Bitcoin to grow. According to Elja, investors will see BTC at $100,000 as early as September 2024.
Bitcoin forecast from Elja Boom
Similar Bitcoin Price Forecast supported analyst MartyParty. The results of his technical analysis of the BTC position do not exclude a parabolic growth of the cryptocurrency in the near future. In his opinion, the main trigger for the positive movement of Bitcoin will be the US presidential elections, which will take place in November 2024.
Positive outlook shared analyst Benjamin Cowen. He drew attention to the fact that BTC closed another trading week above the support level, the breakout of which could indicate the potential for a decrease in the cryptocurrency rate. From the point of view of technical analysis, such behavior of Bitcoin indicates the possibility of growth of the coin.
To colleagues joined crypto investor Sensei. He believes that BTC went through a “bear trap” in early August and now the cryptocurrency has a path to growth.
Interpreting Bitcoin’s Position in Terms of Market Cycle Psychology According to Sensei
Prospects for BTC to soon start growing also sees trader Kevin Swanson. In his opinion, the cryptocurrency chart shows an “expanding wedge” pattern, a break of the upper edge of which will open the way for Bitcoin to $100,000 in September.
Colleagues supported Doctor Profit analyst. He believes that Bitcoin’s immediate target will be $68,000. At the same time, he noted that the loss of current levels could delay BTC’s growth.
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Source: Cryptocurrency
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