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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Is Bitcoin Poised for a September Price Surge? What Traders Need to Know

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Is Bitcoin Poised for a September Price Surge

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As summer is currently fast approaching, several crypto traders and analysts have cranked up their optimism for Bitcoin price trajectory. Among them is well-known crypto analyst, Rekt Capital, who has recently shared insights on BTC next move, suggesting that the asset is poised for a significant breakout in September. This sentiment is echoed by other market analysts who have been closely analyzing recent trends and historical data.

What the Bullish September Sentiment Is Based On

Rekt Capital pointed out that despite Bitcoin’s failure to break out from its reaccumulation range post-April’s Bitcoin halving, it is still “on track for a September breakout”. Reaccumulation phases are typically characterized by savvy investors accumulating assets in anticipation of a price surge.

Related Reading: Is A Major Bitcoin Dip Coming? What the Coinbase Index Tells Us

This phase often sets the stage for strong market rallies. However, the complexity of current market conditions means that patience is essential, and the expected movements may unfold more gradually. Rekt Capital noted:

History suggests that a breakout from the ReAccumulation Range mere ~100 days after the Halving was always going to be unlikely.

Meanwhile, another prominent analyst, Daan Crypto Trades, has recently highlighted the technical patterns forming around Bitcoin’s price.

According to Daan, the proximity of lower highs suggests significant liquidity above these levels, likely influenced by stop losses and short liquidations. This setup indicates that surpassing the June 7th high could trigger a comprehensive breakout, overcoming previous resistance levels.

Conversely, support levels around $63,000-$63.5,000 are also crucial, as they represent areas where many investors might have placed long stop orders. This creates a balanced playfield, with Bitcoin trading in what Daan describes as “the middle of nowhere,” reflecting a market awaiting a clear directional signal.

#Bitcoin With a couple of lower highs in close proximity of each other.

Likely for a lot of liquidity to sit above these levels in the form of stop losses/liquidation levels from shorts.

Seeing it’s also at all time high, I think once we take the June 7th high we’ll break all.… pic.twitter.com/O4B0CA0dBM

— Daan Crypto Trades (@DaanCrypto) July 30, 2024

Bitcoin Market Performance and Fundamentals

Currently, Bitcoin is trading at a price of $66,352, at the time of writing, following a 0.7% increase in the past 24 hours. This price performance although small, has resulted in a roughly $6 billion added to the asset’s market cap.

Bitcoin (BTC) price chart on TradingView
BTC price is moving downwards on the 1-hour chart. Source: BTC/USDT on TradingView.com

While Bitcoin’s current market performance might not be that appealing, a notable metric of the asset has suggested an interesting impending move.

Related Reading

Bitcoin crash

Elliot Wave Theory Suggests Bitcoin Price will Crash Below $40,000

1 year ago

Particularly supporting the bullish outlook mentioned above, a CryptoQuant analyst recently observed a notable increase in Bitcoin withdrawals from exchanges.

Bitcoin exchange outflow.
Bitcoin exchange outflow. | Source: CryptoQuant

This trend, according to the analyst, can be a positive sign which could result in upward movement for Bitcoin as the available supply on exchanges diminishes, potentially driving prices higher if demand spikes.

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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