Popular analysts expect Bitcoin price to move upwards in September but have postponed the long-awaited six-figure mark until the end of 2024. Crypto investor Rekt Capital announced on July 30 via X that they expect Bitcoin's price to rise by September. Here are the noteworthy details and important developments we are examining together.
What's Happening on the Bitcoin Front?
Rekt explained that Bitcoin has not exited the reaccumulation range, a period where buyers accumulate in anticipation of more upward price movement, which began after the Bitcoin halving event in April. However, such an exit is not always likely.
100 days after the halving event, on July 29, Bitcoin was trading at $66,343, only 2.11% higher according to CoinMarketCap data. At the time of writing, Bitcoin was trading slightly below $66,283.
Notable Comments from Famous Names
As some have predicted, it is more likely for Bitcoin to surpass the $100,000 mark in 2025 rather than 2024. Daan Crypto Trades stated that the high-timeframe Bitcoin chart looks great and shared the following comments:
“I think six figures might be a bit early this year, but I am quite confident we will see it somewhere in 2025. In the last cycle, we reached a peak of $69,000, and $100,000 would be only 1.5 times more than the previous all-time high. Considering the inflation at that time, it would be even less, and that's why I think $100,000 is a very reasonable target given the current state of the world and the crypto space.”
In the short term, Daan Crypto Trades targeted the $70,000 to $74,000 range, which has been rejected many times in the past few months.
Quantum Economics founder Mati Greenspan explained that the chart shows a clear range between $55,000 and $73,000, which has been ongoing since March. Similar to the broader crypto community, Greenspan believes that former US President Donald Trump's recent Bitcoin move will help Bitcoin break out of its long-term consolidation:
“At the beginning of the year, my prediction that this cycle would be driven by nation-state FOMO now seems to be coming true.”
