The post Bitcoin Rally or Final Capitulation? Top Analyst Reveals Key Scenarios To Watch appeared first on Coinpedia Fintech News
Bitcoin began this week with plenty of ups and downs, currently hovering around $59,000 with a slight 1% increase. Historically, September has been a challenging month for Bitcoin, often showing mostly negative returns.
Prominent crypto analyst Titan of Crypto suggests that Bitcoin could either be on the verge of a major rally or facing a final capitulation before a potential rebound. Here’s a closer look at the two scenarios that could shape Bitcoin’s price in the coming months.
Scenario 1: The Bullish Breakout
According to Titan of Crypto, Bitcoin is currently in a consolidation phase within a falling wedge pattern. If Bitcoin can break through the $65,000 mark, it could trigger a significant rally. In this scenario, Bitcoin might surge to around $150,000 by the end of the year. This would show a strong bullish trend and renewed optimism among investors.
Scenario 2: Final Capitulation
On the flip side, Titan of Crypto also considers the possibility of a final capitulation. This would involve Bitcoin dipping back to its trendline and potentially falling below the early August lows which is at $49,000 before starting a slow recovery.
Such a capitulation could be a final shakeout of weaker investors before a gradual rally gains traction.
As Bitcoin continues to fluctuate, these scenarios highlight the critical points to watch. While a breakout above $65,000 could lead to a dramatic surge in Bitcoin’s price, a final capitulation could set the stage for a more gradual recovery.
Bitcoin’s Current Move: Consolidation or Breakout?
As of now, Bitcoin’s price stands at $59,105.22, up by 1% over the last 24 hours. Despite this slight rise, its trading volume has dropped by 19% to $23.65 billion. Meanwhile, the cryptocurrency is struggling to break through the $60,000 barrier and is focused on pushing past $61,718 to sustain its bullish trend.
Earlier in mid-Auguest Bitcoin attempted to surpass this $61,718 level but failed, resulting in a drop below this resistance. As a result, Bitcoin is now consolidating between this resistance level and the $58,000 support. This consolidation phase may delay a significant breakout from its current price range.
On a positive note, Bitcoin Futures Open Interest (OI) has risen by 1% to $30.43 billion, indicating a generally optimistic market sentiment towards the cryptocurrency.
