Some key developments that could potentially impact the market in September 2024.
Bitcoin Bull Run Potential: Analysts and the crypto community are predicting a potential bull run for Bitcoin, which could start in late 2024 and continue into 2025. Factors supporting this optimism include the Federal Reserve’s expected monetary policy loosening with interest rate cuts. In addition, technical indicators such as the Exponential Moving Average (EMA) and strong support zones suggest Bitcoin is in an attractive position for price increases.
US Economic Reports: The Consumer Price Index (CPI) and Producer Price Index (PPI) reports on September 11 and 12, 2024 are expected to have a significant impact on the crypto market. If these reports show high inflation, then it is likely that the Federal Reserve will delay interest rate cuts, which could put pressure on the crypto market.
Bitcoin On-Chain Indicators: Indicators like the Puell Multiple are showing profitable buying opportunities for Bitcoin. The indicator has reached levels that signal potential market strength, although some analysts expect price consolidation until October before a potential bigger surge.
Overall, while volatility remains, there are many macroeconomic factors that could provide a positive boost to the crypto market as the year draws to a close.
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