Is September a turning point for the cryptocurrency market? Will Bitcoin fall below $50,000 or break through $70,000?
For the entire month of August, Bitcoin's highest decline reached 24%, but at the close, it only fell by nearly 9%. A drop of 9 points in a month can be said to be a very small fluctuation for Bitcoin.
The K-line in August has a long lower shadow, which means that someone is buying the bottom below.
From the perspective of volume, although a negative line was finally closed, the shorts did not increase in volume, which means that the shorts are not strong.
From the perspective of form, Bitcoin's monthly line is currently moving in a "slightly downward-sloping parallel channel". This form is not the main force shipping, but an upward relay form.
From a fundamental perspective, the cost of Bitcoin miners is between $50,000 and $55,000, and miners will not allow prices to hover around their cost price for a long time.
It is highly likely that the Federal Reserve will cut interest rates in September. No matter how much it cuts, as long as it is a long-term positive.
Traditional financial investment institutions will most likely complete the ETF position building before the interest rate cut, and a few months is enough for them to buy at the bottom.
Judging from these points, the possibility of Bitcoin falling below $50,000 in September is extremely small, and the probability of rising above $70,000 is greater.
