The top cryptocurrency in the world, Bitcoin (BTC), has maintained its upward momentum and reached an intra-day high of $60,363. It is now trading at a price of $60,000 with good support. Several bullish forecasts from market professionals have contributed to this surge.
Because of how well Bitcoin has historically performed after halving occurrences, its price may also rise significantly. Based on historical cycles, it is possible that Bitcoin may break out by the end of September 2024, as the cryptocurrency has historically risen out of its consolidation period around 150 to 160 days after halving.
While Bitcoin's performance has been dismal in September (-4.48% on average), October has been far better, with gains of an astounding +22.9% on average. The current trend suggests that a breakthrough in October is quite probable, which bodes well for Bitcoin's bullish momentum.
TechDev's Analysis Points to Bitcoin's (BTC) Imminent Rally
The good news is that Bitcoin (BTC), according to the analysis of renowned crypto expert TechDev, is displaying strong signs of a possible substantial rise. Bitcoin, he says, is repeating its 2016 cycle, when its price increased from $300 to $20,000.
Bitcoin has finished the ABC correction phase, a crucial technical pattern that indicates the conclusion of a slump, according to TechDev. A possible bullish run in Bitcoin prices may be on the horizon, as the cryptocurrency's Relative Strength Index (RSI) is beginning to show indications of improvement.
As TechDev pointed out, Bitcoin has a tendency to surge after increases in global liquidity, which is something that happens after halving. Previous cycles suggest that Bitcoin might see substantial increase in the next months, with a possible peak of $92,000.
Bitcoin has a history of significant returns in October, so it might be a pivotal month for a possible breakthrough. The recent dip may be a crucial purchasing opportunity before Bitcoin's value soars again, so investors are keeping a tight eye on the market.
Consequently, investors may feel more optimistic as a result of this news, which might lead to further purchasing pressure for Bitcoin. Consequently, the price of Bitcoin (BTC) might go up; experts predict a breakout in October and a $92,000 target in the near future.
Federal Reserve's Rate Decision and Its Effect on Bitcoin (BTC)
Bitcoin (BTC) holders, on the other hand, are waiting with bated breath for Wednesday's interest rate announcement from the Federal Reserve. After recent remarks by Fed Chair Jerome Powell hinted at a rate drop, analysts are bracing for one.
The value of Bitcoin might skyrocket if the Federal Reserve announces a steeper rate decrease than expected. Investor confidence may be boosted by larger rate cuts in 2024 and 2025, which might lead to a rise in the purchase of Bitcoin and perhaps drive its price higher.
Potentially good news for Bitcoin, a 50 basis point rate drop is now widely anticipated by market participants. In order to make sense of the Fed's future rate changes, it will be necessary to look at the updated dot plot and Powell's remarks after the announcement.
As a result, investors often respond positively to changes such as the Federal Reserve's position on inflation and rate decreases, which might cause favorable trends for Bitcoin.
Crucial Block at $60.5K Raises Bitcoin's Price Amidst Uncertainty in the Market
Having failed to breach the crucial resistance level of $60,583, Bitcoin (BTC/USD) is now trading at $59,994, down 0.58%.
The 50-day EMA, which has been functioning as a solid short-term floor, is around $58,325 and is supporting the price.
Support is further enhanced by an ascending trendline that was established from the low of $56,439 on September 7.
With an RSI reading of 60.43, we can see neutral to positive momentum, however a little overbought might indicate a reversal in fortunes. Bitcoin may find short-term support around $58,855 if it keeps encountering resistance above $60,583.
If prices go below this level, a slide toward $57,645 might be possible.
As for the upside, more confirmation of bullish momentum would be provided by a break over $60,583, which might push BTC towards the next barrier at $62,100.
Opportunities may arise for buyers in the $58,000 to $58,250 price range for those thinking about going long. On the other hand, selling may be a good idea if Bitcoin stays below $60,000.
A change in market attitude might usher in fresh price action and even positive momentum if the market breaks out over $60,000.