As of August 23, Bitcoin has been demonstrating remarkable resilience in its trading patterns. The bulls, or the buyers, appear to have decelerated their buying spree, possibly as a strategic move to avoid triggering bearish or selling attention. This period of consolidation, a phase of relative stability in the price, could potentially serve as a golden opportunity for the bulls to regain control and steer the momentum back to a bullish or upward trajectory.
Per Coinfomania expert price prediction analytics, Bitcoin (BTC) is currently trading at $61,213, with a predicted 9.10% surge to $64,899.43 by August 27. However, technical indicators are signaling a bearish market sentiment, advising a “Sell” position. Despite this, BTC has demonstrated a 47% positive trading trend over the last 30 days, with 14 out of 30 days closing in the green.
The cryptocurrency’s price volatility stands at -7.55%, indicating moderate price swings. In the past 24 hours, BTC has experienced a 3.00% uptick, building on yesterday’s gains. The live market capitalization is approximately $1.20 trillion, with a circulating supply of 19,743,400 coins, representing about 94% of the total maximum supply of 21 million BTC.
The Road Ahead for BTC, Meandering the Interim Resistance Zone
The short-term price action indicates that the bulls are gearing up to push up the token within the interim resistance zone. The Moving Average Convergence Divergence (MACD) alerts a decrease in buying pressure. This could lead to a minor pullback or a slight drop in price following a period of increase. Consequently, Bitcoin’s price is believed to have ventured into the resistance zone but failed to break above it, as the bulls lack the necessary strength. This could result in the price retreating to the ascending support. If the bulls fail to defend this level, an extended pullback could drag the price levels close to $58,000, a critical support level.
BTC/USD price chart. Source: TradingView
Based on our technical analysis, Bitcoin Coin’s200-day SMA is projected to ascend over the next month, with simultaneous short-term 50-day SMA expected to reach $61,360.23 by the same date. The Relative Strength Index (RSI) currently stands at 50.35, indicating a Neutral market sentiment for Bitcoin.
The Bullish Patterns Herald a Potential Breakout
Prominent Bitcoin analyst Kyle Chasse has noted that it has been 162 days since Bitcoin’s last all-time high, suggesting a potential upward movement based on historical trends. In previous market cycles, Bitcoin took 209 days and 188 days, respectively, to recover after reaching a peak. With the current cycle at 162 days since the last high, Chasse’s observation hints that Bitcoin might be on the cusp of another significant price surge.
Crypto market is on the verge of a PUMP!!!Previous cycles it took 209 days and 188 days respectively.It’s been 162 days since last all-time high. pic.twitter.com/EX0N7EmYda
— Kyle Chassé (@kyle_chasse) August 23, 2024
Echoing similar bullish sentiment, renowned crypto analyst Crypto Jelle has observed that Bitcoin has been in a consolidation phase for the past six months. He hinted at a bullish megaphone pattern on BTC’s price chart—an indicator that typically signals upcoming price movements with an upward trend. This pattern, characterized by increasing price swings and a rising direction, suggests that Bitcoin could be on the brink of a strong breakout, potentially aiming for a staggering $180,000 target.
After 6 months of consolidation, this bullish megaphone still has a target of $180,000.Have a funny feeling Q4 will get us a lot closer to that target.Hold on tight, and enjoy the ride. #Bitcoin pic.twitter.com/i0Kc8vCv3n
— Jelle (@CryptoJelleNL) August 23, 2024
The Resistance at $62K, A Critical Threshold
To avoid retesting the $49,000 mark, Bitcoin needs to “clear resistance” at $62,000. Bitcoin last dipped below $50,000 to $49,842 on August 5, a day referred to as “Crypto Black Monday,” marking its first visit to that level since February. A move to $62,000 would be an unexpected development for many future traders, potentially wiping out $1.04 billion in short positions.Bitcoin price currently stands at a critical crossroads. If it fails to hit $62,000 and maintain that level, it could potentially bottom below $50,000. However, if Bitcoin manages to break above $62k with significant strength, it could set its sights on a new all-time high, marking yet another milestone in its tumultuous yet fascinating journey.
The post Bitcoin Price Prediction for Q3 2024: $180K in Sight as Bullish Patterns Intensify, but $62K Resistance Must Be Cleared to Avoid Market Crash. What to Expect by End of Q3 2024 appeared first on Coinfomania.
