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Despite enduring several downturns in recent months, the outlook for Bitcoin's price remains overwhelmingly positive. While predictions have ranged from six figures to even higher, one common theme persists: the Bitcoin bull market is not over yet. In support of this, a well-known crypto analyst, Cryptorphic, has unveiled a new bullish forecast, suggesting Bitcoin could climb near the $100,000 mark.

Critical Bullish Levels for Bitcoin to Watch

Cryptorphic's Bitcoin analysis sheds light on key support levels investors should monitor to gauge where the price might head next. Specifically, these levels fall under two categories: higher time frame (HTF) and lower time frame (LTF). For the HTF, the analyst points to the $50,521-$50,901 levels as crucial for Bitcoin to hold. Maintaining these levels could signal the beginning of a price rebound. However, if Bitcoin drops below this range, the next significant support levels fall between $46,216-$46,930.
“These levels represent potential bottoms for the higher timeframe trend,” the crypto analyst explains. “There’s a strong likelihood of a reversal within one of these zones, which could spark a significant upward movement.”
Should this scenario unfold, Cryptorphic believes Bitcoin could push to new all-time highs. “Both ranges provide strong support and have the potential to drive the price back up to previous all-time highs (ATH) of $70,000-$72,000, and possibly even higher, reaching $89,000-$93,000,” the analyst noted.

Bearish Scenarios to Keep in Mind

While optimism remains high if Bitcoin sustains key support levels, there’s still the possibility of a bearish turn. Should these critical levels fail to hold, Bitcoin could face another significant decline.

In this scenario, the price could drop as low as $37,700. However, Cryptorphic clarifies that “this lower range only comes into play if the higher support ranges fail to maintain.” Nonetheless, there are positive developments for Bitcoin, as the analyst highlights an increase in trading volume. This signals renewed interest in Bitcoin and may indicate an upcoming price surge.
Given that this trading volume increase is primarily due to buying activity, the analyst suggests Bitcoin could be on the verge of a price rally. The direction of Bitcoin’s price is expected to become clearer in the next few weeks.

Conclusion

While Bitcoin has seen its fair share of volatility recently, the outlook for its price remains overwhelmingly bullish. With critical support levels in play and increased trading activity, Bitcoin could be on track for a significant rally, possibly reaching as high as $93,000. Investors should keep a close eye on these key levels as they navigate the market in the weeks ahead.

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Wrapped Bitcoin (wBTC), a widely-used tokenized version of Bitcoin on the Ethereum blockchain, has recently faced criticism within the crypto community. Concerns have been raised about BitGo's partnership with BiT Global, a Hong Kong-based crypto custodian partially owned by Justin Sun of Tron. In response, BitGo’s CEO, Mike Belshe, dismissed much of the criticism as lacking “intellectual honesty.”

Responding to Criticism Surrounding Wrapped Bitcoin

The controversy around Wrapped Bitcoin gained momentum after BitGo announced its partnership with BiT Global. This sparked a debate within the crypto space, with Threshold, a competitor that offers its own Bitcoin wrapper, tBTC, suggesting a merger between tBTC and Wrapped Bitcoin. Threshold believes this could resolve issues they perceive around centralization within wBTC.
Belshe highlighted what he saw as self-serving motives behind the criticism, particularly from Threshold. “They've even publicly stated that if they had all of Wrapped Bitcoin’s market share, their token’s value would increase by 35 times,” Belshe said during Korea Blockchain Week. “Criticizing our efforts to decentralize Wrapped Bitcoin just to inflate their own token’s value is beyond absurd.”
Belshe's remarks reflect his frustration with what he perceives as opportunistic attacks aimed at advancing competitors’ interests rather than addressing any legitimate concerns about Wrapped Bitcoin’s decentralization or security.

Coinbase’s Potential Entry into Wrapped Bitcoin and the DeFi Debate

Another key player, Coinbase (NASDAQ:COIN), has indicated it may enter the wrapped Bitcoin market with its own token, cbBTC, on the Base blockchain. Belshe voiced concerns about the implications of this move for decentralized finance (DeFi), suggesting that if Coinbase became the main custodian for wrapped Bitcoin, it would undermine DeFi principles.
“If the DeFi community chooses a central bank like Coinbase as the primary custodian, then I think DeFi’s core mission will be lost,” Belshe remarked. He went on to assert that BitGo’s approach to Wrapped Bitcoin custody, particularly regarding key management, surpasses any potential offering from Coinbase.

Ensuring Transparency in the BitGo-BiT Global Collaboration

The partnership between BitGo and BiT Global has attracted criticism, mainly due to Justin Sun's involvement. Sun is a prominent and sometimes controversial figure in the crypto world, which has led to concerns within the community. However, Belshe emphasized that BitGo prioritized transparency, making Sun's connection to BiT Global public to foster trust.
“Most companies would have kept Sun’s name quiet, but we didn’t. Why? Because transparency is important,” Belshe explained. He encouraged the community to critically assess the partnership and propose alternatives, stressing that BitGo remains committed to transparency in its operations.
Belshe further noted that BiT Global is registered as a licensed Trust or Company Service Provider in Hong Kong, a status that imposes fiduciary responsibilities similar to those governing BitGo. He argued that this regulatory oversight ensures the assets held by BiT Global are safeguarded with the same diligence and care as those under BitGo’s custody.

Strategic Significance of the BiT Global Partnership

Belshe also addressed the strategic rationale behind partnering with BiT Global, explaining that it’s about "eliminating single points of failure" and expanding BitGo’s presence in Asia. The company relies on deep cold storage, where keys are distributed across multiple individuals, and with the new partnership, across multiple institutions as well.
“This isn’t about ‘why Sun,’ but rather about finding a qualified custodian capable of managing these assets,” Belshe clarified. Despite concerns about Justin Sun’s involvement, Belshe emphasized that BiT Global was the right partner to enhance Wrapped Bitcoin’s security and decentralization.

Conclusion : Wrapped Bitcoin’s Future

Despite ongoing concerns and scrutiny from parts of the crypto community, BitGo's dedication to transparency and security seems to have mitigated some of the initial criticism. On-chain data indicates that there hasn’t been a large-scale withdrawal from Wrapped Bitcoin, suggesting that the BitGo-BiT Global partnership might be gaining wider acceptance.
As Wrapped Bitcoin continues to develop, Belshe’s focus on intellectual honesty and transparency will be essential to maintaining trust within the DeFi space. Whether the broader crypto community will fully embrace this partnership remains to be seen, but for now, BitGo appears confident in the path it’s taking.

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BTC Hits a New Monthly Low of $54,400 in a Flash Drop
Bitcoin's price surge appeared short-lived as it briefly rallied to $57,000 following the US jobs report, only to plunge swiftly, reminding traders of the volatile market conditions. The bears took control, pushing the cryptocurrency downwards with force.
As a result, the total liquidations across the market have soared, reaching a staggering $150 million in just 24 hours.
The primary cryptocurrency has been on a downward trajectory for over a week. After peaking at $65,100 last Monday, BTC fell to $55,500 earlier today, marking a considerable drop

Brief relief came earlier today when positive news momentarily lifted the market. The release of the August US jobs report, which indicated a slight dip in unemployment, led Bitcoin to bounce back to $57,000.
Unfortunately, this rally proved to be nothing more than a false breakout. Instead of gaining momentum, Bitcoin took a sharp downturn once again, seemingly unaffected by the hopes of future rate cuts in the US.
Within a matter of minutes, BTC crashed by $2,500, sinking from $57,000 to $54,400, the lowest it’s been in a month. Altcoins followed this sudden crash, with Ethereum dropping to $2,320, Solana sinking below $130, and XRP falling back to $0.53.
This extreme volatility has left over-leveraged traders facing severe losses. Over 45,000 traders have been liquidated in the past day alone, with total liquidations rising to $150 million.
The most significant liquidation occurred on the HTX exchange, where a single position worth over $13 million was wiped out.

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Bitcoin's price trajectory has been a subject of intense scrutiny, particularly after its recent failed attempt to break through a key support zone between $58,000 and $56,600. From a technical perspective, classical analysis points to Bitcoin forming a Falling Wedge Reversal Pattern—a bullish indicator that suggests a potential rally if Bitcoin breaks the upper line of the wedge. However, caution remains critical as Bitcoin's price movement continues to play out.

Bitcoin’s Technical Landscape : Key Patterns and Indicators

From the lens of classical technical analysis, Bitcoin's price action shows signs of a possible reversal. The Falling Wedge pattern—typically bullish—indicates that if Bitcoin manages to break above the upper resistance line of this wedge, we may witness a significant upward surge. This is not surprising, as such a pattern often marks the end of a downtrend and the beginning of a new bullish cycle.
However, Bitcoin is at a critical juncture. According to Elliott Wave theory, Bitcoin appears to be in the middle of a corrective phase. The last corrective wave—identified as a Zigzag Correction (ABC/5-3-5)—ended at $55,600, marking the conclusion of wave C. This suggests that Bitcoin may have finished its correction and could be on the verge of resuming its upward trend.
Adding to the bullish narrative is the presence of Regular Divergence (RD+) between consecutive price valleys, which further strengthens the case for a potential upward movement. Divergence in technical analysis often signals that the current trend is weakening, which, in this case, indicates that the downward pressure on Bitcoin may be losing momentum.

A Head and Shoulders Pattern Could Spell Trouble

While the bullish signals are promising, it’s essential to consider all potential scenarios. One bearish indicator that traders need to be wary of is the possible formation of a Head and Shoulders pattern, which could trigger another decline in Bitcoin's price. Should this pattern fully develop, Bitcoin could see a retracement to nearly $50,000. Head and Shoulders patterns are historically reliable indicators of reversals in an uptrend, suggesting that Bitcoin’s recent upward momentum could falter.

Two Potential Scenarios : What to Expect

At this critical juncture, two scenarios are possible for Bitcoin. The first scenario sees Bitcoin successfully breaking through the Falling Wedge pattern and continuing its upward trajectory. This would likely be fueled by the bullish signals we’ve identified, including the completion of the Zigzag Correction and the Regular Divergence between consecutive price lows.
The second scenario is more bearish and assumes that Bitcoin fails to hold the support zone between $58,000 and $56,600. If this key level is lost, we could see Bitcoin falling to $51,000, with a more significant decline not out of the question. In this case, the Head and Shoulders pattern would likely play out, leading to a deeper correction.

Bitcoin’s 4-Hour Time Frame : A Closer Look

Analyzing Bitcoin on a 4-hour time frame provides additional insight into its potential future movements. The recent price action shows that Bitcoin is attempting to stabilize around the $58,000 to $56,600 support zone. Traders should keep a close eye on this level as it will likely dictate Bitcoin's next move.
In case of a breakdown below this support zone, Bitcoin’s path could lead to $51,000, at a minimum. However, if Bitcoin holds this support and breaks out of the Falling Wedge pattern, a more optimistic scenario could unfold, with price targets potentially extending beyond $60,000.

Trading Strategy and Risk Management

For traders looking to capitalize on Bitcoin’s next move, risk management is crucial. The volatile nature of cryptocurrency markets necessitates the use of stop-loss orders to protect against unexpected price swings. In this case, it’s advisable to place stop-loss orders below the key support level of $58,000 to minimize downside risk. Additionally, traders should remain disciplined and follow their respective strategies, avoiding impulsive decisions based on short-term price movements.
It’s also essential to keep an eye on the broader geopolitical and macroeconomic environment. External factors, such as regulatory developments and global financial conditions, can have a profound impact on Bitcoin's price trajectory. As such, staying informed and adapting your trading strategy accordingly is paramount.

Conclusion : Bitcoin at a Crossroads

Bitcoin is currently at a critical juncture, with two possible scenarios likely to play out. On the bullish side, if Bitcoin can break out of the Falling Wedge pattern, we could see a significant rally, with prices potentially climbing well beyond $60,000. On the bearish side, failure to hold the key support zone between $58,000 and $56,600 could lead to a decline towards $51,000 or even lower.
As always, traders are encouraged to follow their strategies, employ sound risk management techniques, and remain vigilant in these uncertain market conditions. Whether Bitcoin surges to new heights or experiences another downturn, the roadmap for the coming days and weeks will likely be determined by how it reacts to the current technical levels.