Bitcoin Price Drops 2%: Why Analysts Think a Major Rally is Coming
The post Bitcoin Price Drops 2%: Why Analysts Think a Major Rally is Coming appeared first on Coinpedia Fintech News
Bitcoin, the leading cryptocurrency by market cap, is currently trading at $57,477 after a 2% drop in the last 24 hours. This price decline is linked to $277.12 million in weekly outflows from Bitcoin ETFs, indicating a bearish trend in the market.
Despite this, some legendary crypto analysts are bullish on the Bitcoin price, suggesting that BTC is waiting to explode. Let’s find out why.
Bitcoin To Hit $68K In September
According to a prominent crypto trader Captain Faibik, Bitcoin is currently moving within a bullish flag pattern. This pattern is typically seen as a continuation signal, suggesting that the cryptocurrency may soon resume its upward trend.
$BTC is still Moving within a Bullish flag Pattern.
It may test the 54k Support Area again, and it’s crucial for the Bulls to defend this level.
If Bitcoin bounces back from the 54k Support, it could Rally up to 68k in September.#Crypto #Bitcoin #BTC pic.twitter.com/uDToFmPCUb
— Captain Faibik
(@CryptoFaibik) September 2, 2024
However, Captain Faibik also notes that Bitcoin might test the $54,000 support area again, which is a crucial level for bulls to defend. However, this level has previously served as a strong support zone, preventing the cryptocurrency from falling further. If Bitcoin tests this support level again, it will be crucial for bulls to defend it.
Meanwhile, if Bitcoin manages to bounce back from the $54,000 support level, there is a possibility for a rally up to $68,000 in September. This projection aligns with the bullish flag pattern that Bitcoin is currently displaying.
Bitcoin Close Above Its 2021 ATH
Echoing a bullish stance another popular crypto trader Moustache points out that Bitcoin has shown resilience over the past seven months, consistently closing above its previous ATH set in 2021.
#Bitcoin
New monthly candle for $BTC.
Good news:
August is the seventh consecutive month that has closed above the ATH of 2021.
Bullish.
Note: Market makers like to play games at the beginning of the month to unsettle people. pic.twitter.com/xvagJEpoMX
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖
(@el_crypto_prof) September 1, 2024
A monthly candle represents the price action of Bitcoin over a month, and a strong candle can indicate that the market is gearing up for a potential rally.
However, if the bullish trend continues, Bitcoin could be set for significant gains in the coming months. Some experts believe that if the U.S. Federal Reserve decides to cut interest rates on September 18, it could boost Bitcoin and other cryptocurrencies.