The bitcoin price trajectory in September seems to be bitcoin-news/bitcoin-price-potential-analyst-maps-path-to-700000-and-beyond/” rel=”nofollow noopener” target=”_blank”>at a critical momentand has the potential to develop in two very different directions. After the August closure On a bearish noteThe leading cryptocurrency has followed exhibit signs of weakness After September kicked off, the first few days of the month have already seen bitcoin edge even closer to bearish territory, a development that could potentially signal an extended period of capitulation for the rest of the month. However, considering that we’re talking about btc and we’re only three days into September, we could see the cryptocurrency bounce again sometime in the middle of the month.
Adding to this speculation, a well-known cryptocurrency analyst who goes by the handle Titan of crypto (@Washigorira) on social media recently shared his thoughts on the possible outcomes for bitcoin this month.
bitcoin's trajectory in September
According x.com/Washigorira/status/1830893871980544258″ rel=”nofollow” target=”_blank”>Your analysisThere are two main scenarios that could play out for bitcoin in September. The first scenario envisions a rally that defies prevailing bearish expectations and surprises the market with an unexpected surge. The second scenario, however, involves a final phase of capitulation, where bitcoin could hit new lows before staging a significant recovery in the final quarter of 2024.
This analysis focuses on the bitcoin/US Dollar (btc/USD) chart observed on a weekly time frame. According to the current chart setup by @Washigorira, btc has been charting a price pattern that closely resembles an expanding bullish triangle since reaching its all-time high of $73,737 in March 2024. This particular pattern is widely recognized for its bullish signals. Despite the current short-term volatility, the long-term outlook for bitcoin remains positive. As such, both scenarios noted by the analyst eventually end with a bullish surge for bitcoin.
In the first scenario, bitcoin is It is expected to start A significant price surge in September. This surge would be strong enough to propel the cryptocurrency above the upper trendline of the expanding bullish triangle that has served as a strong resistance level for months. If btc manages to overcome this resistance, the price could potentially achieve a complete breakout and set the stage for a new all-time high.
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In terms of the price target for this scenario, a complete breakout will see btc reach a high of $150,000 in Q1 2025. Interestingly, this mirrors the bullish rally experienced in Q4 2023, which ultimately ended with the latest all-time high in Q1 2024.
The second scenario presents a more cautious perspectivewhere bitcoin continues to experience the current capitulation phase. This scenario sees bitcoin falling further in September, potentially breaking below the $50,000 mark. Such a drop could see btc retest its August low of $49,800, which is a critical support level.
However, this scenario does not end on a bearish note. Following this potential drop, bitcoin is expected to reverse its downtrend in Q4 2024. This would lead to a bullish rally with a slightly more conservative target price of $100,000.
At the time of writing, bitcoin is trading at $56,716.
Featured image created with Dall.E, chart from Tradingview.com
