Renowned crypto analysts predict that Bitcoin‘s price will ascend in September, though the anticipated six-figure valuation is now projected for the end of 2024. Rekt Capital shared on July 30 that Bitcoin’s price could see an increase by September. This insight came amid ongoing reaccumulation periods post the Bitcoin halving event in April, a phase marked by investor anticipation of future price hikes.
What’s Happening on the Bitcoin Front?
Rekt Capital noted that Bitcoin remains within its reaccumulation range, which commenced after the April halving. This period is characterized by buyers amassing Bitcoin in hopes of substantial future gains. Despite this, breaking out from this range isn’t always a certainty.
As of July 29, Bitcoin was trading at $66,343, which marked a mere 2.11% increase since the halving event, as per CoinMarketCap data. Currently, Bitcoin is slightly below this figure, trading at $66,283.
Notable Comments from Famous Analysts
Some experts anticipate that Bitcoin might hit the $100,000 mark by 2025, rather than 2024. Daan Crypto Trades commented on the long-term Bitcoin chart, suggesting that while six figures may be premature this year, it is likely in 2025. He noted that considering inflation and the previous peak of $69,000, a $100,000 target seems achievable given the current economic climate.
In the near term, Daan Crypto Trades forecasts Bitcoin to reach between $70,000 and $74,000, a range that has faced repeated rejections recently.
Key Inferences for Investors
– Monitor the reaccumulation phase post the Bitcoin halving for potential price patterns.
– Keep an eye on Bitcoin’s short-term resistance levels around $70,000 to $74,000.
– Consider long-term projections for Bitcoin reaching $100,000, factoring in inflation and historical peaks.
– Watch for significant moves by influential figures, such as former US President Donald Trump, that may impact Bitcoin’s trajectory.
Mati Greenspan, founder of Quantum Economics, highlighted a clear trading range for Bitcoin between $55,000 and $73,000 since March. He, along with the broader crypto community, believes that developments like Donald Trump’s involvement in Bitcoin could propel it out of its prolonged consolidation phase.