The current wave of selling in the cryptocurrency market continues, pushing altcoins to levels not seen in several weeks. September has proven to be a challenging month for crypto investors, who had already set low expectations. But what are analysts predicting for Bitcoin this month? We delve into the insights of two popular cryptocurrency analysts.
Bitcoin September Price Target
Daan Crypto Trades, a well-known analyst, views the recent decline as a typical reaction following a rejection from the 200EMA level. With weekends typically experiencing low trading volumes, the stage is set for even lower prices. With 11 days remaining until the Federal Reserve’s meeting, the analyst emphasized the importance of reclaiming the 56,500-dollar mark and the daily 200EMA for the bulls to signal any significant change. Failure to hold above 53,000 dollars could lead to more significant declines, mirroring the patterns observed in the NASDAQ100’s recent performance.
Bitcoin is About to Hit Bottom?
Bob Loukas, another prominent analyst, suggests that Bitcoin could soon hit a bottom. In a chart he released, Loukas indicated a potential reversal from the current lows, aiming for a retest of the 65,000-dollar level. He noted that previous downturns have typically lasted 65, 42, and 57 days, with the latest being the longest at 65 days. If a turnaround is imminent, it could set the stage for Bitcoin to challenge the 72,000-dollar mark.
Loukas emphasized that the current 63-day downturn cycle could be nearing its end, as there hasn’t been significant selling volume during this period. He anticipates a potential bounce by the end of September, but what follows remains uncertain and crucial for the mid-term outlook.
Concrete Insights for Investors
For investors looking for actionable insights, consider the following:
- Monitor the 56,500-dollar and 200EMA levels; reclaiming these could signal bullish momentum.
- Watch for closures below 53,000 dollars as it could indicate deeper declines.
- Be aware of the Federal Reserve’s upcoming meeting, as its outcomes could affect market sentiment.
- Track the duration of the current downturn cycle and look for signs of reversal, especially around the 63-day mark.
Understanding these key levels and cycles can help investors make more informed decisions in the volatile crypto market.
