As summer is currently fast approaching, several crypto traders and analysts have cranked up their optimism for Bitcoin price trajectory. Among them is well-known crypto analyst, Rekt Capital, who has recently shared insights on BTC next move, suggesting that the asset is poised for a significant breakout in September. This sentiment is echoed by other market analysts who have been closely analyzing recent trends and historical data.
What the Bullish September Sentiment Is Based On
Rekt Capital pointed out that despite Bitcoin’s failure to break out from its reaccumulation range post-April’s Bitcoin halving, it is still “on track for a September breakout”. Reaccumulation phases are typically characterized by savvy investors accumulating assets in anticipation of a price surge.
Related Reading: Is A Major Bitcoin Dip Coming? What the Coinbase Index Tells Us
This phase often sets the stage for strong market rallies. However, the complexity of current market conditions means that patience is essential, and the expected movements may unfold more gradually. Rekt Capital noted:
History suggests that a breakout from the ReAccumulation Range mere ~100 days after the Halving was always going to be unlikely.
Meanwhile, another prominent analyst, Daan Crypto Trades, has recently highlighted the technical patterns forming around Bitcoin’s price.
According to Daan, the proximity of lower highs suggests significant liquidity above these levels, likely influenced by stop losses and short liquidations. This setup indicates that surpassing the June 7th high could trigger a comprehensive breakout, overcoming previous resistance levels.
Conversely, support levels around $63,000-$63.5,000 are also crucial, as they represent areas where many investors might have placed long stop orders. This creates a balanced playfield, with Bitcoin trading in what Daan describes as “the middle of nowhere,” reflecting a market awaiting a clear directional signal.
#Bitcoin With a couple of lower highs in close proximity of each other.
Likely for a lot of liquidity to sit above these levels in the form of stop losses/liquidation levels from shorts.
Seeing it’s also at all time high, I think once we take the June 7th high we’ll break all.… pic.twitter.com/O4B0CA0dBM
— Daan Crypto Trades (@DaanCrypto) July 30, 2024
Bitcoin Market Performance and Fundamentals
Currently, Bitcoin is trading at a price of $66,352, at the time of writing, following a 0.7% increase in the past 24 hours. This price performance although small, has resulted in a roughly $6 billion added to the asset’s market cap.
While Bitcoin’s current market performance might not be that appealing, a notable metric of the asset has suggested an interesting impending move.
Particularly supporting the bullish outlook mentioned above, a CryptoQuant analyst recently observed a notable increase in Bitcoin withdrawals from exchanges.
This trend, according to the analyst, can be a positive sign which could result in upward movement for Bitcoin as the available supply on exchanges diminishes, potentially driving prices higher if demand spikes.
Featured image created with DALL-E, Chart from TradingView
Samuel Edyme
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
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