Bitcoin, the world’s leading cryptocurrency, is currently on an upward trend, maintaining solid support around the $60,000 mark and reaching a daily high of $60,363. This growth is driven by positive predictions from market analysts.
Historically, Bitcoin tends to surge after halving events. In previous cycles, BTC broke out of its consolidation phase around 150 to 160 days after halving, signaling the potential for a strong price rally by the end of September 2024.
Although September has typically been a challenging month for Bitcoin, with an average return of -4.48%, October has historically performed much better, yielding an average return of +22.9%. Based on this trend, many experts predict that Bitcoin may see significant price increases in October, creating positive momentum for the market.
According to TechDev, a well-known cryptocurrency analyst, Bitcoin may experience a price rally similar to the 2016 cycle, when it surged from $300 to $20,000. TechDev believes that Bitcoin has completed its ABC correction pattern, indicating the end of the downtrend. Bitcoin’s RSI is also showing signs of recovery, suggesting that BTC has positive momentum for future price growth.
TechDev also noted that Bitcoin often tends to rise in value following global liquidity increases, particularly after halving events. Based on previous cycles, BTC could see significant growth in the coming months, with the potential to reach $92,000.
October is expected to be a key month for Bitcoin’s price surge, and investors are closely monitoring the situation, viewing the recent price dip as an opportunity to buy before prices rise again. This positive news may boost investor optimism, prompting them to purchase more Bitcoin, which could push BTC higher, possibly reaching $92,000 in the next few months.
Meanwhile, Bitcoin investors are also keeping a close eye on the upcoming Federal Reserve interest rate decision, expected on Wednesday. Analysts are anticipating a rate cut, which has been hinted at by Fed Chair Jerome Powell in his recent speech.
If the Fed announces a larger-than-expected rate cut, Bitcoin’s price could see a significant increase. More substantial rate cuts in 2024 and 2025 could further boost investor confidence, leading to increased Bitcoin purchases and pushing the price higher.
The market is currently expecting a 50 basis point rate cut from the Fed, which could benefit Bitcoin. Additional information from the Fed’s new interest rate projections and Powell’s response after the announcement will help investors gain a clearer understanding of future rate changes.
Currently, Bitcoin is trading at $59,994, down 0.58% after failing to break through the critical resistance level of $60,583. The $58,325 level, supported by the 50-day EMA, is a key support point for Bitcoin, helping to prevent further short-term price declines.
The RSI is currently at 60.43, indicating that Bitcoin’s price momentum is neutral to bullish. However, signs suggest that Bitcoin may be overbought, potentially leading to a price correction. If Bitcoin fails to break above the $60,583 resistance, the price may drop to test support at $58,855. If the price falls below this level, it could continue to decline towards $57,645.
On the other hand, if the price surpasses $60,583, Bitcoin could rise to the next resistance level at $62,100, further strengthening confidence in its upward trend. If you’re considering investing, buying between $58,000 and $58,250 could offer a good opportunity. However, if the price remains below $60,000, selling might be a wise option.
Breaking through the $60,000 threshold would shift investor sentiment, leading to new price growth and reinforcing the bullish trend.
