Traders call for potential Bitcoin September Breakout. As traders predict the price of Bitcoin moving upwards this month, very few believe it will break the six-figure mark before 2024 ends. Crypto traders and popular analysts share sentiments as they make sense of current market trends and macroeconomic factors controlling the trajectory of Bitcoin.
“It seems that my prediction at the start of the year that this cycle would be driven by nation-state FOMO is now coming to pass,” Greenspan said. With traders continuing to keep a very close eye on the market, the anticipation of a Bitcoin September Breakout is getting very high, and they are hoping this sets up even more significant milestones. While the September figure seems quite the opposite, their estimates peg the $100,000 mark more as a probable target for 2025.
Expectations for the Bitcoin September Breakout
Pseudonymous crypto trader Rekt Capital shared with his 483,800 X followers on July 30, “Bitcoin is still on track for a Bitcoin September Breakout.” Rekt explained that while Bitcoin did not manage to break out of the reaccumulation range, buyers accumulate in anticipation of further price surge in the 100 days following the April Bitcoin halving, a breakout like such was “always going to be unlikely.”.
On July 29, exactly 100 days, since the April halving, Bitcoin was trading only 2.11% higher at $66,343, according to CoinMarketCap data. It now trades slightly below $66,283 at the time of publication. Setting up what traders believe to be a Bitcoin September Breakout, it’s up 4.18% in the past 30 days.
Long-Term Predictions: $100,000 Bitcoin in 2025
Several traders, including Daan Crypto Trades, think that Bitcoin will more likely breach the $100,000 mark in 2025 than in 2024. On the same topic, Daan Crypto Trades told Cointelegraph, “The higher timeframe Bitcoin chart does look great to me.” This comes as Reflexivity Research founder Will Clemente said on July 30 that the “Bitcoin quarterly chart is looking insane.”
“I think six figures this year might be a bit early, but I am pretty confident that we will see it somewhere in 2025”, asserted Daan Crypto Trades, citing positive macroeconomics. While the sentiment for a September Breakout remains strong, expectations for the $100,000 milestone are tempered with realistic market assessments.
“We topped out at 69K last cycle, and 100K would only be a 1.5x from that previous all-time high. If we account for inflation during that time, it’s even less, so I think $100K is a perfectly reasonable target considering where the world and the crypto space is right now.”
Dan Crypto Trades said he eyes the area of $70,000 to $74,000 in the short term, “which has seen plenty of rejections over the past couple of months.” He added, “I suspect we will see rapid expansion higher once BTC can break above that price range.”
Quantum Economics founder Mati Greenspan also commented on the event, telling Cointelegraph that it is clear from the chart for a range between $55,000 and $73,000, which has “been playing out since March.” Noted Greenspan, “At the moment, it is testing the upper bounds of that range,” suggesting the potential for a Bitcoin September Breakout.
Conclusion
The trend represents the fact that many traders and analysts remain optimistic on the prospect of a September breakout for Bitcoin. The move to $100,000 by the end of 2024 seems too lofty for an immediate goal, but the groundwork is being laid for the bounce upwards. As Quantum Economics founder Mati Greenspan pointed out, former United States President Donald Trump’s recent push could further drive Bitcoin’s price out of extended consolidation, contributing to a potential Bitcoin September Breakout. Get more of these updates from Turkishnyradio and stay ahead of the curve in all things crypto and blockchain.
