Bitrabo Editorial
September presents a crucial turning point for Bitcoin, with clear indications of two possible paths it could take. Following a bearish end to August, the cryptocurrency has shown continued weakness in the early days of September, heading further into bearish territory. Despite this, considering Bitcoin’s historical volatility and the current timing, a rebound may still be possible later in the month.
A well-known crypto analyst, known as Titan of Crypto (@Washigorira) on social media, has shared insights on what Bitcoin might experience this month.
Possible Bitcoin Trajectories in September
As per the analyst’s evaluation, two main scenarios are likely for Bitcoin in September. The first scenario suggests a surprising rally that defies bearish expectations, catching the market off guard. The second scenario anticipates a phase of capitulation, potentially leading to new lows before a substantial recovery by the end of 2024.
The analysis is based on the Bitcoin/US Dollar (BTC/USD) weekly chart. The current pattern observed by @Washigorira resembles a bullish expanding triangle since Bitcoin’s peak at $73,737 in March 2024, indicating positive longer-term prospects despite short-term volatility.
In the optimistic scenario, Bitcoin could experience a significant surge, breaking through resistance levels and potentially setting a new all-time high, with a price target of $150,000 by Q1 2025. Conversely, the second scenario projects a further downturn in September, possibly dropping below $50,000 before a reversal towards a more conservative price target of $100,000 in the fourth quarter of 2024.
The current Bitcoin price stands at $56,716.