The post ‘New ATH in September/October’, Says an Analyst: Decoding the Possibility of BTC Price Reaching $80,000 in 2024 appeared first on Coinpedia Fintech News
The price of Bitcoin is consolidating after facing a decent pullback in an attempt to recover above $70,000. In anticipation of a death cross, the selling pressure over the token has inflated as it forms bottoms for the second consecutive day. The long wicks formed at the bottom of the candles suggest the bears are slowly conquering the BTC price rally, intending to enter the lower support zone between $61,500 and $60,500 in a short while.
Regardless of the prevailing bearish influence over the rally, the bulls seem to have held a strong grip over the token. As mentioned above, the price appears to have been approaching the lower support zone which could be expected to turn the tables for the BTC price rally. These levels are considered one of the important support levels and hence if the bulls hold these levels, then the BTC price may form a new ATH in September or October as predicted by a well-known analyst, Micheal van de Poppe.
The analyst believes that the BTC price is required to stay stable above $61,000 to $60,000, which may trigger a rebound and a continuation towards an ‘All-Time High’. Historically, August & September are considered not to be greener months for crypto. However, the analyst expects a significant change in momentum somewhere in mid-August, which may pave the way for a new ATH in September or October this year.
Bitcoin is trying hard to recover from the loss incurred during the previous day’s trade as the price slipped below $63,000. While the bulls jumped into rescue, the current trade setup suggests the price is likely to test $60,000 before the next price action. Technicals have turned bearish, with the volume favouring the bears. However, the bulls defend the support at $63,968, which may be squashed after another bearish attack.
Therefore, the Bitcoin price rally appears to have approached a crucial juncture where a minor dip has become necessary to attract bulls who could trigger a healthy ascending trend and reach a new ATH, probably at $75,000.