Bitcoin The price has been moderately disappointing in August after falling at the beginning and end of the month. The broader outlook for Bitcoin remains bearish, but some macro-financial developments could change that outlook. Bitcoin’s price is currently trading below $60,000 after falling 7.5% in the past week.
What’s Happening on the Bitcoin Front?
Investors expect Bitcoin’s recovery to continue Uptober It may continue this line until next month. Paybis Founder and CEO Innokenty Isers shared the following statements on the subject: A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
“September is historically a negative month for Bitcoin as data shows it has an average value burn rate of 6.56%. So far this month, investor sentiment around Bitcoin has been negative as the token has traded between $49,000 and $66,000.”
This result is macro Market Value Realized Value (MVRV) The MVRV rate is consistent with the position of the ratio. The MVRV rate evaluates investor profits and losses. Currently, Bitcoin’s 90-day MVRV data is -4.8%, indicating profitability and potential buying pressure. Historically, Bitcoin MVRV data between -2% and -12% has signaled the beginning of recoveries and increases. These examples were recorded in mid-June 2023, early October 2023, and more recently in early July of this year.
Investors tend to add Bitcoin to their wallets in such cases as they tend to take advantage of low prices and mark -2% to -12% as an accumulation opportunity zone. If history repeats itself, Bitcoin is on track to record a rally and prepare for a significant increase towards the end of the month.
Bitcoin Chart Analysis
In September Bitcoin’s There are two possible outcomes for its price. The first is a more practical approach based on recent clues suggesting that Bitcoin is likely to remain below $68,300. This resistance has prevented the crypto king from breaking out on several occasions, and given the bearish conditions, it could do so again.
The second outcome is a breakout from the descending broadening wedge above $68,300. This pattern, which has been in effect since early March, suggests that a breakout could result in a 22% rally. While this is unlikely, Bitcoin could form a new all-time high above $73,800.
Likewise, the savings and interest rate cut factors mentioned above should materialize and only a rise above $70,000 would confirm this bullish conclusion. However, if Bitcoin’s price fails to even break $65,000, consolidation below this resistance and above $57,040 is likely. This could invalidate the bullish thesis and postpone Bitcoin’s rally to early or mid-October.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
