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Bitcoin (BTC) returned to $59,000 at the time of writing, and altcoins are now avoiding deeper dips. BTC sales slowed down shortly before the US market closed. On the other hand, we are heading towards another likely low-volume weekend, and investors should remain cautious for 48 hours against surprise drops or rises.
Bitcoin (BTC)
BTC is finding buyers at $59,000, and the boring price movements have continued for months. This process, which tires investors, is a common situation before major breakouts. Cryptocurrency analyst Inmortal recently addressed the current situation in a market assessment. According to him, Bitcoin (BTC) could start the expected movement by the end of the year.
“By the end of the year, new BTC will see an all-time high.”
At the same time, he does not expect a new drop to $49,000 before the new ATH. According to the analyst’s forecast, BTC will continue to hover around $58,000 as we enter September. In the first week of September, he expects $62,000 to be reclaimed as support.
“1. Wait.
2. Let the price determine the September opening.
3. Hold the recovery long.”
Bull Run in Cryptocurrencies
After the new all-time high expected by the end of the year, the analyst expects the rally to trigger in the rest of the market. The 2024 end story also seems to align with interest rate cuts and the excitement of the November elections fading. If Trump wins the elections, this peak could come by the end of November instead of December. Indeed, the current Republican presidential candidate Trump has made very big promises that will cause a surge in demand if he wins.
Cryptocurrency analyst Inmortal hinted that both the Fed and investors are approaching a period of money printing by saying “we will brrr soon.” Pointing to $2,500 for spot buying and long entries for ETH, the analyst shares $3,200 as a target for the next few months. ETH was at $2,507 at the time of writing, and if BTC cannot stay above $59,000, deeper dips could come within a few days.
BTC decline was triggered by the failure of the $65,000 test and the loss of the $61,700 support. If we expect a return, these two levels must be quickly regained.
