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Bitcoin price is significantly higher than in November 2022, but the same can’t be said for many altcoins. Investors who bought near the peaks this year are facing losses exceeding 50%, turning the process into a nightmare for them. Bitcoin attempted to break the $70,000 resistance six times but fell back to $60,000. When will this nightmare end?
When Will Bitcoin Rise?
BTC needs to break its all-time high and move upward for altcoins to rise. Historical data suggests this is possible after reaching six-figure levels. BTC is experiencing a phase similar to when it hovered around the previous bull cycle’s $20,000 peak.
On April 20, the fourth Bitcoin halving occurred, and since then, BTC has fluctuated between $58,000 and $72,000. According to popular crypto analyst Rekt Capital, August offers no hope. The analyst, known for predicting major breaks, wrote that a break could occur in September.
Halving should lead BTC out of the accumulation range within 100 days, but this hasn’t happened. According to him, BTC is trading within a descending parallel channel, and if it can permanently reclaim $65,000, the upward momentum may continue.
“Hold $65,000 as support, and Bitcoin will revisit the top of this formation over time.”
Crypto Analyst Comments
Another popular analyst named Jelle believes that BTC price could reach $100,000 “in the coming months” based on the technical model he examined. This target is based on a descending wedge formed over many years, and the term “months” is frustrating for investors. According to Matthew Hyland, the weekly Bollinger Bands indicate that a real breakout is imminent.
The Bollinger Bands in August 2023 are at their narrowest point. Moreover, since March 13, BTC has been consolidating in a narrow 25% range, which has lasted a long time.
“It’s starting to tighten now, meaning the moment is coming. At this point, it will likely happen within a month. Bitcoin Weekly Bollinger Bands have only tightened this much twice before: in April 2016 and August 2023. We are seeing the same thing once again. Afterward, Bitcoin increased by about 20% between August and November 2023.”
