Disregarding the lower and upper wicks, the BTC price has been stuck in roughly a 20% range for a long time. June, July, and then August passed without the expected breakout. The ATH before the halving was nice, but failing to surpass the $70,000 mark after at least six attempts was discouraging. However, experts say this won’t continue for much longer.
Bitcoin (BTC)
In crypto, we don’t usually see such long boring periods except during bear market crashes. The trend is upward, and much data confirms this. Therefore, we should see a real recovery in the market at some point. Analysts’ breakout expectations were also valid for August, but as we enter the last 10 days of the month, there’s no sign of it.
Renowned crypto analyst Rekt Capital compared previous halving periods with the current situation and said this nightmare will end. Rekt Capital is known for identifying historical breakout points, and time may prove him right. Or not, because no one has a crystal ball to see the future.
“Bitcoin tends to enter the Parabolic Phase of the cycle approximately 160 days after the Halving. If history repeats itself, Bitcoin could break out in just over a month. That means the end of September.”
Jamie Coutts also expects to see a significant rise in BTC price due to the global M2 money supply. In his previous market assessment, he shared the M2 chart and wrote:
“Over the past decade, Bitcoin tended to bottom a few months before the global M2 bottomed. Then it moved far ahead of the liquidity movement and experienced a mid-cycle correction.”
BTC Price Target
Institutional ETF adoption increased by 27% in the last quarter, with 262 firms purchasing BTC ETFs from scratch. This trend suggests that targets above $80,000 for BTC could become a reality. For the breakout expected soon by two popular analysts, the first stop will be prices in the $80,000 range.
However, some are giving a clear price target for September. Titan Of Crypto is one of them, arguing that the journey to $86,000 will begin in September. If $60,000 is surpassed, we will see nearly $1 billion worth of short positions liquidated on the current chart, which is one of crypto’s favorite things. Maybe the long-awaited event will finally happen after months of crab markets?
