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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin Eyes $68,000 In September: Could This Be The Turning Point?

Samuel Edyme
Samuel Edyme
10 months ago
3 mins read
Bitcoin Eyes $68K in September

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Bitcoin, after experiencing a blood bath last Month, several analysts have re-analyzed its price action to see what this new month of September might hold for the Bitcoin Market.

Amongst them, a renowned crypto analyst known as Mags on X has recently shared an insightful perspective on Bitcoin’s current market behavior in one of his latest posts.

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Is Bitcoin Primed For A September Rally?

Mags pointed out that Bitcoin has been in a long consolidation phase since March and is now entering its seventh month.

He drew a parallel to a similar pattern observed last year, where Bitcoin also began its consolidation in March, only to start recovering by September.

According to Mags, over the following seven months, Bitcoin experienced a 195% increase in price. So far, this historical pattern has raised whether September will again serve as a pivotal month for Bitcoin.

#Bitcoin – september is a bearish month ?

We all know Bitcoin has been stuck in a long consolidation phase for the past few months.

This sideways PA began in March and is still ongoing. But what if I told you we saw a similar pattern last year?

Back then, the consolidation… pic.twitter.com/8PJ8MMNEUR

— Mags (@thescalpingpro) September 2, 2024

Bitcoin is showing signs of a bearish trend, having fallen below the psychological $60,000 level. Over the past week, the cryptocurrency has seen a 9.9% decline.

However, there seems to be a slight recovery in progress, with BTC currently trading at $58,411, up 0.3% in the past 24 hours.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Next Moves Expected From BTC

In response to Bitcoin’s recent price action, prominent crypto analyst Captain Faibik offered his outlook, suggesting that BTC is still moving within a bullish flag pattern. According to Faibik, there is a possibility that Bitcoin may test the $54,000 support area once again.

Bitcoin chart.
Bitcoin chart. | Source: Captain Faibik on X

He emphasized the importance of bulls defending this level, as a bounce back from $54,000 could potentially lead to a rally up to $68,000 in September.

This scenario aligns with Mags’ theory that September could be a turning point for Bitcoin, mirroring last year’s price recovery.

Adding to the discussion, another well-known analyst, Willy Woo, provided insights on the supply dynamics affecting Bitcoin’s price. Woo noted that the influx of BTC from sources such as Germany’s Mt. Gox and the US Department of Justice is gradually being “absorbed” by the market.

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1 year ago

He also observed that paper BTC bets are declining, which he interprets as a positive sign. Overall, Woo suggested that the market sentiment has shifted from bearish towards neutral, indicating that the worst sell-off may be over.

Featured image created with DALL-E, Chart

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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