Bitcoin (BTC) On Track For ‘Strongest September Performance’, Is $90,000 Next?
24 Septembre 2024 - 11:30AM
NEWSBTC
Bitcoin (BTC), the largest cryptocurrency by market capitalization,
has led the market recovery with its surge to the $63,000 mark.
Following the recent developments, the flagship cryptocurrency’s
performance has seen an 8% weekly surge, driving BTC to one of its
best September performances since its creation. Related Reading:
Polygon (MATIC) To Come back From The Dead As Ascending Triangle
Appears Bitcoin Registers Sixth Green Daily Candle During the first
week of the month, Bitcoin saw its price struggle to keep above the
$55,000 mark, plummeting to the $52,000 support zone and raising
investors’ alarms. The rest of the sector followed BTC’s lead,
dropping 12% to a market capitalization of $1.81 trillion earlier
this month. Since then, the market has seen a significant boost,
mostly fueled by the US Federal Reserve’s (Fed) rate cut. Following
the Fed’s announcement, the sector recovered 5%, continuing its
ascending trajectory throughout the weekend. Due to the positive
market sentiment, crypto investment products ended the week with
$321 million in inflows, the second weekly positive net flows in a
row. The inflows were led by Bitcoin-based products, which
registered $284 million last week, according to the CoinShares
report. BTC, propelled also by Kamala Harris’ recent acknowledgment
of the crypto industry, recovered 20% from the monthly lows of
September 6. The rebound pushed the cryptocurrency’s price toward
the $64,000 resistance level, which was last held a month ago.
After failing to reclaim the key resistance level, Bitcoin’s price
has been hovering between the $63,000-$63,900 range throughout
Monday morning, registering six green daily candles since September
17. Will BTC See Four Green Months In A Row? BTC’s recent price
action has translated into green numbers in the month-to-date (MTD)
timeframe, making September a green month for the cryptocurrency.
Coinglass data reveals that the flagship crypto displays a 7.94%
return MTD. This performance was noted by some market watchers, who
suggest that Bitcoin is on its way to registering its best
September so far. In an X post, Crypto Jelle highlighted that BTC
“is currently on track for the strongest September performance in
its history” after its current MTD return surpassed that of
September 2016. To the analyst, the flagship cryptocurrency is
preparing for a “promising” performance next quarter. Jelle also
pointed out that BTC has only closed September with green numbers
three times. However, the times this has happened, the
cryptocurrency’s monthly returns have closed in the green for four
months straight. This suggests that Bitcoin may be on the verge of
a massive bull run for Q4. Close this month in the green, and the
odds are high October, November and December will close green as
well. He pointed out that this week will be “decision time” for the
flagship cryptocurrency, as a higher high is “within an arm’s
reach.” A push above the $65,000 resistance level would “flip the
narrative” and see BTC moving to levels not seen since early
August. Related Reading: Bitcoin Could Reach $108,000 To $155,000
By 2024 End, Analyst Reveals Why The cryptocurrency’s chart
displays a “massive descending broadening wedge,” which has the
potential to hit $90,000 after a breakout. Ultimately, the analyst
considers that Bitcoin won’t trade within this pattern for much
longer. As of this writing, the flagship trades at $63,700, a 1.7%
and 10% surge in the daily and weekly timeframes. Featured Image
from Unsplash.com, Chart from TradingView.com
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