Bitcoin Price Set for Major Move: September Could See Bitcoin Targeting $86,000
Bitcoin Price Set for Major Move – Bitcoin (BTC) is poised for a potential breakout in September, according to historical chart patterns and recent analyses. With Bitcoin currently priced around $58,530, popular analyst Rekt Capital suggests that a significant move could occur in the coming weeks. In a post on August 18, Rekt Capital noted:
“Bitcoin tends to breakout into the Parabolic Phase of the cycle approximately 160 days after the Halving. If past patterns hold, Bitcoin could be just over a month away from a breakout, expected in late September.”
Macroeconomic Factors Supporting Bitcoin
The macroeconomic outlook adds further optimism. Jamie Coutts, a leading crypto analyst at Real Vision, pointed out in an August 13 post that Bitcoin has historically reached lows several months before global M2 money supply bottoms out. Coutts explained:
“Bitcoin tends to bottom out several months before the global M2 money supply, then surges ahead of liquidity movements, followed by a mid-cycle correction.”
The current increase in global liquidity from the M2 money supply, coupled with positive developments in Bitcoin exchange-traded funds (ETFs), creates an ideal environment for Bitcoin. Recent data from Farside Investors showed that Bitcoin ETF inflows turned positive for two consecutive days, with net inflows of $35.9 million on August 16. Institutional adoption of Bitcoin ETFs grew by over 27% last quarter, with 262 new firms investing in spot Bitcoin ETFs.
Potential Target: $86,000
According to the analyst Titan of Crypto, Bitcoin’s next major price target could be around $86,000 if it breaks out in September. In an August 18 post, Titan of Crypto stated:
“Bitcoin Intermediate Target: $86,000. Will this Megaphone Pattern play out?”
The “Megaphone Pattern,” characterized by at least two higher highs and two lower lows, indicates market volatility and can signal either a macro top or bottom. Although Bitcoin is currently trending down, it might retest support levels at $54,000 and $50,000 before a potential breakout, according to Rekt Capital.
Resistance Levels and Potential Liquidations
Bitcoin faces significant resistance at $59,500. Breaking above this level could lead to the liquidation of over $800 million in leveraged short positions across exchanges, as reported by Coinglass. If Bitcoin recovers above $59,900, short liquidations could exceed $1 billion.
As Bitcoin approaches critical price points, traders and analysts will be closely monitoring these key levels to determine the cryptocurrency’s next major move.
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