bitcoin Continues Upward Momentum Towards Potential Breakout
bitcoin (BTC), the world’s leading cryptocurrency, continues its upward momentum, staying well-supported around the $60,000 mark and reaching an intra-day high of $60,363. This rise has been fueled by a series of optimistic predictions from market analysts.
Additionally, bitcoin’s price could see a notable increase, thanks to its historical performance following halving events. In previous cycles, BTC has surged out of its consolidation phase roughly 150 to 160 days after halving, suggesting a potential breakout by late September 2024.
While September is traditionally a weak month for bitcoin, with average returns of -4.48%, October has historically been much more favorable, delivering an impressive +22.9% on average. This trend makes a breakout in October highly likely, driving further bullish momentum for BTC.
TechDev’s Insights Suggest bitcoin (BTC) Poised for Major Rally
On the positive side, bitcoin (BTC) is showing strong potential for a significant rally, according to insights from TechDev, a prominent crypto analyst. He suggests that bitcoin is mirroring its 2016 cycle, which saw the cryptocurrency rise from $300 to $20,000.
According to TechDev, bitcoin has completed its ABC correction phase, a key technical pattern indicating the end of a downtrend. Additionally, bitcoin’s Relative Strength Index (RSI) is showing signs of recovery, suggesting that BTC is gaining momentum for a potential bullish run.
TechDev also highlighted bitcoin’s historical post-halving behavior, pointing out that bitcoin tends to rally after global liquidity rises. Based on previous cycles, BTC could see significant growth in the next few months, potentially reaching $92,000.
October, which has historically delivered strong returns for bitcoin, is expected to be a key month for a potential breakout. Investors are watching closely, as this recent pullback might represent a pivotal buying opportunity before bitcoin’s value surges again.
Therefore, this news could fuel optimism among investors, potentially driving increased buying pressure on bitcoin. As a result, BTC’s price may rise, with expectations of a breakout in October and the possibility of reaching $92,000 in the coming months.
Impact of Federal Reserve’s Rate Decision on bitcoin (BTC)
On the flip side, bitcoin (BTC) investors are closely watching the Federal Reserve’s upcoming interest rate decision, scheduled for Wednesday. Analysts are expecting a rate cut, a scenario hinted at by Fed Chair Jerome Powell’s recent speech.
If the Fed announces a larger rate cut than anticipated, it could drive substantial growth in bitcoin’s value. Larger rate cuts in 2024 and 2025 may boost investor confidence, leading to increased BTC purchases and potentially pushing its price higher.
Market expectations currently favor a 50 basis point rate cut, which could be positive for bitcoin. The Fed’s updated dot plot and Powell’s comments post-announcement will be crucial for understanding future rate adjustments.
Hence, the positive news about the Fed’s stance on rate cuts and inflation could trigger bullish trends for BTC, as investors often react favorably to such developments.
bitcoin Faces Key Resistance at $60.5K Amid Market Uncertainty
bitcoin (BTC/USD) is trading at $59,994, down 0.58%, after failing to break the key resistance level of $60,583.
The price is supported by the 50-day Exponential Moving Average (EMA) at $58,325, which has been acting as a strong short-term floor.
A rising trendline from the September 7 low of $56,439 is also providing additional support.
The Relative Strength Index (RSI) sits at 60.43, indicating neutral-to-bullish momentum, though signs of slight overbought conditions could signal a potential pullback. If bitcoin continues to face resistance at $60,583, it may test immediate support at $58,855.
A drop below this level could open the door for a move toward $57,645.
On the upside, a break above $60,583 could propel BTC towards the next resistance at $62,100, which would further confirm bullish momentum.
For those considering long positions, buying between $58,000 and $58,250 might present opportunities. However, if bitcoin remains below $60,000, selling could be favorable.
A decisive breakout above $60,000 would shift market sentiment, opening the door for new price action and potential bullish momentum.
bitcoin Adoption Grows as crypto All-Stars Nears $1M in Presale
bitcoin’s growing adoption continues to fuel interest in innovative platforms like crypto All-Stars, which is nearing the $1.2M mark in its presale.
With only one day left, the platform has raised $1,245,300 out of a $1,485,103 target. The current rate stands at 1 $STARS = $0.0014419, offering investors a limited-time opportunity before the price increases.
crypto All-Stars merges bitcoin’s market influence with meme coin staking, providing unique options for both bitcoin and meme coin holders.
Since its launch, the platform has rapidly gained traction, raising $730,000 within its first week. Investors looking to diversify can purchase $STARS using ETH, USDT, BNB, or even a card.
Visit the crypto All-Stars website to join the presale before it ends. Stay updated via X (Twitter) and telegram for future developments.
