Key Points
- Bitcoin’s fluctuating market has raised concerns of further crypto capitulation in September.
- Top crypto analysts predict a significant Bitcoin rally by the end of the year due to upcoming economic shifts.
The Bitcoin market has been unstable, causing concerns of further cryptocurrency capitulation in September.
Despite positive factors such as the performance of spot BTC ETFs and regulatory changes in Russia, Bitcoin’s price continues to face midterm bearish pressure.
Recent Bitcoin Performance
In the last 24 hours, Bitcoin’s value dropped over 2 percent to trade around $62,384 during the early New York session on Tuesday, August 27.
The total cryptocurrency market cap also dropped nearly 4 percent in the past 24 hours to about $2.28 trillion. Moreover, the altcoin industry – led by Ethereum and Solana, among others – experienced significant declines.
Bitcoin’s Projected Path
Jamie Coutts, Chief Crypto Analyst at Real Vision, suggests that Bitcoin’s price is gradually entering the parabolic phase of the macro bull run, similar to previous cycles.
All indicators suggest a significant rally before the end of the year, potentially pushing Bitcoin’s price towards $150k.
Coutts believes that unless something fundamentally changes, Bitcoin is entering a period of rapid growth. This is based on Bitcoin’s price action in its four-year cycle, which tends to rally every time the US dollar index breaks down in a falling trend.
The anticipated economic shift in September, marked by the first interest rate cut amid rising global liquidity, could significantly boost Bitcoin.
Potential Obstacles
As August ends, Bitcoin’s price signals midterm bearish pressure in the coming weeks.
Historical data shows that most of September, following the halving event, is typically bearish, before a general crypto rally in the fourth quarter.
Some short-term Bitcoin holders have accelerated profit-taking to minimize further losses.
The recent approval of spot Solana ETFs in Brazil and spot Ether ETFs in the United States has increased the rate of crypto cash rotation to the altcoin industry.
As a result, Bitcoin dominance has been forming a rising weekly wedge coupled with bearish divergence on the Relative Strength Index (RSI), suggesting an imminent reversal in the near term.
