Despite the fact that September is traditionally the worst month for Bitcoin, this time the coin manages to hold its position. The prolonged sideways behavior of BTC became a reason for discussing the potential for further movement of the coin. We tell you what Bitcoin forecast is given by members of the crypto community and when, in their opinion, the cryptocurrency will be able to grow
Stockmoney Lizards analyst, popular in the crypto community believesthat Bitcoin has entered the home stretch of preparation for a new phase of growth. At the same time, in his opinion, investors should expect the coin to transition to a positive movement only at the beginning of 2024.
He believes that the digital asset market has already passed the bearish phase. The analyst drew attention to the fact that, thanks to halvings, BTC movements are cyclical. Therefore, according to Stockmoney Lizards, when making a Bitcoin forecast, you can rely on the coin’s behavior patterns from past cycles.
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In the chart below, he compared the 2018 bear market that followed the 2016 halving to the post-2020 halving bear market. According to his calculations, the falling phase of this cycle ended at the end of 2022. In both cases, the end of the bear market was accompanied by a fall in the relative strength index (RSI) below 30.
Now, Stockmoney Lizards is sure, Bitcoin is in a typical upward trend for the coin, which, as the history of observations shows, occurs on the eve of halving. Let us remind you that the next reduction in the coin mining speed will occur in the spring of 2024.
In the chart below, he compared Bitcoin’s behavior in the current cycle with the previous one. The analyst drew attention to the fact that the upward trend on the eve of halving is characterized by a gradual increase in the relative trend strength index against the backdrop of the asset price breaking through the downward trend boundary (the moment is marked in the upper circle).
Bitcoin’s rise ahead of the 2020 halving in March was interrupted by the coronavirus outbreak, which sent the stock market crashing. It can be assumed that this time BTC will make it through the pre-halving period without such shocks. Therefore, according to the analyst, there are no prerequisites for serious falls on the coin’s horizon.
At the same time, the Stockmoney Lizards Bitcoin forecast does not exclude the movement of the coin in the formed narrowing triangle, the trajectory of which implies the probability of the coin touching the support levels of $23.5-24.5 thousand. The growth of the cryptocurrency, according to the analyst, should be expected by the beginning of 2024.
Similar point of view adheres to Doctor Profit analyst. His forecast for Bitcoin does not exclude a descent to $23 thousand. From there, the analyst believes, the coin will be able to push off to reach $30 thousand again.
Let us remind you that the editors of BeInCrypto previously looked into why September is traditionally the worst month for BTC. We also asked experienced experts to give Bitcoin forecast for September 2023.
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2023-09-11 06:44:17
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