The recent behavior of Bitcoin (CRYPTO:BTC) suggests it could hit a new all-time high in September 2024, if the 2023 pattern repeats itself.
What happened
According to CriptoNoticias, the price of Bitcoin in 2024 has experienced similar movements to those of the previous year, but a month in advance. Bitcoin’s recent rally, which led it to reach $65,000 as the end of August approaches, coincides with the local high that the currency recorded a month later, in September 2023.
The analyst known on social media as CryptoCon He commented that price patterns tend to repeat themselves due to market psychology. “Now we are just waiting for the next local low,” he added, which is already being observed with the currency’s pullback following the aforementioned boost.
#Bitcoin 2024 is 2023 but one month behind… this has been going a little too smoothly…
Yet another local high lining up with 2023 (blue arrow), now we’re just waiting on the next local low.
All building up to the September recovery pic.twitter.com/ucAYR7Oi9W
— CryptoCon (@CryptoCon_) August 27, 2024
If Bitcoin continues to repeat last year’s pattern a month in advance, the sideways trend it has been running for five months will be broken in September. “Everything is set for a recovery in September,” CryptoCon notes based on this technical chart analysis.
You can also read: Is the Spanish Stock Market Rebounding? 4 Promising Stocks You Shouldn’t Ignore
Why is it important?
Bitcoin is currently trading 15% below its all-time high price recorded in March. Volatility within this process has recently been impacted by macroeconomic events, such as recession risks in the United States and the latest statements from Jerome Powellchairman of the Federal Reserve.
The next Fed interest rate decision is due in September, which could contribute to Bitcoin breaking out.
In addition, the investment firm QCP Capital He commented that “Cryptocurrencies are looking for a narrative to break this multi-month bull flag.”
You can also read: European stocks on the move: Top picks and unexpected cuts
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