Bitcoin

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/bitcoin/bitcoin-could-surge-to-34k-if-this-support-plays-well-can-btc-price-maintain-momentum/">Bitcoin Could Surge To $34K If This Support Plays Well – Can BTC Price Maintain Momentum?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
As Bitcoin’s price remains confined to the $29,500 zone, many traders are wondering if this is a precursor to a bearish phase. Additionally, the SEC’s postponement in approving ETF applications has ignited a sell-off sentiment among traders. Yet, a leading crypto research company is bullish, projecting that BTC’s price might be on the edge of a <a href="https://coinpedia.org/price-analysis/bitcoin-price-forecast-analysts-predict-major-price-move-ahead/" rel="noopener noreferrer nofollow">bullish uptrend</a>, possibly reaching the $34K milestone in the coming weeks.&nbsp; 
<h2 id="bitcoins-current-consolidation-is-bullish-for-september" data-name="bitcoins-current-consolidation-is-bullish-for-september" class="wp-block-heading">Bitcoin’s Current Consolidation Is Bullish For September&nbsp;</h2> 
Trading platform QCP Capital anticipates that Bitcoin could experience a significant surge toward $34,000 in the first week of September. In their <a href="https://qcp.capital/featured-article/market-update-15-aug-23/" rel="noopener noreferrer nofollow">recent market analysis</a>, experts highlighted that the forthcoming weeks are crucial in determining the future movement of BTC’s price. 
As Bitcoin continues to hover within a specific range following months of uncertainty, industry watchers are eagerly anticipating a clear market direction. 
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QCP Capital believes that September holds significant potential, attributing this to the BTC price finalizing a rising wedge pattern that originated towards the close of the 2022 bear market.&nbsp; 
<blockquote class="wp-block-quote"> 
 QCP stated, “The one thing that could drive us to our outlined longer-term levels of 24-26k is the front-end rates curve that we feel is still too dovish in pricing 4-5 cuts for next year. However, this too, will take weeks to months to see a resolution. In the meantime, central banks in China and Japan continue to add liquidity, which is bullish for markets.” 
</blockquote> 
According to QCP’s analysis, the wedge pattern in which BTC has moved since its dip of $15k is set to reach its final conclusion or support line at the beginning of September, approximately at the $29,300 mark.&nbsp; 
<blockquote class="wp-block-quote"> 
 They stated, “Will there be a sharp rally that takes us to the 34k resistance – like the prior three times which kissed the support trendline this year? We think it could still be another quiet few weeks before we find out.” 
</blockquote> 
<h2 id="whats-next-for-btc-price" data-name="whats-next-for-btc-price" class="wp-block-heading">What’s Next For BTC Price?</h2> 
Bitcoin dipped below the 20-day EMA at $29,370, yet the decline didn’t intensify to reach the crucial support level. This indicates that there wasn’t strong selling momentum at these lower prices. As of writing, BTC price trades at $29,308, declining over 0.3% from yesterday’s rate.&nbsp; 
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 <img decoding="async" src="https://lh3.googleusercontent.com/X6bP4TEG7t6PiLJAr2_WQTVc95U5AvSoW_Cygh1izmXJeCyq0jzAVyMwj0UYhwIX_Jot8LjWBazARLmrwMIgUl-E0Eb-OoY4H0onJsYvHtj0q7ABoTKkY6yufM0T4M14bz2IcIZDelENSUHBWpbckDY" alt=""> 
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Buyers are taking advantage whenever the price faces a slight decline, indicating that bulls are capitalizing even on minor corrections. The steady 20-day EMA and the RSI hovering around the midpoint suggest a stable momentum between buyers and sellers. This implies that the BTC price might remain within the <a href="https://coinpedia.org/altcoin/bitcoin-attracts-27-million-in-inflows-outshining-other-digital-assets-coinshares-report/" rel="noopener noreferrer nofollow">tight range for some time</a>. 
A significant price movement is anticipated once the price breaks out of its consolidation. If the price drops and breaches the $29,100 support, it might head towards $28,300. On the other hand, if it surges past $30,200, it could pave the way for a potential rally toward the resistance of $30,800-$31,500.&nbsp;

Bitcoin Could Surge To $34K If This Support Plays Well – Can BTC Price Maintain Momentum?

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