Parabolic

Bitcoin ETF

Bitcoin

Rekt

Bitcoin&nbsp;could see a breakout in September, based on historical chart patterns, and $86,000 could be the next major price target.
<h2 id="bitcoin-price-set-for-breakout-in-september">Bitcoin price set for breakout in September</h2>
Bitcoin’s (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) price could be on track to an imminent breakout in September, based on previous post-halving chart patterns, according to popular analyst Rekt Capital.
The analyst <a href="https://x.com/rektcapital/status/1825167403895922825" target="_blank" rel="noopener nofollow">wrote</a> in an Aug. 18 X post to his 493,000 followers:
<blockquote data-ct-non-breakable="true">
 “Bitcoin tends to breakout into the Parabolic Phase of the cycle some ~160 days after the Halving. If history repeats, Bitcoin could be just over a month away from breakout. That's late September.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/ea129106-3de3-4e38-8612-52040438b436.jpeg" alt="Bitcoin analysts converge on a breakout in September — But is $86K possible?" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-week chart. Source: Rekt Capital
 </figcaption>
</figure>
The macroeconomic outlook is also promising. Specifically, Bitcoin could be set for a breakout thanks to the growing <a href="https://cointelegraph.com/news/m2-money-supply-bitcoin-cycle-market-analyst">global M2 money supply</a>, according to Jamie Coutts, a chief crypto analyst at Real Vision.
Coutts <a href="https://x.com/Jamie1Coutts/status/1823319580728869128/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in an Aug. 13 X post:
<blockquote data-ct-non-breakable="true">
 “Over the past decade, Bitcoin has had a tendency to trough several months before the bottom in global M2. Then it rips, gets way ahead of the move in liquidity, and has a mid-cycle correction.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/7ccbd71e-8ec2-4280-93cc-c19e299d1009.jpeg" alt="Bitcoin analysts converge on a breakout in September — But is $86K possible?" title="">
 <figcaption style="text-align: center;">
 BTC/M2 money supply. Source: Jamie Coutts
 </figcaption>
</figure>
The analyst added that the growing global liquidity from the M2 money supply, combined with the spot Bitcoin exchange-traded funds (ETFs), makes for the “perfect setup” for Bitcoin.
Related: <a href="https://cointelegraph.com/news/ether-price-drop-investor-sentiment-etf">Ether’s price drop due to investor sentiment, not $420M ETF outflows: Nansen</a>
Additional tailwinds might also come from Bitcoin ETF inflows, which turned positive for two consecutive days last week, with positive net flows of $35.9 million on Aug. 16, according to Farside Investors <a href="https://farside.co.uk/btc/" target="_blank" rel="noopener nofollow">data</a>.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/9733312b-8c48-4fbe-91a0-d9fd6d0771c5.png" alt="Bitcoin analysts converge on a breakout in September — But is $86K possible?" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF flow (USD, million). Source: Farside Investors
 </figcaption>
</figure>
Last quarter, <a href="https://cointelegraph.com/news/institutional-bitcoin-etf-adoption-rises-q2">institutional Bitcoin ETF adoption grew</a> by over 27%, with 262 new firms investing in spot Bitcoin ETFs.
<h2 id="megaphone-hints-at-86-000">“Megaphone” hints at $86,000</h2>
Bitcoin’s next major price target could be around $86,000 if it manages to break out in September, according to popular crypto analyst Titan of Crypto.
The analyst <a href="https://x.com/Washigorira/status/1825216671923253253" target="_blank" rel="noopener nofollow">wrote</a> in an Aug. 18 X post:
<blockquote data-ct-non-breakable="true">
 “Bitcoin Intermediate Target: $86,000. Would you bet on this Megaphone Pattern playing out?”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/2f0aacd3-78dc-4611-a01a-a1ad1af3ab8c.jpeg" alt="Bitcoin analysts converge on a breakout in September — But is $86K possible?" title="">
 <figcaption style="text-align: center;">
 BTC/USDT, 1-week chart, megaphone pattern. Source: Titan of Crypto
 </figcaption>
</figure>
The megaphone technical chart pattern consists of at least two higher highs and two lower lows. It occurs when the market is highly volatile and marks either a macro top or macro bottom.
However, Bitcoin price failed to print a daily close above its current downtrend, which could mean lower lows in the short term, wrote Rekt Capital:
<blockquote>
 “The reality is that Bitcoin is going to keep downtrending until it breaks. But Bitcoin is only one Daily Close above the Downtrend from turning it all around.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/677fad03-cc1e-420a-bc74-11d08ca3cad4.jpeg" alt="Bitcoin analysts converge on a breakout in September — But is $86K possible?" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart, downtrend. Source: Rekt Capital
 </figcaption>
</figure>
These “lower lows” might mean a retest of the $54,000 and $50,000 support levels before September.&nbsp;
Meanwhile, Bitcoin faces significant resistance at $59,500. A potential break above this level would <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener nofollow">liquidate</a> over $800 million worth of cumulative leveraged short positions across all exchanges, according to Coinglass data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/df967e7f-ba1a-4841-9159-60ce0dedc0b3.png" alt="Bitcoin analysts converge on a breakout in September — But is $86K possible?" title="">
 <figcaption style="text-align: center;">
 Bitcoin exchange liquidation map. Source: Coinglass
 </figcaption>
</figure>
Short Bitcoin liquidations would surpass $1 billion if Bitcoin staged a recovery above $59,900.
Related: <a href="https://cointelegraph.com/news/bitcoin-bull-signal-price-breakout-2024">Key Bitcoin bull signal flashes for first time in nearly 2 years, hinting at 2x price surge</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin analysts converge on a breakout in September — But is $86K possible?

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