bullish

Value

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-predict-bitcoins-potential-movements-in-september/" data-wpel-link="internal">Analysts Predict Bitcoin’s Potential Movements in September</a> 
<a href="https://en.coin-turk.com/bitcoin-price-could-double-to-140000-in-three-months-analyst-predicts/" data-wpel-link="internal">Bitcoin</a> price disappointed moderately in August after declines at the beginning and end of the month. The broader outlook for Bitcoin remains bearish, but some macro-financial developments could change this outcome. Bitcoin’s price is currently below $60,000 after a 7.5% drop in the past week. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
Investors may continue this trend until the “Uptober” month, where they expect Bitcoin’s recovery to persist. Paybis’ Founder and CEO Innokenty Isers shared the following insights: 
<blockquote> 
 “September has historically been a negative month for Bitcoin, with <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> showing an average depletion rate of 6.56%. So far this month, investor sentiment around Bitcoin has been negative as the token traded between $49,000 and $66,000.” 
</blockquote> 
This result aligns with the position of the macro Market Value to Realized Value (MVRV) Ratio. The MVRV ratio assesses investor profit and loss. Currently, Bitcoin’s 90-day MVRV data is -4.8%, indicating profitability and potential buying pressure. Historically, Bitcoin MVRV data between -2% and -12% has marked the beginning of recoveries and uptrends. Examples include mid-June 2023, early October 2023, and more recently, early July this year. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-384760 size-full" src="https://coin-turk.com/wp-content/uploads/2024/09/mvrv.png" alt="" width="3840" height="1300"> 
Investors tend to add Bitcoin to their wallets in such situations, marking -2% to -12% as an accumulation opportunity zone. If history repeats itself, Bitcoin will be on its way to recording an uptrend and preparing for a significant increase towards the end of the month. 
<h2 class="p1" style="text-align: justify" id="bitcoin-chart-analysis">Bitcoin Chart Analysis</h2> 
There are two outcomes for Bitcoin’s price in September. The first is a more practical approach, suggesting Bitcoin will stay below $68,300 based on recent clues. This resistance has prevented the crypto king from breaking out several times, and given the bearish conditions, this could happen again. 
The second outcome is a breakout above the descending broadening wedge at $68,300. This pattern, in place since early March, suggests a breakout could result in a 22% increase. Though unlikely, Bitcoin could form a new all-time high above $73,800. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-384759 size-full" src="https://coin-turk.com/wp-content/uploads/2024/09/btc-2.webp" alt="" width="1755" height="768"> 
Similarly, the aforementioned accumulation and <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> cut factors must materialize, and only an increase above $70,000 can confirm this bullish outcome. However, if Bitcoin’s price doesn’t even surpass $65,000, consolidation below this resistance and above $57,040 is likely. This could invalidate the bullish thesis and delay Bitcoin’s uptrend to early or mid-October. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-predict-bitcoins-potential-movements-in-september/" data-wpel-link="internal">Analysts Predict Bitcoin’s Potential Movements in September</a></h5>
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Analysts Predict Bitcoin’s Potential Movements in September

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