bullish

Rally

Wednesday

Bitcoin

Daily

Bitcoin price (BTC) has rebounded by 0.59%, to $59,110 during the Asian trading session on Tuesday. The Fed’s anticipated rate cuts already reflect the optimism engulfing the markets. 
Despite Blackrock’s report on Monday noting that the economy`s ongoing strength and persistent inflation could prevent the Fed from implementing significant rate cuts, Bitcoin could still see a surge to $128,000 as indicated by crypto analysts. 
<h2 class="wp-block-heading" id="h-analysts-predict-major-rally-for-bitcoin-price-here-s-why">Analysts Predict Major Rally for Bitcoin Price: Here’s Why</h2> 
Analysts predict that <a href="https://www.thecoinrepublic.com/2024/09/13/trump-win-could-skyrocket-bitcoin-to-125k-top-analyst/">Bitcoin could rally</a> to All-Time Highs of $128,000.Moustache shared a chart showing that the token was consolidating and there will be another bullish cycle from 2025-2028. He indicates that this is yet to be the most powerful one before Bitcoin reaches its peak. 
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 <img loading="lazy" decoding="async" width="729" height="720" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-178.png" alt="" class="wp-image-723591" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-178.png 729w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-178-300x296.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-178-150x148.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-178-696x687.png 696w" sizes="(max-width: 729px) 100vw, 729px">
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CryptoJack, another analyst, predicted that Bitcoin price could shoot up to $128,000.&nbsp;The token formation of a Cup &amp; Handle pattern over a 3-year timeframe has influenced his bullish outlook on the price. 
Moustache analysis highlights different Bitcoin cycles: 2014-2017, 2018-2021, and the current cycle from 2021-2024. In each cycle, there is a clear period of accumulation followed by a parabolic rise in price. The current cycle seems to be closing in a consolidation which increases the probability of the next 2025-2028 cycle being the strongest 
Moreover, CryptoJack illustrates the formation of the cup &amp; handle pattern. The cup formation from early 2022 to 2023 followed by the handle consolidation from 2023 to 2024. This indicates that the breakout could happen at any time, potentially within the coming months. 
A break of the dotted resistance line above could accelerate Bitcoin`s move towards the $128,000 target. However, Peter Schiff, a well-known economist and vocal critic of Bitcoin, presents a bearish technical analysis of Bitcoin. 
He states that the Bitcoin price chart resembles a triple-top pattern, a bearish chart formation that signals a potential reversal. <a href="https://www.thecoinrepublic.com/2024/09/16/gold-hits-record-high-bitcoin-loses-shine-peter-schiff/">Schiff further argues</a> that if Bitcoin is priced in gold, which he considers a more reliable store of value, the chart looks even worse, indicating a steep decline relative to the precious metal. 
Peter projects that Bitcoin will likely drop to the $42,000 level, which aligns with an upward trend line, however, he doesn`t expect the support will hold. In fact, he believes a deeper correction is more likely to retest its long-term support levels between $15,000 and $20,000 
<h2 class="wp-block-heading" id="h-will-bitcoin-break-out-higher">Will Bitcoin Break Out Higher?</h2> 
According to the <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/">BTC Daily chart</a>, the price has printed head and shoulders, a bullish reversal pattern. Price has recovered from September 6th lows, with a 15% gain reclaiming the $57600 resistance-support level. 
Bitcoin’s slight drop from Saturday 14th stabilized at the $57, 680 support level which if it holds, we could see a 28% surge to the $74,000 highs. The ATH have significant stops above for the shorts sells of BTC crash and a rally higher could see the positions liquidated. 
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 <img loading="lazy" decoding="async" width="1024" height="468" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-179-1024x468.png" alt="" class="wp-image-723596" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-179-1024x468.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-179-300x137.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-179-768x351.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-179-1536x703.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-179-150x69.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-179-696x318.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-179-1068x489.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-179.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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As Bitcoin price faces strong optimism, the Federal Reserve’s interest rate cuts will determine whether the upturn will sustain or if BTC will fade. Wednesday 18th will be a key day to watch if Powell fails to cut the rates Bitcoin could drop lower to retest the $50,000 support level. 
The post <a href="https://www.thecoinrepublic.com/2024/09/18/bitcoin-price-poised-for-breakout-to-new-ath-analysts-predict/">Bitcoin Price Poised For Breakout To New ATH, Analysts Predict</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Bitcoin Price Poised For Breakout To New ATH, Analysts Predict

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