In recent weeks, Bitcoin (BTC) has demonstrated impressive recovery, but it now encounters significant resistance around the $27.4k mark. For the bullish momentum to regain strength, it is crucial that BTC surpasses $28.2k and solidifies $30k as a support level. Additionally, the daily death cross between the 50 and 200 Moving Averages (MA) continues to pose buyer challenges.
However, amidst global economic uncertainties driven by high inflation, digital assets and blockchain technology are experiencing a surge in mainstream adoption.
Also Read : Bitcoin Price Prediction 2023, 2024, 2025: Here’s How BTC Price Prediction Forecasts $100K Before 2025?
Bitcoin Price Analysis
Crypto analyst Benjamin Cowen suggests a high likelihood of Bitcoin closing September with losses. He parallels September 2019, where Bitcoin saw a 6 percent gain in the first 20 days of the month but ended up closing the month 14 percent lower. Bitcoin has seen a 5 percent gain in the first 20 days of September and is struggling to break past $27.4k.
Despite the short-term challenges, there are reasons for optimism in the crypto market. With less than 220 days until the fourth Bitcoin halving and the potential approval of a spot BTC ETF in the United States within the next six months, it is unlikely that the top coin will dip below its 2022 lows again. Furthermore, October in the pre-halving year has historically been a psychologically bullish month for Bitcoin and the altcoin market.
Credit: Source link
