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Bitcoin may be on the verge of a breakout in September, with analysts forecasting a potential surge to $86,000, bolstered by increasing institutional investment and favorable economic trends.
Bitcoin’s September Breakout Potential
According to patterns in Bitcoin's previous charts, the cryptocurrency may see a breakthrough in September, with $86,000 being the next significant price objective.
Cointelegraph reports that popular Bitcoin analyst Rekt Capital has speculated that, based on past post-halving chart patterns, the price of Bitcoin could be poised for an impending breakthrough in September.
The analyst updated his 493,000 followers on August 18 with the following post:
Additionally, the macroeconomic forecast is encouraging. According to Jamie Coutts, chief crypto analyst at Real Vision, the expanding global money supply may be paving the way for Bitcoin to stage a breakthrough.
Coutts stated in a post on August 13th:
The "perfect setup" for Bitcoin, according to the expert, consists of the spot Bitcoin exchange-traded funds (ETFs) and the increasing global liquidity from the M2 money supply.
Bitcoin ETF inflows may provide more support; they were positive for two days in a row last week, reaching $35.9 million on August 16th, according to data from Farside Investors.
Institutional Adoption at Record Levels
With 262 new organizations investing in spot Bitcoin ETFs, institutional usage of Bitcoin ETFs increased by more than 27% last quarter.
If Bitcoin does manage to break out in September, the prominent crypto analyst Titan of Crypto predicts that its next major price objective might be about $86,000.
In a post on August 18th, the analyst stated:
Two or more lower lows and two or more higher highs make up the megaphone technical pattern on the chart. When market volatility is strong, it signifies a macro top or bottom.
Rekt Capital, however, said that Bitcoin's price has not yet closed above its current downtrend, suggesting that we may see lower lows in the near future:
“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.”
Before September, these "lower lows" would indicate a return to the $54,000 and $50,000 support levels.
Major Resistance at $59.5K
At $59,500, Bitcoin encounters substantial resistance. According to statistics from Coinglass, if this level were to be broken, it would result in the liquidation of leveraged short bets totaling over $800 million across all exchanges.
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