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June 18, 2024
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Bitcoin Price to Have a Bullish September Close-While The Bearish Scenario Still Prevails

The post Bitcoin Price to Have a Bullish September Close-While The Bearish Scenario Still Prevails appeared first on Coinpedia Fintech News

For the past couple of days, Bitcoin has been displaying significant bullish momentum, and as a result, the price is currently trading above $19,500 at the moment. However, the price is expected to increase and reach levels beyond $20,500 very soon. The market sentiments appear to have coiled up to some extent, which may enable the price to rise high. 

To begin with, the BTC price has formed a bearish ‘H&S’ pattern and was believed to plunge hard, slicing through the neckline. However, invalidating the bearish thesis, the BTC price flipped from the lows and is now heading towards immediate resistance above $20,000. While the star crypto is believed to close September on a bullish note, the bears are well-positioned to hammer the price down. 

One of the well-known analysts, il Capo, has been warning about the upcoming price plunge for quite a long time. As per the analyst, the BTC price is primed to pump to $20,000 to $20,500 and later may experience a huge dump, which may be fueled by some external factors. Therefore, the price may reach beyond $20,300, where-in the bears may drag the price lower to the crucial support zone around $18,500.

 If the price fails to sustain here, a notable dump may compel the price to plunge below $17,500 in the first few days of October. On the contrary, despite the bearish scenario, Bitcoin is still speculated to hover within a bullish trend as the 172-day ratio has surged above the Ichimoku cloud, flashing bullish signals. 

The Ichimoku cloud usually displays the support, resistance, momentum, and trend of the asset in one view. Hence, if the indicator is bullish, the Bitcoin(BTC) price may be primed to rise beyond the initial target of $20,000. 

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