If we are to believe popular analyst Rekt Capital, Bitcoin is set for a massive breakout in September. Rekt Capital bases this prediction on the cryptocurrency’s price history.
The technical picture is not only true for Bitcoin.
It’s not just the technical picture Rekt Capital has outlined that’s right for Bitcoin. The macroeconomic outlook can also be described as positive, according to analyst Jamie Coutts. Coutts originally worked for Bloomberg and has since moved to the more crypto-focused Real Vision.
Jamie Coates points out that over the past decade, Bitcoin prices have bottomed a few months before global M2 money supply, then surged before global liquidity followed suit.
Coates adds that the increasing amount of money in the world (the rise in M2) combined with ETFs creates the “perfect setup” for Bitcoin.
Bitcoin is slowly gaining wind in the back of ETFs again. The last two trading days for U.S. ETFs have been positive again.
Bitcoin price $86000?
Bitcoin’s next major price target could be $86,000, according to popular analyst Titan of Crypto. “Are you betting on this megaphone pattern?”
A megaphone is a pattern of technical analysis with two higher highs and two lower lows. These typically occur when the market is very volatile and are often accompanied by overall lows and highs.
In the short term, according to Rekt Capital, more Bitcoin is needed. “The reality is that Bitcoin will remain in a downtrend until it breaks. But Bitcoin is only one daily close above the trendline away from a trend reversal,” Rekt Capital said.
What do you expect? Will we continue to decline or have we finally reached the bottom for Bitcoin?
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