The Bitcoin price trajectory in September is currently at a critical juncture, with potential outcomes that could go in two very different directions. After a bearish close in August, the leading cryptocurrency has shown signs of weakness as September began, further edging into bearish territory. This development could signal a prolonged period of capitulation throughout the rest of the month. However, given the nature of Bitcoin and the fact that we are only three days into September, there is a possibility for the crypto to bounce back sometime in the middle of the month.
Adding to the speculation, a well-known crypto analyst known as Titan of Crypto (@Washigorira) on social media recently shared his thoughts on the potential outcomes for Bitcoin in September.
According to his analysis, there are two primary scenarios that could play out for Bitcoin this month. The first scenario envisions a rally that defies the prevailing bearish expectations and surprises the market with an unexpected surge. The second scenario involves a final phase of capitulation, where Bitcoin could reach new lows before staging a significant recovery in the final quarter of 2024.
The analysis focuses on the Bitcoin/US Dollar (BTC/USD) chart observed on a weekly timeframe. Based on the current setup by @Washigorira, Bitcoin has been tracing a price pattern that closely resembles a bullish expanding triangle since reaching its all-time high of $73,737 in March 2024. This pattern is known for its bullish signals, indicating a positive longer-term outlook for Bitcoin. Both scenarios noted by the analyst ultimately lead to a bullish surge for Bitcoin.
In the first scenario, Bitcoin is expected to initiate a significant price surge in September, breaking through the upper trendline of the bullish expanding triangle that has been a strong resistance level for months. If successful, this breakout could set the stage for a new all-time high, with a price target of $150,000 in Q1 2025.
On the other hand, the second scenario presents a more cautious outlook, with Bitcoin potentially continuing its current capitulation phase. This scenario envisions Bitcoin dipping further in September, possibly breaking below the $50,000 mark and retesting its August low of $49,800. However, following this potential dip, Bitcoin is expected to reverse its downward trend in the fourth quarter of 2024 and lead to a bullish rally with a price target of $100,000.
As of the time of writing, Bitcoin is trading at $56,716, and the price chart indicates the current position of Bitcoin in the market. The future trajectory of Bitcoin in September remains uncertain, with potential for both bullish and bearish scenarios to unfold. The market will closely monitor Bitcoin’s movements throughout the month to see which direction it ultimately takes.
