As Bitcoin’s price remains confined to the $29,500 zone, many traders are wondering if this is a precursor to a bearish phase. Additionally, the SEC’s postponement in approving ETF applications has ignited a sell-off sentiment among traders. Yet, a leading crypto research company is bullish, projecting that BTC’s price might be on the edge of a bullish uptrend, possibly reaching the $34K milestone in the coming weeks.
Bitcoin’s Current Consolidation Is Bullish For September
Trading platform QCP Capital anticipates that Bitcoin could experience a significant surge toward $34,000 in the first week of September. In their recent market analysis, experts highlighted that the forthcoming weeks are crucial in determining the future movement of BTC’s price.
As Bitcoin continues to hover within a specific range following months of uncertainty, industry watchers are eagerly anticipating a clear market direction.
QCP Capital believes that September holds significant potential, attributing this to the BTC price finalizing a rising wedge pattern that originated towards the close of the 2022 bear market.
QCP stated, “The one thing that could drive us to our outlined longer-term levels of 24-26k is the front-end rates curve that we feel is still too dovish in pricing 4-5 cuts for next year. However, this too, will take weeks to months to see a resolution. In the meantime, central banks in China and Japan continue to add liquidity, which is bullish for markets.”
According to QCP’s analysis, the wedge pattern in which BTC has moved since its dip of $15k is set to reach its final conclusion or support line at the beginning of September, approximately at the $29,300 mark.
They stated, “Will there be a sharp rally that takes us to the 34k resistance – like the prior three times which kissed the support trendline this year? We think it could still be another quiet few weeks before we find out.”
What’s Next For BTC Price?
Bitcoin dipped below the 20-day EMA at $29,370, yet the decline didn’t intensify to reach the crucial support level. This indicates that there wasn’t strong selling momentum at these lower prices. As of writing, BTC price trades at $29,308, declining over 0.3% from yesterday’s rate.
Buyers are taking advantage whenever the price faces a slight decline, indicating that bulls are capitalizing even on minor corrections. The steady 20-day EMA and the RSI hovering around the midpoint suggest a stable momentum between buyers and sellers. This implies that the BTC price might remain within the tight range for some time.
A significant price movement is anticipated once the price breaks out of its consolidation. If the price drops and breaches the $29,100 support, it might head towards $28,300. On the other hand, if it surges past $30,200, it could pave the way for a potential rally toward the resistance of $30,800-$31,500.
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