Bitcoin traders are optimistic about a potential price surge in September, but many are skeptical that the cryptocurrency will reach the long-awaited $100,000 mark before the end of 2024. While some see positive signs, the consensus is that Bitcoin may hit six figures in 2025 instead.
September Breakout Expectations
Pseudonymous crypto trader Rekt Capital recently shared with their 483,800 followers on X that Bitcoin is “still on track for a September breakout.” However, they noted that a breakout from the reaccumulation range—a period where investors accumulate Bitcoin in anticipation of a price increase—was unlikely within 100 days following the April halving. As of July 29, Bitcoin was trading at $66,343, up just 2.11% since the halving, and slightly below at $66,283 at the time of this report.
2025 as a More Likely Target for $100K
Several analysts believe that while Bitcoin is poised for upward movement, reaching $100,000 this year seems unlikely. Pseudonymous trader Daan Crypto Trades told Cointelegraph that the higher timeframe Bitcoin chart appears promising, but six figures might not be achievable until 2025. He explained that surpassing the previous all-time high of $69,000 would require only a 1.5x increase, making $100,000 a reasonable target, especially considering inflation and current macroeconomic conditions.
Daan Crypto Trades also noted that in the short term, Bitcoin could encounter resistance in the $70,000 to $74,000 range, where it has faced multiple rejections in recent months. He expects a rapid expansion in price once Bitcoin breaks through this level.
Also Read: U.S. Government Holds $12 Billion in Bitcoin: Strategic Asset or Risk?
Market Analysis and Influences
Quantum Economics founder Mati Greenspan echoed these sentiments, pointing out that Bitcoin has been trading within a range of $55,000 to $73,000 since March. He believes that Bitcoin is currently testing the upper bounds of this range and that former U.S. President Donald Trump’s recent support for Bitcoin could help drive the price higher.
Greenspan’s observations align with broader market sentiment, suggesting that nation-state FOMO (fear of missing out) could be a driving force in the current cycle. This trend may continue to influence Bitcoin’s price trajectory, potentially setting the stage for significant gains in the coming years.
