BTC experienced a sudden correction yesterday as Bitcoin continues to consolidate in a narrow range.
While this correction caused investors to question whether there will be further declines, a bullish forecast for BTC came from Singapore-based crypto trading firm QCP Capital.
Analysts at QCP Capital, who evaluated Bitcoin's price movements, said that they predicted that the silence in BTC will be broken in September.
At this point, analysts stated that the coming weeks will be an important decision week for Bitcoin, pointing to September for the rise.
Analysts also pointed out that the price of Bitcoin stood at a very important support level, noting that BTC could go to $ 34,000.
According to QCP Capital, September will be an important month for BTC and the $29,300 level will be the point of interest among investors.
“On the charts, the wedge pattern in which BTC has been trading since $15,000 reaches its first end point at the beginning of September. That could take us to $34,000.
We think Bitcoin could be quiet for a few more weeks before we find out.”
In addition, stating that they have said that the BTC rally will stop since the beginning of July, analysts stated that the volume has been crushed since July and this is the ideal time for long-term accumulation.
Analysts, who said that the trading volume last fell in the crypto money winter in 2018 and 2019, pointed out that a change in the macro environment is needed for the market to revive.
“The last time trading in Bitcoin was this compressed was during the crypto winter of 2018 and 2019, and it required a change in the macro environment to reinvigorate the market.
While the game-changing change for BTC is yet to be seen in the macro environment, looking at the BTC chart and historical data, several short-term catalysts are expected, such as a possible SEC decision regarding Mt Gox, Blackrock, or Fidelity's spot Bitcoin ETF filings late next month.
This strengthens the $34,000 level for BTC.”
*Not investment advice.
