After its ATH, Bitcoin has been trading in a downtrend between $74,000 and $52,000 for the past six months.
While this has made investors increasingly nervous about whether BTC will make an upward breakout or continue to fall in price, analysts have listed major catalysts that could boost Bitcoin’s price in the coming weeks.
Bitcoin in Wait and See Mode!
Coinstash co-founder Mena Theodorou said the next big move for Bitcoin will depend on how the market responds to political and regulatory changes in the US during the election period and upcoming macroeconomic data.
“Whether the next big move for Bitcoin is a breakout or a drop will likely depend on the next big news or market shift.
For now, BTC and the crypto market are in wait-and-see mode.”
The Biggest Catalyst for Bitcoin Will Be the FED!
eToro market analyst Josh Gilbert said he sees the FOMC meeting on September 18 as the big catalyst for Bitcoin's rise.
Stating that he also agrees with the dominant view in the market that a 25 basis point reduction will be made, Gilbert said that this reduction will be a positive development for risky assets such as Bitcoin.
“Ultimately, a rate cut is coming, but the focus is now on the size of that cut.
This week's US employment data will be the main driver of sentiment and could see a move in crypto assets.”
Gilbert recently stated that September was the worst month for BTC, warning investors that they should be prepared for more volatility.
Bitcoin Needs to Exceed These Levels!
Bitcoin needs a sustained break above the $65,000 level for a solid comeback, IG Markets analyst Tony Sycamore said.
The analyst stated that Bitcoin rising above $65,000 alone would not be enough for an upward trend, and that there was another obstacle in front of BTC.
According to the analyst, Bitcoin will face a resistance cluster between $70,000 and $74,000 before entering the expected uptrend, and BTC will need to break this resistance cluster for a sustainable rise.
*This is not investment advice.