Bitcoin could undergo a big change in September. If it can overcome some tough obstacles, the price could hit new all-time highs. With a lot of work, Bitcoin’s next big price goal could be as much as $86,000.
According to well-known analyst Rekt Capital, BTC could have a big breakout in September. They base this idea on chart patterns seen after earlier halvings.
A post on X from August 18 says that the current state of the economy as a whole also supports this optimistic view. Over 493,000 people follow Rekt Capital, which shows it has a big following in the crypto community.
I agree with this point of view, and Jamie Coutts, chief crypto expert at Real Vision, says that the growing amount of M2 money worldwide is a big reason for this.
In a post on August 13, Coutts wrote that the rise of spot BTC exchange-traded funds (ETFs) and the M2 money supply’s rising liquidity make it easy for Bitcoin’s price to go through the roof.
Bitcoin ETF Inflows Surge, Analyst Predicts $86K Target Amidst Resistance Challenges
Recently, money has been coming into Bitcoin ETFs. On August 16, Farside Investors recorded net flows of $35.9 million.
This comes after a quarter in which 262 new firms invested in Bitcoin ETFs, over 27% more than the previous quarter. Because of these events, people are feeling better about Bitcoin’s price prospects.
Titan of Crypto, a crypto analyst, has pointed out a megaphone chart pattern that, if it breaks out, could show a price goal of around $86,000 for Bitcoin. The trumpet pattern, which has higher highs and lower lows, usually means that the market is unstable and can show big price changes.
But Bitcoin hasn’t been able to close above its current decline, which could mean lower lows in the near future. Rekt Capital thinks this could lead to a test of support levels near $54,000 and $50,000 before the end of September.
The coin faces strong opposition at $59,500. According to statistics from Coinglass, if this level is broken, over $800 million in leveraged short positions on different exchanges could be liquidated. Short sales could reach over $1 billion if Bitcoin rises above $59,900.
There is a chance for a big breakout, but traders should be careful because of the current resistance and technical signs. To get to $86,000, you must get past big problems, like resistance levels and possible short-term drops.
