The Bitcoin price trajectory in September is currently at a critical juncture, with the potential to unfold in two different directions. After ending August on a bearish note, Bitcoin has continued to show signs of weakness in the early days of September, edging further into bearish territory. This development could signal a prolonged period of capitulation for the rest of the month, although given the unpredictable nature of BTC, a bounce back could occur in the middle of the month.
Adding to the speculation, a well-known crypto analyst known as Titan of Crypto (@Washigorira) shared his thoughts on the possible outcomes for Bitcoin in September. According to his analysis, there are two primary scenarios that could play out. The first scenario envisions a rally that defies bearish expectations and surprises the market with an unexpected surge. The second scenario involves a final phase of capitulation, potentially reaching new lows before a significant recovery in the final quarter of 2024.
The analysis focuses on the Bitcoin/US Dollar (BTC/USD) chart observed on a weekly timeframe. The chart shows a price pattern resembling a bullish expanding triangle since reaching its all-time high of $73,737 in March 2024. Despite short-term volatility, the longer-term outlook remains positive, leading to a bullish surge in both scenarios outlined by the analyst.
In the first scenario, Bitcoin is expected to initiate a significant price surge in September, breaking through the upper trendline of the bullish expanding triangle and potentially setting a new all-time high. The price target for this scenario is $150,000 in Q1 2025, mirroring the rally experienced in Q4 2023.
The second scenario presents a more cautious outlook, with Bitcoin potentially dipping further in September, breaking below the $50,000 mark and retesting the August low of $49,800. However, this scenario also anticipates a reversal of the downward trend in the fourth quarter of 2024, leading to a bullish rally with a price target of $100,000.
As of the latest update, Bitcoin is trading at $56,716. The chart from Tradingview.com shows the current price at $56,000, indicating the ongoing volatility in the market. Overall, the trajectory of Bitcoin in September remains uncertain, with the potential for both bullish and bearish outcomes based on current market conditions. Investors and traders will need to closely monitor the developments in the coming days to determine the direction of the cryptocurrency.
