Will Bitcoin be able to reach $70,000 by the end of the month?
Investors have been eagerly awaiting a further rise in Bitcoin for some time now. The hope is that the world's largest cryptocurrency will reach the $70,000 mark. This value was last reached on July 24th.
Expectations increase every day. Especially as the cryptocurrency approaches important resistance points. BTC has been driven by several factors. One of them is the positive climate that followed the recent interest rate cuts promoted by the Federal Reserve (Fed).
But the big question for investors is whether Bitcoin will be able to reach US$70,000 by the end of the month. To answer this question, it is necessary to examine the fundamental and technical elements. This is all influencing price movements.
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Will Bitcoin be able to reach $70,000 by the end of this month?
The price of Bitcoin has moved recently. After the Fed cut interest rates, there was an increase in investor confidence in the cryptocurrency market. Bitcoin is facing short-term resistance. Resistance, for example, lies in the range of $62,600 to $64,000. This is a key Fibonacci retracement level since the August rally.
The 0.618 Fibonacci level emerges as another hurdle. Especially if Bitcoin breaks this resistance. BTC could test the $65,950 level. The price could also reach $70,000 or more.
But if Bitcoin fails to maintain the resistance of US$63,600, there could be a price pullback. This would lead to it challenging support between $60,700 and $61,200.
Experts believe that maintaining this support would guarantee the uptrend. A failure could result in a correction towards $58,300.
The technical trend remains strong, as demonstrated by the short-term EMAs. This indicates that Bitcoin may be ready to challenge the $69,270 resistance level. This is the last hurdle before a climb to $70,000.
This prediction is in line with analysis from Trader Koala, who is a popular cryptocurrency trader. He believes that Bitcoin price is undergoing range consolidation and may have a breakout soon.
Interest rate cut and BTC ETF inflows increase
The Federal Reserve's interest rate cut strengthened investor confidence. This is a factor that drove the market's latest rally. With traditional markets concerned about inflation, Bitcoin has become an even more attractive option. The reduction in rates also indicates a more expansive monetary policy. This has historically favored risky assets like cryptocurrencies. Especially as more investors flock to the asset amid macroeconomic uncertainty.
Furthermore, with inflows into spot Bitcoin ETFs increasing, institutional interest in Bitcoin remains high. The narrative of Bitcoin as a store of value continues to strengthen. But weekend profit-taking and cautious market sentiment, especially ahead of key resistance levels, slowed Bitcoin's growth.
The next few days will be crucial. This is because there is still no way to determine whether investors have the necessary strength to take Bitcoin to new highs. Or, conversely, whether it is possible for there to be a period of consolidation.
A break above $70,000 by the end of September is a realistic target. But that's only if Bitcoin manages to avoid a pullback and maintain its momentum. Keep in mind that historical performance indicates that Bitcoin could experience fluctuations in September.
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Disclaimer: This article is for informational purposes only, and does not constitute investment advice or an offer to invest. CriptoFácil is not responsible for any content, products or services mentioned in this article.