Bitcoin’s price may be gearing up for a significant breakout by late September 2024, driven by historical patterns highlighted by analyst Rekt Capital. According to these patterns, Bitcoin typically experiences notable price movements 150-160 days after a halving event. While September traditionally delivers an average return of -4.48%, leaving room for possible consolidation, October’s stronger performance, with an average return of +22.9%, might be when Bitcoin truly gains momentum.
In a landmark legal development, the British Columbia Supreme Court has ordered Daniel Tambosso to repay $1.2 million in a 22 BTC loan to Hung Nguyen. This ruling marks a pivotal moment in the legal recognition of cryptocurrency, underscoring the growing acceptance of digital assets in the legal system. Although this ruling may ultimately provide stability by clarifying legal frameworks, its immediate effect on Bitcoin’s price remains uncertain, introducing short-term market volatility.
Meanwhile, the Puell Multiple, a well-known on-chain Bitcoin indicator currently at 0.69, suggests that Bitcoin, now trading around $58,416, could be nearing an ideal entry point for dollar-cost averaging (DCA). With miner selling pressure easing, analysts believe this may present one of the best re-accumulation opportunities in over two years. However, opinions are divided on the timeline, with some traders anticipating continued consolidation through September and a potential breakout in October.
In a surprising move, Brazil’s Supreme Court has imposed an immediate and complete suspension of X (formerly Twitter) due to Elon Musk’s failure to appoint a legal representative in the country. This decision has sparked concerns about market access to real-time information, potentially impacting Bitcoin prices in the short term. Despite this, the ban has highlighted the importance of Bitcoin’s decentralized nature, possibly bolstering long-term investor interest in the asset.
Currently, Bitcoin is trading at $57,533, struggling to break above the key pivot point of $58,739, which signals a bearish outlook. With the 50-day Exponential Moving Average (EMA) at $59,662 and the Relative Strength Index (RSI) at 35, the downtrend appears to persist. Immediate support is at $56,130, with further downside targets at $54,581 and $52,907 if the price continues to fall. Traders should monitor these levels closely for potential bearish continuation.
In the meme coin space, Pepe Unchained ($PEPU) is emerging as a strong contender in the crypto market. With a presale phase offering significant gains and a 499% APY staking feature, $PEPU is gaining traction among investors. With 321 million $PEPU tokens already staked, there’s clear confidence in the project’s long-term success. Thorough audits by Coinsult and SolidProof ensure a secure investment opportunity, making $PEPU an attractive option for those looking to diversify their crypto portfolios.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
