Why Bitcoin Could Reach $71,000 by September and $100,000 by December

Journalist

• Bitcoin price could rise above its 4-month range in September.
• QCP Capital has stated that there will be a $100,000 per BTC call increase by December 2024.

Bitcoin price [BTC] Price has been stable and remains above $60,000, despite the massive losses in US equities.

Moreover, there are tailwinds in the second half of 2024 that could push BTC to new highs. BTC has been stuck in the $60,000-$71,000 range for three months, but this sideways movement could soon be over.

BTC is close to breaking the 4-month range.

According to a market analyst Rekt Capitalbased on historical data, a breakout in the $60,000-$71,000 range was likely to occur in September.

If history repeats itself, a Bitcoin breakout from the re-accumulation range would occur in September 2024.

The projection was made based on a sideways movement that occurs after a halving. If the historical pattern repeats itself, this consolidation phase could end in September.

Below are some of the ways to connect with each other Uptrend The bullish breakout scenario is supported by the significant decline in stablecoins in the first half of 2024.

The #cryptomarket is seeing positive stablecoin inflows again! This is a very positive development that historically coincides with #Bitcoin rallies.”

The growth of stablecoins allowed market participants to position themselves to bid on an improvement in market sentiment.

The Fed is expected to cut rates in September. Over 90% of rate traders expect the Fed to keep its interest rate unchanged at the Fed’s next decision, scheduled for late July. In September The odds are high. The rate cuts were 93%.

BTC could be fueled by rate cuts. If Donald Trump, a crypto-friendly candidate, wins the US presidential election in November, more BTC rallies could be expected.

A rate cut in September was not evident.

Bloomberg ReportageTrump warned Fed Chair Jerome Powell not to cut rates until November to avoid giving Biden the upper hand.

“The Fed should hold off on rate cuts until the November election and give the economy and Biden a boost.”

Powell’s reaction to the warning and whether it will dampen market expectations remains to be seen.

The market is still bullish despite the price volatility and has set a price target of $100,000 per BTC by year-end. You can also read about it here QCP Capital analysts.

Even with a lower price overnight, there was still a lot of institutional interest in the December $100,000 calls, suggesting a stronger belief that a year-end rally is imminent as the odds of a Trump victory increase.