Geoff Kendrick, head of cryptocurrency research at Standard Chartered Bank, made an optimistic forecast of Bitcoin's price movements during the 2024 US presidential election.
BTC is likely to rebound in the fourth quarter
It is widely believed that Bitcoin often faces challenges in September, whether at the beginning of a bullish trend, late in the previous market cycle, or even in a bearish phase. September usually marks a partial bottom and then a rise in the fourth quarter.
Recently, Bitcoin experienced two significant declines. In particular, on August 5, Bitcoin fell close to 25%, and the price once fell to 0.049 million US dollars. Another retracement followed on September 6, and the price dropped to $52,000. Amidst these fluctuations, Bitcoin showed resilience and traded at $58,360, indicating strong support for the macro upward trend line.
9.13 Bitcoin trend:
What the flatbread currently presents to everyone is that yin and yang are interlaced, and there is frequent tug-of-war between long and short. There are no obvious one-sided changes in this trend; long and short are evenly matched, so you must have awareness during operation and don't just chase up and down. Currently, the upper resistance is 59300, and the lower support is 57300.
Judging from the current 4-hour market, although the price comparison continues to run around the middle and upper track, the bulls are slightly biased towards the advantage. However, the high point never broke. Yesterday, after breaking 58500, it immediately retreated, appearing abovepressure levelThe resistance is too strong. Coupled with the overnight rush to no avail, the bulls seemed slightly weak, while the bears were not particularly strong. The reason for Friday is that the volume will still be mainly at night, and the white plate will still be handled with a volatile mindset. In terms of operation, we still mainly short at high positions; we only need to enter the market around the pressure level.
Looking ahead, institutional interests and macroeconomic factors are also quite important in determining the likely price movement of Bitcoin. Although the Federal Reserve's past rate hikes have slowed the expansion of crypto assets, a possible rate cut could create a more suitable habitat for BTC.
Additionally, the potential approval of physical exchange-traded funds (ETFs) will stimulate increased institutional demand, which may help further increase Bitcoin's liquidity and general acceptance.
The publication of the article has been delayed and is time-sensitive, for reference only!!