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Despite the heightened selling pressure from short-term Bitcoin holders, Jamie Coutts anticipates BTC price to flip at least $100K by the end of the year.
The ongoing Bitcoin (BTC) choppy market has undeniably raised fear of further crypto capitulation in September. Despite the favoring fundamental factors – including the impressive performance of spot BTC ETFs and regulatory shifts in Russia, among others – Bitcoin price has continued to suffer midterm bearish pressure.
The flagship coin dropped over 2 percent in the last 24 hours to trade about $62,384 on Tuesday, August 27, during the early New York session.
Consequently, the total cryptocurrency market cap dropped nearly 4 percent in the past 24 hours to hover about $2.28 trillion, as of this publication. Moreover, the altcoin industry – led by Ethereum (ETH), and Solana (SOL), among others -nosedived in the last 24 hours.
Bitcoin Price Path to at Least $100K by EOY
According to Jamie Coutts, the Chief Crypto Analyst at Real Vision, Bitcoin price is gradually entering the parabolic phase of the macro bull run, akin to the previous cycles. The crypto analyst highlighted that all indicators point to a significant rally before the end of the year, potentially pushing Bitcoin price towards $150k.
“Unless something fundamentally has changed, we are entering what Raoul Pal refers to as the banana zone, or what I would describe as Bitcoin batshit season,” Coutts noted.
The crypto analyst pinpointed that Bitcoin price action, in its four-year cycle, tends to rally in a diminishing factor every time the US dollar index breaks down in a falling trend. Interestingly, the US dollar index has already broken down as it hovers around 100.
The anticipated economic shift in September through the first interest rate cut amid the rising global liquidity will be a game changer for the Bitcoin bullish scenario.
Hindering Factors
As August approaches the end, Bitcoin price has signaled midterm bearish pressure in the coming weeks. Historical data already shows that the majority of September after the halving event is normally bearish, before a general crypto rally in the fourth quarter.
With this in mind, some short-term Bitcoin holders have accelerated profit-taking to minimize further losses.
“Short-term holders transferred 33,155 bitcoins as shown by the 1w-1m spent output age bands. This could present immediate selling pressure. The slowdown in price suggests that Bitcoin might initiate a free pullback,” CryptoQuant’s XBTmanager noted.
Meanwhile, the recent approval of spot Solana ETFs in Brazil and spot Ether ETFs in the United States has accelerated the rate of crypto cash rotation to the altcoin industry.
As a result, Bitcoin dominance has been forming a rising weekly wedge coupled with bearish divergence on the Relative Strength Index (RSI), suggesting an imminent reversal in the near term.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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