The 5th of the month has marked the monthly bottom for Bitcoin in July and August. I think there is a good chance that Bitcoin bottomed out today, and is starting to form a rebound. My forecast for Sept is a rally from early to mid September followed by a decline headed into the monthly close. A red September would be my preferred scenario because I think we could see green months throughout Oct, Nov, and Dec. We’ll track Bitcoin’s progress to see how things are looking, but this Sept dip is an important buy for me for the bull run. I still want to move cautiously due to recession concerns so I recommend following along with the day to day updates.
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Neutral Price Action for Bitcoin Around $56k
Bitcoin has lost support at $60k, and is experiencing several days of sideways price action around $56k. The popular consensus is that Bitcoin will drop lower for a buy opportunity in September, but I think Bitcoin is also likely to bottom out here. I think the price action is neutral, and we will are likely to find a clear direction within the next few days.
Bitcoin slipped below $55k from today’s August job’s report news. I think the price is at a key pivot level here near the yellow trendline. A bullish bounce here would be a good sign for the next few months. The price needs to hold above $54.4k to remain above the yellow support line.
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