Over the past few days I’ve discussed how the 5th of July and August marked the monthly bottom for Bitcoin. Today is the 5th of September, and I think there is a good chance that Bitcoin is bottoming out around $56.5k. If I’m wrong then the next key support level would be around $51k. However, $56.5k has provided strong support for Bitcoin over the past few days.
During the year of the Bitcoin halving Bitcoin tends to have 4 red months throughout the year. We have already experienced 3 red months so I’m hoping that September also closes red. If we get a red monthly close for Sept then I think we can see 3 green months in Oct, Nov, and Dec. Q1 also tends to be the most bullish time period for Altcoins so we could see 6 very bullish months ahead. I would still pay close attention to the recession indicators, and observe how Bitcoin reacts to the Fed pivot.
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