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Bitcoin Holding Above $56k on Sept 5

Written By: ChartChamp

September 5, 2024

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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