Bitcoin has started to trend down during the first week of September. Bitcoin has reached my first price target around $55k – $56k, and I’m monitoring to see if BTC can reach the second target around $50k. I think Altcoins have been holding up pretty good, they are already at great prices but there is potentially a steeper discount if BTC dips lower to $50k. So far $56k has been holding up pretty well here, but over the next few days we’ll find out if BTC will drop lower. There is a recent pattern with selloffs in the first week of the month, with Bitcoin bottoming out on the 5th of July and 5th of August. I would monitor for another potential bottom around the 5th of Sept.

Bitcoin Potential Breakout in October

The markets have formed a bullish rebound to the worse than expected labor market data. Crypto is showing some nice strength around $56k price levels, and has already rebounded back above $57k. I think there is a good chance of a bullish breakout in October so I’m interested in buying up dips in September. I think BTC, ETH, and Altcoins are showing some solid strength here for those who want to buy here. There is a risk that prices are bottoming out here, but there is also a chance that the prices go lower. So plan accordingly for both scenarios, We’ve had a lot of sideways price movement, a bullish breakout is very likely to occur in October. For those of you who remember last year, it was called Uptober for all the upside.

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