Investing.com – The world is upside down, because contrary to the historic weakness of September, a trend reversal is emerging, as there are positive developments on several fronts. Can these give BTC a new high now of all times? A question that is currently occupying investors and experts alike.
Historically, September has often been a critical month for Bitcoin and other cryptocurrencies, with significant price declines, but the tide may now be turning. Bloomberg reportedthat the pressure on Vice President Kamala Harris to oust SEC Chairman Garry Gensler is increasing, because that is exactly what important donors to her campaign for the US presidency are demanding. A clear indication that the Democrats could now also position themselves more crypto-friendly. This would take the wind out of the sails of the Trump campaign, which is loudly supporting the crypto sector.
Arthur Hayes‘ change of position as an indicator
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Arthur Hayes, co-founder of the crypto trading platform BitMEX, is known for his precise market analysis and strategic decisions. After initially betting on a further price decline, he changed his position in view of a possible recovery. According to his own statement, he expects positive impulses for Bitcoin in the coming days, due to macroeconomic factors and political developments such as the upcoming speech by Treasury Secretary Janet Yellen. This positive market sentiment led Hayes to close his short position as a precautionary measure. close.
Technical analysis: Target price $93,000
Another important point that points to a possible Bitcoin recovery is the impressive technical analysis that is currently circulating. One of the most followed analyses on TradingView gives a detailed “roadmap” that shows a future price of $93,000 predicted.
In addition to key support and resistance levels, historical trend lines dating back to 2015 and 2017 and higher lows and higher highs are particularly important. The emerging confluence is described as a “roadmap” to new highs, targeting the $93,000 mark.
There are two “high-confluence zones” that should serve as potential springboards for a sustained recovery. The first psychological level is between $50,521 and $50,901, while the second, less likely to be tested, level is found between $46,216 and $46,930. Should Bitcoin confirm this support, a rapid rise to the previous all-time high and beyond could follow.
Conclusion: Heading towards new Bitcoin highs?
While the market remains volatile and short-term setbacks cannot be ruled out, analysts and investors like Arthur Hayes are sticking to their optimistic scenarios. The ousting of Gensler, coupled with potentially friendlier regulatory frameworks by his successor, could actually be a catalyst for new highs.
However, caution remains advised. Crypto markets are notoriously volatile, so investors should carefully review their positions and manage risks accordingly. The next few weeks are likely to be crucial in determining where Bitcoin and the entire crypto market will head.
Investors look to the future with a hint of hope and caution, ready to learn from either new highs or the inevitable market corrections.
Future of crypto in the next 5 years
Bitcoin’s September Surprise: A Trend Reversal in the Making?
Historically, September has been a notorious month for Bitcoin and other cryptocurrencies, marked by significant price declines. However, this year, a trend reversal may be emerging, driven by positive developments on several fronts. Can these factors propel Bitcoin to new all-time highs? This is the question occupying investors and experts alike.
A Shift in Political Tides
Bloomberg reports that pressure is mounting on Vice President Kamala Harris to oust SEC Chairman Garry Gensler, a move demanded by influential donors to her presidential campaign. This could signal a shift towards a more crypto-friendly stance from the Democrats, potentially weakening the Trump campaign’s loud support for the crypto sector.
Arthur Hayes’ Change of Heart
Arthur Hayes, co-founder of BitMEX, is known for his precise market analysis and strategic decisions. Initially, he bet on a further price decline, but has since changed his position in anticipation of a recovery. Hayes expects positive impulses for Bitcoin in the coming days, driven by macroeconomic factors and political developments, such as Treasury Secretary Janet Yellen’s upcoming speech. This positive market sentiment led him to close his short position as a precautionary measure.
Technical Analysis: Target Price $93,000
A detailed “roadmap” on TradingView predicts a future price of $93,000 for Bitcoin. This technical analysis takes into account key support and resistance levels, historical trend lines dating back to 2015 and 2017, and higher lows and higher highs. The emerging confluence is described as a “roadmap” to new highs, targeting the $93,000 mark.
Two “high-confluence zones” are identified as potential springboards for a sustained recovery. The first psychological level is between $50,521 and $50,901, while the second, less likely to be tested, level is found between $46,216 and $46,930. Should Bitcoin confirm this support, a rapid rise to the previous all-time high and beyond could follow.
Current Market Situation
According to recent market data, Bitcoin has added 1% in the past 24 hours to $59,031 [[1]]. Although it has fallen 5% over the past five days, it has gained 1.42% over the past year, with a current price of $54,150.94 [[2]]. The cryptocurrency has also seen a 0.55% increase, with a current price of $54,797.80 [[3]].
Conclusion: Heading towards New Bitcoin Highs?
While the market remains volatile and short-term setbacks cannot be ruled out, analysts and investors are optimistic about the potential for Bitcoin to reach new all-time highs. The combination of positive political developments, expert endorsements, and technical analysis points to a trend reversal in the making. Will Bitcoin defy its historical September weakness and push towards new highs? Only time will tell.
Bitcoin price prediction 2024
Is Bitcoin Headed for New Highs in September?
Historically, September has been a challenging month for Bitcoin and other cryptocurrencies, with significant price declines. However, this year might be different. Despite the average drop of 5% in September, followed by a 22% gain in October and 46% jump in November [[1]], the tide may be turning. Recent developments on several fronts are indicating a potential trend reversal, leading investors and experts to wonder if Bitcoin can reach new highs.
Arthur Hayes’ Change of Position as an Indicator
Arthur Hayes, co-founder of BitMEX, is known for his precise market analysis and strategic decisions. Initially, he bet on a further price decline, but he has changed his position in anticipation of a possible recovery. According to his statement, he expects positive impulses for Bitcoin in the coming days, driven by macroeconomic factors and political developments such as the upcoming speech by Treasury Secretary Janet Yellen. This positive market sentiment led Hayes to close his short position as a precautionary measure.
Technical Analysis: Target Price $93,000
Another important point that suggests a possible Bitcoin recovery is the impressive technical analysis currently circulating. One of the most followed analyses on TradingView provides a detailed “roadmap” that predicts a future price of $93,000. This roadmap is based on key support and resistance levels, historical trend lines dating back to 2015 and 2017, and higher lows and higher highs. The emerging confluence is described as a “roadmap” to new highs, targeting the $93,000 mark.
There are two “high-confluence zones” that should serve as potential springboards for a sustained recovery. The first psychological level is $58,300, which Bitcoin has already reached [[3]]. A break above this level could lead to a further price increase.
Political Developments and Their Impact on Bitcoin
Recent political developments are also contributing to the growing optimism around Bitcoin. Bloomberg reported that the pressure on Vice President Kamala Harris to oust SEC Chairman Garry Gensler is increasing, as important donors to her campaign for the US presidency are demanding a more crypto-friendly stance. This could take the wind out of the sails of the Trump campaign, which is loudly supporting the crypto sector.
Conclusion: Heading towards New Bitcoin Highs?
While September has historically been a critical month for Bitcoin, recent developments suggest that a trend reversal might be emerging. With Arthur Hayes’ change of position, technical analysis predicting a target price of $93,000, and political developments indicating a more crypto-friendly environment, the question on everyone’s mind is: Can these positive developments lead to new highs for Bitcoin?
Future of Crypto in the Next 5 Years
As we look towards the future of crypto in the next 5 years, it’s essential to consider the current trends and developments. With increasing mainstream adoption, growing institutional interest, and political support, the crypto market is likely to continue its upward trajectory. While there may be short-term fluctuations, the long-term outlook for Bitcoin and other cryptocurrencies remains promising.
References:
[1] https://decrypt.co/248314/bitcoin-suffers-september-effect-uptober-next
[2] https://hellosafe.ca/investissement/crypto-monnaie/liste/cours-bitcoin
[3] https://www.coindesk.com/fr/markets/2024/09/02/bitcoin-drops-toward-575k-extends-weekly-loss-to-10-at-start-of-seasonally-bearish-september
