As summer winds down and September rolls in, Bitcoin enthusiasts are buzzing with excitement over the cryptocurrency’s potential for a September surge. However, when it comes to hitting the $100,000 milestone this year, the jury is still out.
September Surge: The Talk of the Town
According to the ever-popular pseudonymous crypto guru, Rekt Capital, Bitcoin is gearing up for a September breakout. In a recent tweet to their 483,800 followers, Rekt Capital shared their optimistic outlook, stating that despite some recent setbacks, Bitcoin is poised for upward momentum.
Rekt Capital elaborated that the much-anticipated breakout was somewhat delayed. After the Bitcoin halving event in April, Bitcoin seemed to be stuck in a holding pattern for 100 days, failing to escape the reaccumulation phase—a stage where buyers accumulate assets in anticipation of future gains. The breakout that many were hoping for during this period was always a bit of a long shot.
As of July 29, exactly 100 days post-halving, Bitcoin was trading just a smidgen higher at $66,343, according to CoinMarketCap. Since then, the price has dipped slightly to $66,283. So, while the September breakout is still on the radar, it seems we’re not quite on the verge of hitting those jaw-dropping six-figure numbers just yet.
$100K Bitcoin in 2025: The Year to Watch
Looking further down the line, many traders are shifting their gaze to 2025 as the year Bitcoin might finally break that elusive $100,000 barrier. Daan Crypto Trades, another voice in the crypto world, shared their perspective with Cointelegraph, saying, “The higher timeframe Bitcoin chart looks fantastic to me.”
Echoing the sentiments of crypto research firm Reflexivity Research founder Will Clemente, who described the “Bitcoin quarterly chart” as “insane” in a July 30 post, Daan Crypto Trades also thinks that a $100K Bitcoin this year might be a bit too ambitious.
“We hit a high of $69K last cycle, so hitting $100K is just a 1.5x increase from that peak,” Daan Crypto Trades explained. “Considering inflation and where the crypto space is right now, $100K seems like a totally achievable target, just not for 2024.”
In the meantime, Daan Crypto Trades is keeping a close watch on the $70,000 to $74,000 price range. This range has been a stubborn resistance zone for the past few months, and breaking through it could set the stage for more significant gains.
Navigating the Price Range: A Technical Analysis
Quantum Economics founder Mati Greenspan weighed in on Bitcoin’s price action, noting a clear trading range between $55,000 and $73,000 that has persisted since March. “Right now, Bitcoin is testing the upper limits of that range,” Greenspan observed.
With this range in play, Greenspan sees Bitcoin as being on the brink of either breaking out or falling back. The recent push from former U.S. President Donald Trump to endorse Bitcoin could potentially be the catalyst needed to push Bitcoin out of its current consolidation phase.
Greenspan concluded, “My early-year prediction that nation-state FOMO would drive the cycle seems to be coming true. Trump’s push for Bitcoin might just be the boost we need to break free.”
Final Thoughts
As Bitcoin enthusiasts brace for a possible September surge, the dream of hitting $100,000 this year might need to be tempered with a dose of realism. While September could bring some exciting developments, many are eyeing 2025 as the more likely candidate for a Bitcoin breakout. In the meantime, keep an eye on those key price ranges and stay tuned for the next twist in Bitcoin’s thrilling journey!
