Bitcoin’s price is expected to potentially break out in late September 2024, as analyst Rekt Capital indicates that historical patterns suggest such movements typically occur around 150-160 days after a halving event. However, September historically shows average returns of -4.48%, raising the possibility of consolidation. On the other hand, October is known for stronger performance with an average return of +22.9%, which might be the month when Bitcoin truly takes off. Investors are advised to monitor these patterns closely as they unfold.
A significant legal ruling in British Columbia orders Daniel Tambosso to repay $1.2 million for a 22 BTC loan taken from Hung Nguyen in September 2020. This ruling marks a milestone in the legal recognition of cryptocurrency disputes, showcasing the growing acceptance of digital assets within the legal system. While recent court decisions like this one aim to establish cryptocurrencies as legitimate assets, the immediate effects on Bitcoin’s price remain uncertain. However, long-term implications may contribute to a more stable and accepted market.
The Puell Multiple, an on-chain Bitcoin indicator, is nearing levels that often signal a favorable buying opportunity. Currently standing at 0.69, this indicator suggests that Bitcoin, trading around $58,416, could be approaching an ideal entry point for dollar-cost averaging. Analysts, including Moustache, believe this could be one of the best re-accumulation opportunities in over two years. While opinions vary on the timeline, some traders anticipate consolidation through September, followed by a potential breakout in October.
Brazil’s Supreme Court decision to impose an “immediate and complete suspension” of X (formerly Twitter) has stunned the crypto community. The ban, a response to Elon Musk not appointing a legal representative in the country, could potentially disrupt market access to real-time information, affecting Bitcoin prices in the short term. Despite the immediate impact, the ban has sparked conversations around the significance of Bitcoin’s decentralized nature, which might boost long-term investor interest in the asset.
Bitcoin is currently trading at $57,533, struggling below the key pivot point of $58,739, indicating a bearish outlook. The price’s resistance below the 50-day Exponential Moving Average at $59,662 and the Relative Strength Index at 35 point to a downtrend, reinforcing the prevailing bearish sentiment. As support levels are tested, Bitcoin continues to face challenges in breaking above key resistance points, potentially signaling further downward movements in the near future.
Pepe Unchained ($PEPU) is emerging as a strong player in the meme coin market, offering potential for substantial returns. With features like a presale advantage, high APY staking for passive income, and evidence of strong investor confidence with 321 million tokens already staked, Pepe Unchained presents an enticing investment prospect. This outlook is supported by crypto experts and influencers like Jacob Crypto Bury, who emphasize the benefits of getting in early on projects like Pepe Unchained.
