Bitcoin Forecast, 23-09-2024

Greetings to you on the crypto site. My name is Viktor and today I will share my opinion about #bitcoin, #btc-usdt, using the TradingView service, here Bitcoin Forecast for the Week of 23-09-2024

Bitcoin Forecast

Bitcoin Analysis: Cup With Handle Technical Forecast (September 2024)
The Bitcoin market continues to show volatility in September 2024 and I decided to take a detailed look at the current trends and technical analysis. The main focus of this review is the “cup with handle” formation, which is an important element of technical analysis. We will also discuss how the positive decision of the Fed affected the growth of the rate, and what traders on the TradingView platform are saying about it.

This formation is often used to predict future price movements of an asset. At the time of the video, we are in a correction phase, and there is a high chance of continued growth after this phase is over. The fear and greed indices are at 50, indicating a neutral market sentiment. However, technical indicators on the daily chart indicate active interest from buyers, with 14 traders buying Bitcoin, while only 4 are selling.

Historical Data of Bitcoin Dominance

If we look at the long-term dominance of Bitcoin, we will see that historically it has consistently maintained market leadership, even during the booming development of altcoins. In 2017 and 2021, we have already seen Bitcoin’s dominance decline to 40% as investors flocked to altcoins, but over time Bitcoin regained its market share. Bitcoin’s current dominance is at 58%, and many analysts expect it to decline further in the coming months. This could mean a new alt season where altcoins will start showing significant gains.

Formation “Cup with handle”

Now let’s pay attention to one of the most popular technical formations – “a cup with a handle”. This pattern of graphical analysis often predicts further price growth after the consolidation of the asset. According to this formation, the current market is in a handle formation phase. We see stable corrections to the 50-61% Fibonacci level, which signals the possible end of the correction phase and the beginning of a new growth.

If this pattern works, then we can expect a significant increase in the price of Bitcoin to the level of $130,000, which corresponds to the height of the cup. But before that, the market will probably make another attempt to correct to the levels of 56-60 thousand dollars, after which a powerful upward movement will begin.

Forecast and conclusions

Based on technical analysis, the coming weeks could be decisive for the Bitcoin market. If the price remains above $49,000 until the end of September, this will confirm the forecast for growth and completion of the “cup with a handle” formation. The market is expected to show significant growth in October, and Bitcoin may reach new highs in the coming months.

For traders, this means a potential opportunity to enter the market before a new phase of growth. However, one should be careful – the correction phase may still continue. In my opinion, the coming weeks will provide key answers to questions about the future direction of the market.

Recommendations for investors
If you’re investing in cryptocurrency, now is an important time to keep a close eye on market indicators. Use technical analysis tools such as Fibonacci and patterns to understand when to enter or exit the market. Remember that the Bitcoin market is still very volatile, so decision-making should be based on a clear strategy.

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