Bitcoin’s price has had a tough month, dropping 12% to its current level of $26,500, with a significant dip starting in mid-August when it fell below $28,650. The Federal Open Market Committee (FOMC) meeting on September 20 will be important as it decides on interest rates.
In a recent analysis by Rekt Capital, potential scenarios for Bitcoin’s (BTC) Macro Higher Low have been outlined, shedding light on possible price levels:
October Scenario: If Bitcoin experiences its Macro Higher Low in October, it could mean a drop in BTC’s value to approximately $18,960.
December Scenario: Should the Higher Low emerge in December, BTC might see a dip to around $19,500.
April 2024 Scenario: In the event of the Higher Low occurring in April 2024, Bitcoin could revisit a price of approximately $20,789.
They pointed out that at this same point in the past, Bitcoin had big moves in 2015 and then went down in 2019. Looking back, it suggests that important weeks are coming up for Bitcoin. This is because Bitcoin will soon show which way it’s going and what its main trend will be leading up to the 2024 Halving
At this same exact point in the cycle, $BTC broke out in 2015 and continued its retrace in 2019. History suggests Bitcoin will experience pivotal weeks now. Because Bitcoin will soon confirm its direction and main trend going into the 2024 Halving
“It’s currently about 217 days away from its 2024 Halving. Comparing this stage in the Pre-Halving period, in 2015, Bitcoin had already surpassed its Range High, while in 2019, it had established a new Lower High. If Bitcoin were to set a Lower High soon, it could suggest that 2023 might resemble 2019 more than 2015 in terms of its market dynamics and price trends,” Rekt Capital wrote on Twitter.
Source: https://coinpedia.org/bitcoin/bitcoins-price-forecast-is-a-sub-20k-scenario-in-sight/