- Bitcoin could rise above its four-month price range in September.
- By December 2024, QCP Capital will see an increase of $100,000 per BTC call.
Bitcoins [BTC] Price action has been resilient this week, holding above $60,000 despite huge losses in US stocks.
Additionally, tailwinds will begin to level out in the second half of 2024, which could tip BTC to a new all-time high. BTC has been stuck in the $60,000 to $71,000 range since March, but the sideways move could soon be over.
Is BTC Poised to Rise Above the Four-Month Range?
According to market analyst Rekt CapitalBased on historical data, a potential breakout from the $60,000 – $71,000 range in September was likely.
“If history repeats itself, a Bitcoin breakout from the Re-Accumulation Range would occur in September 2024.”
Source: Rekt Capital
The projection was based on the sideways movement that occurs after the halving. If the historical trend repeats, this consolidation period could end in September.
A small increase Stablecoin growth, which declined significantly in the first half of 2024, supported the above breakout outlook for bulls.
“The inflow of stable coins into the #cryptomarkets is positive again! This is a very bullish development, historically aligned with #Bitcoin rallies.”
Source: CryptoQuant
The growth of stablecoins allowed market players to position themselves for bids as market sentiment improved.
All eyes are on September for a likely Fed rate cut. More than 90% of interest rate traders expect the Fed to leave interest rates unchanged during the next Fed decision at the end of July. In September, chances of interest rate cuts amounted to 93%.
The interest rate cuts could fuel BTC. Further BTC rallies could be possible if Donald Trump, a pro-crypto candidate, wins the US presidential election in November.
However, an interest rate cut in September was not so obvious.
According to a Bloomberg reportTrump had warned Fed Chairman Jerome Powell not to cut rates before November to prevent Biden from gaining the upper hand.
“The Fed should refrain from cutting rates before the November election and give the economy, and Biden, a boost.”
It remains to be seen whether Powell will take the warning seriously and hurt market expectations.
Meanwhile, despite the resilient price action, the market remained bullish, with price targets of $100,000 per BTC by the end of the year. according to to QCP Capital analysts.
“Even with a lower position overnight, we continued to see significant institutional interest in $100k calls in December. This signals even stronger conviction of a year-end rally as the chances of a Trump victory increase.”