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Bitcoin (BTC) has climbed back to $59,000, providing some relief to altcoins that have been avoiding deeper losses. The cryptocurrency’s sales activity slowed down just before the U.S. market closure. As we approach another potentially low-volume weekend, investors are urged to be vigilant for any unexpected price movements over the next 48 hours.
Bitcoin Forecast
BTC is currently trading at $59,000, but the price movement has been stagnant for months, frustrating many investors. However, this period of stagnation often precedes significant breakouts. Cryptocurrency analyst Inmortal recently commented on the market’s current state, predicting that Bitcoin could see substantial movement by the end of the year.
Will We See a Bull Run?
Inmortal does not foresee a drop to $49,000 before Bitcoin hits a new all-time high (ATH). He predicts BTC will remain around $58,000 as we enter September, with $62,000 likely to be reclaimed as support during the first week of the month. His strategy advises investors to wait, let the market determine September’s opening price, and hold long positions during the recovery phase.
Key Insights for Investors
Investors can derive actionable insights from the current market conditions:
- Monitor the $58,000-$59,000 range closely for potential breakouts.
- Consider long positions if $62,000 is reclaimed as support in early September.
- Prepare for increased volatility during low-volume weekends.
- Stay updated on macroeconomic events, such as interest rate changes and political outcomes, which may impact market trends.
Following the anticipated ATH by year-end, the analyst expects a broader market rally. This aligns with potential interest rate cuts and a cooling down of the excitement surrounding the November elections. If Trump wins, this peak could occur by the end of November rather than December due to his market-stimulating promises.
Inmortal also hinted at an upcoming period of increased money printing by the Federal Reserve, suggesting a target of $3,200 for ETH in the next few months. Currently, ETH stands at $2,507, but if BTC fails to stay above $59,000, more significant declines could follow.
The decline in BTC was triggered by the failure to test $65,000 and losing support at $61,700. A swift recovery of these levels is crucial for a market rebound.