The selling wave continues as new lows are sought. Altcoins have returned to levels not seen for several weeks. Cryptocurrency investors were not very hopeful for September, and they were right. So, what are the analysts’ targets for this month?
Bitcoin September Price Target
The analyst known as Daan Crypto Trades considers the recent decline normal after the rejection from the 200EMA level. Weekends are low-volume periods for cryptocurrencies, which sets the stage for deeper lows. With 11 days left until the Fed meeting, the crypto analyst wrote: "Bitcoin is rejecting the Daily 200EMA and trading below the April “War FUD” lows. 56,500 dollars and the daily 200EMA are key levels that need to be reclaimed by the bulls to change something at some point. The next level below is the 52K-53K levels where the price previously closed above." If closures occur below 53,000 dollars, it will open the door to deeper lows. NASDAQ100 experienced its biggest weekly loss since November 2022. The high-volume sales in stocks are similar to previous periods when the Fed started cutting interest rates.
Bitcoin is About to Hit Bottom
At least, Bob Loukas thinks so. In a chart he published a few minutes ago, he said we could see a turnaround from the bottom soon. Thus, we could see a new attempt at the 65,000 dollar level that couldn’t be surpassed. The analyst, who sees previous downturns as intermediate cycles, expects the 63-day movement to reverse now. "It’s the 63rd day of the downturn intermediate cycle, so we should look for the bottom here very soon. There is no large selling volume as it retests this area for the 3rd time. After a good bounce at the end of September (in the mid-term), what happens next has become a more important question."
Conclusion
Analysts' expectations for Bitcoin’s price targets in September highlight the significance of current levels for the cryptocurrency’s future movement. While some foresee deeper lows, others predict a reversal and potential growth. The next few weeks and months will be crucial for Bitcoin as market conditions and Fed actions will play a vital role in its trajectory.
Analysts' profound predictions underscore the importance of current levels for Bitcoin's future developments. Upcoming weeks and Fed actions will be significant for the cryptocurrency's future.
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