1. Re-Accumulation Phase Explained
2. The Fed's Decisions and Their Impact on Bitcoin Price
3. Key Bitcoin Price Levels

Trader Tokocrypto, Fyqieh Fachrur, predicts a potential BTC price surge starting from October 2024, possibly setting new records in September. This forecast is based on historical data and the expected decision on The Fed's interest rates at the FOMC meeting on September 18, 2024.

Re-Accumulation Phase Explained

Bitcoin is currently in a consolidation phase known as the Re-Accumulation Range. This phase is marked by the asset's price moving within a relatively narrow range after significant increases or decreases. During this phase, the price tends to move sideways, with market participants, especially large investors, re-accumulating positions before the next substantial price movement. Based on historical patterns, the Re-Accumulation phase can last for several months and is often followed by significant price surges if the market shows bullish signs. Conversely, in a bearish market, this phase could precede further price drops.

The Fed's Decisions and Their Impact on Bitcoin Price

Faqih explains that during the Re-Accumulation phase, Bitcoin's price tends to move within a certain range without a clear trend, but this pattern can indicate an upcoming significant movement, especially with high trading volume. Historically, this phase could last several months before a price spike, which may occur in October 2024, following post-halving cycles. Considering the potential Fed rate cuts at the FOMC meeting on September 18, 2024, Bitcoin could potentially achieve new all-time highs (ATH) by the end of September 2024. This rate cut may attract retail investors, driving demand and pushing the price higher.

Key Bitcoin Price Levels

Fyqieh also notes that Bitcoin is currently in a broader bearish trend despite short-term growth phases. On August 27, 2024, Bitcoin's price reached $64,000 but failed to hold above that level, dropping below $60,000 again. In the short term, the market sentiment remains bearish, with many traders taking short positions on Bitcoin. Historically, September is challenging for Bitcoin, with an average price drop of 5.64% between 2013-2022, though in September 2023, Bitcoin showed a positive performance for the first time since 2016. In the long term, resistance levels are around $68,000, $64,500, and $62,900. Support levels are between $56,000 and $57,000, and $58,000 and $61,000. If the price falls below the $56,000–$57,000 range, it might lead to further drops towards $53,000 or lower, depending on market conditions.

Bitcoin market forecasts for the end of 2024 relate to the Re-Accumulation phase and The Fed's expected decisions. Depending on interest rate decisions and market sentiment, BTC could either significantly rise or fall. The upcoming months will reveal whether the potential for growth will be realized.