Bitcoin’s price is poised for a potential breakout in late September 2024, according to analyst Rekt Capital, who highlights historical patterns that suggest such movements typically occur 150-160 days after a halving event.
However, with September historically showing average returns of -4.48%, the possibility of consolidation remains.
October, known for stronger performance with an average return of +22.9%, might be the month when Bitcoin truly takes off. Investors should watch closely as these patterns unfold.
Canadian Court Orders $1.2M Bitcoin Loan Repayment in Landmark Ruling
The British Columbia Supreme Court has ruled that Daniel Tambosso must repay $1.2 million for a 22 BTC loan taken from Hung Nguyen in September 2020. This decision marks a significant moment in the legal recognition of cryptocurrency disputes, highlighting the growing acceptance of digital assets within the legal system.
Recent court rulings, including this one, are helping to establish cryptocurrencies as legitimate assets, which may bolster investor confidence. However, the impact on Bitcoin’s price has been mixed, as legal decisions often introduce short-term uncertainty in the market.
While these rulings could ultimately provide more stability by clarifying legal frameworks, the immediate effects on Bitcoin prices remain uncertain. Long-term, the legal acknowledgment of Bitcoin may contribute to a more stable and accepted market.
Bitcoin Nears Favorable Buy Zone as Puell Multiple Signals Opportunity
The Puell Multiple, a well-known on-chain Bitcoin indicator, is approaching levels that often signal a favourable buying opportunity.
Currently, at 0.69, this indicator suggests that Bitcoin, now trading around $58,416, could be nearing an ideal entry point for dollar-cost averaging (DCA).
The Puell Multiple measures miner selling pressure and is viewed as an indicator of market conditions favourable for long positions. Analysts, including Moustache, believe this could be one of the best re-accumulation opportunities in over two years. Opinions remain divided on the timeline, with some traders anticipating consolidation through September, followed by a potential breakout in October.As the indicator approaches its “Decision Zone,” short-term market sentiment may turn bullish, with investors seeing this as a strategic buying opportunity.
Crypto Community Reacts to Brazil’s X Ban
The crypto world was stunned by Brazil’s Supreme Court decision to impose an “immediate and complete suspension” of X (formerly Twitter). The ban, a response to Elon Musk not appointing a legal representative in the country, could disrupt market access to real-time information, potentially impacting Bitcoin prices in the short term.
Despite the immediate impact, the ban has sparked discussions around the importance of Bitcoin’s decentralized nature, possibly boosting long-term investor interest in the asset.
Bitcoin Struggles Below $58,750: Downtrend Signals Persist as Support Levels Tested
Bitcoin ($BTC) trades at $57,533, up 0.48%. The price is struggling below the key pivot point of $58,739, signalling a bearish outlook.
The 50-day Exponential Moving Average (EMA) at $59,662 and the Relative Strength Index (RSI) at 35 indicate a downtrend, reinforcing the bearish sentiment.
Bitcoin Price Chart – Source: TradingviewImmediate support is at $56,130, with further downside targets at $54,581 and $52,907 if the price continues to fall.
Unless Bitcoin breaks above $58,739, the likelihood of further downward movement remains strong, and traders should watch for a potential continuation of the bearish trend.
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