Bitcoin could reach new all-time highs as early as next month. For this to happen, BTC must first tackle a significant resistance around $59,500.
Bitcoin may experience a breakthrough in September, based on historical chart patterns. The $86,000 mark could be the next major price target.
A Breakthrough in September?
The price of Bitcoin ready for a breakthrough in September could be on the verge of an imminent breakout in September, based on previous post-halving chart patterns.
The macroeconomic outlook is also promising. Specifically, Bitcoin could be set for a breakthrough due to the increase in global M2 money supply.
Additionally, the growing global liquidity from the M2 money supply, combined with spot Bitcoin exchange-traded funds (ETFs), creates the perfect setup for Bitcoin.
The incoming flows from Bitcoin ETFs, which have been positive for two consecutive days this week, could also provide additional support.
In the last quarter, institutional adoption of Bitcoin ETFs has increased by more than 27%. 262 new companies investing in spot Bitcoin ETFs have been recorded.
A New Target at $86,000
The next major price target for Bitcoin could be around $86,000 if it manages to break through in September.
The technical chart setup of the megaphone comprises at least two higher highs and two lower lows. It occurs when the market is very volatile and marks a macroeconomic high or low.
However, the price of Bitcoin has failed to record a daily close above its current bearish trend. This could mean lower lows in the short term.
These lower floors could indicate a new test of support levels at $54,000 and $50,000 before the month of September.
In the meantime, Bitcoin is facing significant resistance at $59,500. A potential breakthrough of this level would allow the liquidation of over $800 million in leveraged short positions across exchanges.
All eyes are on September!
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