Bitcoin prices have experienced a downturn today, but analysts remain hopeful for a breakout later this year. On July 30, Bitcoin dropped to an intraday low of $65,563, marking a 6% decrease since the week’s start. It briefly recovered to $66,000 but fell back below that level during Wednesday morning’s Asian trading session.
Bitcoin’s Stable Range
Despite the recent decline, Bitcoin has been trading within a stable range for the past five months. Analysts believe this trend will eventually lead to an upward breakout.
Breakout Predictions
Crypto analyst ‘Rekt Capital’ shared on July 30, “Bitcoin is still on track for a September breakout.” He noted that historical patterns indicate that a breakout shortly after the halving was unlikely. In the last cycle, the breakout happened about 160 days post-halving, suggesting a September breakout this time.
Additionally, Rekt Capital pointed out that in the previous cycle, the peak didn’t occur until late the following year, implying that the top might be reached in Q4 2025.
Optimistic Trader Insights
Trader Bob Loukas also shared his optimism on July 30, forecasting a “solid breakout to all-time highs for Bitcoin” around September 15. He also predicted that Bitcoin could hit $100,000 by December 1, based on past market behavior.
Possible Market Catalyst
A key Federal Reserve meeting on September 18 could act as a catalyst for the anticipated breakout. The meeting is expected to result in the first rate reduction since early 2020. According to CME Group, there is an 85.8% chance of a rate cut in September.
Lower interest rates typically benefit high-risk assets like cryptocurrencies by reducing borrowing costs, increasing market liquidity, and boosting risk appetite due to lower yields from traditional investments.
Current Market Conditions
There is also a Federal Reserve meeting today, July 31, where rates are expected to remain at 5.25% to 5.50%. This expectation has already influenced the markets, leading to declines in crypto assets and major tech stocks this week. The total crypto market capitalization has fallen by 2% since the week’s start, standing at $2.47 trillion at the time of writing.
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