June, July, August are almost over and time is running out. Compared to previous cycles, it is not expected that everything will repeat itself, but some indicators have a low margin of error. Today, for 3 reasons Bitcoin We’ll look at why its price could reach $68,000 in September.
Bitcoin September Predictions
BTC if it rises, altcoins will also rise and since they have been worn out for a long time, 20, 30 percent gains can be achieved very easily. That’s why altcoin investors are excitedly waiting for the days when the BTC price will reach the $ 70,000 limit again. There are at least 3 reasons for those who believe in the rise. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
BTC Supply on Exchanges
The first of these is the amount of BTC held on exchanges. As of today, there are 2.68 million BTC on exchanges. BTC There are. In January, the number was over 3 million and fell 11 percent. While the price increased by 43 percent, the supply available for sale on exchanges decreased significantly.
This shows that BTCs are flowing into cold wallets. data is a bullish indicator. Things are also picking up in the ETF channel and we have only had 4 negative days in the last 13 days. BTC ETF The recovery in the channel brings to mind the following comment from CryptoQuant analysts.
“A pickup in spot ETF buying is necessary to drive up overall Bitcoin demand and potentially lead to a corresponding price rally.”
Bitcoin Whales
According to centimeter data, especially between 100 and 1000 BTC addresses holding it have accumulated 94,700 BTC in the nightmarish 6 weeks. Whales are relatively experienced investors and if their reserves are increasing in this seemingly negative environment, the medium-term outlook is positive. Demand has increased rapidly here, especially with the drop to $50,000.
Bitcoin Technical Analysis
Fluctuating within the bullish pennant formation BTC price is preparing to break upwards soon. For this, closing above $60,300 is required and the price is above it at the time of writing. The formation target is $68,000. The estimated date it will reach the target is September.
The $59,446 support is strengthening. Those expecting deeper bottoms for BTC are likely to join the buyers if the current stance continues, and this appears as another detail that will support the rise.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
