Bitcoin Set for September Surge but $100K Milestone Still Distant

Bitcoin traders are buzzing with anticipation for a price breakout in September, but they’re less confident about Bitcoin hitting the $100,000 mark before the end of 2024. Pseudonymous crypto trader Rekt Capital shared their optimism with their 483,800 followers on X, stating, “Bitcoin is still on track for a September breakout.”

Reaccumulation and Market Dynamics

Rekt Capital explained that while Bitcoin didn’t break out of its reaccumulation range — a period where buyers accumulate in anticipation of upward movement — in the 100 days following the Bitcoin halving in April, such a breakout was “always going to be unlikely.” On July 29, 100 days post-halving, Bitcoin traded only 2.11% higher at $66,343, and at the time of publication, it’s slightly below that at $66,283.

$100,000 Bitcoin in 2025?

Several traders, including Daan Crypto Trades and Reflexivity Research founder Will Clemente, believe Bitcoin is more likely to breach the $100,000 mark in 2025 rather than in 2024. Daan Crypto Trades commented that the “higher timeframe Bitcoin chart does look great,” echoing Clemente’s sentiment that the “Bitcoin quarterly chart is looking insane.”

Macro Factors and Price Projections

Daan Crypto Trades expressed confidence that six figures are achievable by 2025, citing positive macroeconomic factors. He pointed out that a rise to $100,000 would only be a 1.5x increase from the previous all-time high of $69,000, and considering inflation, this target seems reasonable.

Near-Term Targets

In the short term, Daan Crypto Trades is eyeing the $70,000 to $74,000 range, which has seen significant resistance in recent months. He predicts a rapid expansion higher once Bitcoin breaks above this range.

Chart Analysis and External Influences

Quantum Economics founder Mati Greenspan noted a clear range between $55,000 and $73,000 that has persisted since March. Bitcoin is currently testing the upper bounds of this range. Greenspan, along with other crypto enthusiasts, believes that former President Donald Trump’s recent Bitcoin push could help Bitcoin’s price break out of its extended consolidation phase.

While a significant Bitcoin breakout is anticipated for September, traders remain cautious about Bitcoin reaching the $100,000 milestone by the end of 2024. The consensus leans towards hitting this target in 2025, driven by favorable macroeconomic conditions and increasing interest from institutional and retail investors.

Stay tuned as the crypto world watches Bitcoin's next moves closely. Will it defy expectations and reach new heights sooner than predicted? Only time will tell!