Bitcoin will soon resume its growth along the parallel channel?

[MrSpasybo]

I’m sharing some simple technical analysis for us to discuss, and this is not investment advice in any form. If you profit, you keep it. If you lose, it’s on you.

Regarding the time, BTC has undergone a boring correction phase since mid-March, lasting more than 5 months. I think this is the necessary time for re-accumulation after BTC rose from $25K to $74K from September 2023 to March 2024. The duration of a correction wave is often no shorter than the duration of an upward wave. I expect September to be a decisive month and accompanied by BTC renewed growth, coinciding with the time when the FED officially lowers interest rates.

Another good signal for us to feel reassured is that Tether has just minted an additional 3B USDT, confirming a huge influx of money into the market. It is very likely that this is the amount of money used to buy the dip BTC and ALTS in the market.

Regarding the price trend, using a parallel channel, we see that BTC has returned to the lower boundary and may receive strong support here. If BTC falls out of this uptrend channel, I'm afraid we'll have to face Fibo 0.382 around $40K or worse, Fibo 0.618 around $28K.

Many investors have been waiting for the black swan event, and I think it has already happened: it's the extreme panic among investors due to fears of a decession as the FED has acted too late. Many ALTs have dropped significantly similar to the event in March 2020, while BTC is still well-supported by the BTC Spot ETF and its solid position in the financial market.

Summary: I anticipate BTC to resume its upward trend immediately after the FED cuts interest rates, pulling the entire market into a bull run and triggering an altseason.

I'm eager to hear your perspectives on the current market conditions and future predictions.

• Lookonchain: Tether Treasury minted 3B $USDT on Ethereum and Tron in just 3 days.

[Captain Corporate]

Exactly what I thought would happen, nothing shocking to be fair. I think it already bottomed out enough times, we are at a point where we should be going higher and I think a 70k type of top is on the way. I can't say when that will happen, it could go sideways for a while longer, but I honestly believe that we are going to do fine, we just need to continue this for a while longer. I have to accept the fact that it can be tough to deal with all of this, its going to be a little bit of a dramatic situation, but all in all its not really that complicated when you think about it, we did enough and now time to fix all of it.

[KryptoBull]

Regarding the price trend, using a parallel channel, we see that BTC has returned to the lower boundary and may receive strong support here. If BTC falls out of this uptrend channel, I'm afraid we'll have to face Fibo 0.382 around $40K or worse, Fibo 0.618 around $28K.

Summary: I anticipate BTC to resume its upward trend immediately after the FED cuts interest rates, pulling the entire market into a bull run and triggering an altseason.

I hope that BTC will fluctuate exactly according to this parallel channel, and we will welcome an impressive growth to 140K USD or at least reach 100K USD as expected for many years. The market fluctuations over the past time have been enough for weak-hands to sell off tokens, when the whales have accumulated enough, they will pump to take profit at a higher price.

The BTC halving has already happened, so I don't think BTC price will continue to decline significantly, as this could negatively impact market sentiment and new investors will be hesitant to enter the market, and as a result, this season will end early or be extended abnormally, both scenarios will break the cycle of BTC.

[hugeblack]

Fibo 0.618 around $28K is a very unlikely scenario but there is no confirmation that Bitcoin price will rise immediately after the Fed cuts interest rates as this effect is long term and the market will need several weeks before we see the impact. Let's not forget that the halving effect will be clear now which means that during the next 3 months the chance of the price rising is limited and starting from December breaking the ATH will be realistic.

[MrSpasybo]

I hope that BTC will fluctuate exactly according to this parallel channel, and we will welcome an impressive growth to 140K USD or at least reach 100K USD as expected for many years. The market fluctuations over the past time have been enough for weak-hands to sell off tokens, when the whales have accumulated enough, they will pump to take profit at a higher price.

The BTC halving has already happened, so I don't think BTC price will continue to decline significantly, as this could negatively impact market sentiment and new investors will be hesitant to enter the market, and as a result, this season will end early or be extended abnormally, both scenarios will break the cycle of BTC.

Parallel channels are formed based on past observations and may not accurately predict future price fluctuations. Therefore, we can only continue to expect, rather than absolutely rely on, any suggestions from technical analysis. Regardless, the current parallel channel and its fluctuations are quite neat, providing us with a framework to easily track BTC price. If BTC price falls out of this parallel channel, we must also consider worse-case scenarios.

The halving occurred a few months ago, and this is still a period where anything can happen as a bull run typically starts 6-10 months after the halving, once re-accumulation has taken place, and all trends are ready to explode. I'm still waiting for the FED to announce an interest rate cut, which could be the catalyst we need for bullrun, although market fluctuations immediately after such news could be very wild and unpredictable.

[Sim_card]

I agree with your prediction on when bitcoin price will start pumping again but it is really hard to know when because the price of bitcoin is not predictable but one can only speculate on it. This is because there are several times that we speculate the price direction of bitcoin but it end up going the opposite. Who on earth will believe that this correction will last for long after we saw the price of bitcoin hits 73k+. There is no need to worry about when the price will pump because it will happen in our own eyes, so what we need to do is to hodli and buy more Bitcoin of we have extra funds so that one portfolio will increase in size when bitcoin price reaches 100k with good profits.

[electronicash]

meaning from this september once gain, the price will start climbing back to reach another ATH?

quite an analysis but it is expected though because of he halving this year and maybe its time already that the circulating supply is getting low while the generation of BTC thru mining is lesser than last year. time is just what it should take til BTC is being held for long term by the investors. the chart is saying something else though making traders not so confident with what could happen in the next few months.

[Lucius]

I have never been too much for technical analysis (although I think they make sense), but it is logical that either a bull run will happen or, after a long stay at approximately the same levels, we will sink where the majority would not like. Of course, everyone is waiting for the FED's decision on interest rates, which honestly gets on my nerves a bit, considering that it turns out that the price of BTC is completely dependent on the US market, but on the other hand, all markets are deeply connected, as we saw in the recent case of the Japanese crash that shook the whole world.

It's no secret that we expect action in Q4 considering that we are in the halving year, but I would still be cautious and extend that period to approximately at least 1 year from today - because let's not forget that the presidential elections in the US will also have an impact on the market, especially the one in the US.

[MrSpasybo]

I have never been too much for technical analysis (although I think they make sense), but it is logical that either a bull run will happen or, after a long stay at approximately the same levels, we will sink where the majority would not like. Of course, everyone is waiting for the FED's decision on interest rates, which honestly gets on my nerves a bit, considering that it turns out that the price of BTC is completely dependent on the US market, but on the other hand, all markets are deeply connected, as we saw in the recent case of the Japanese crash that shook the whole world.

It's no secret that we expect action in Q4 considering that we are in the halving year, but I would still be cautious and extend that period to approximately at least 1 year from today - because let's not forget that the presidential elections in the US will also have an impact on the market, especially the one in the US.

Yeah, I also hope that Trump success in this election can open a new era for BTC & crypto in the US. Trump plans for crypto are really attractive and can trigger a wave of crypto adoption on a global scale as many countries will be afraid of missing out on BTC.

I don't think BTC depends on the US, but the entire global economy because BTC is also a part of the financial market. Changes in politics and policies in the US economy will have an impact on a global scale because the US is still the largest economy, USD is the most popular fiat. Lower interest rates will make the economy have more money for investment, the new government will continue to print more money and BTC will definitely receive a portion of new capital to grow and create new ATH ^^

[Lucius]

Yeah, I also hope that Trump success in this election can open a new era for BTC & crypto in the US. Trump plans for crypto are really attractive and can trigger a wave of crypto adoption on a global scale as many countries will be afraid of missing out on BTC.

I am one of those who do not believe that this man has sincere intentions, and regardless of whether he even has them when it comes to Bitcoin, his choice would be disastrous for international politics considering that it would reopen the very likely trade wars with China, and would completely change the attitude towards the war in Ukraine and, accordingly, relations with the entire EU. In my personal opinion, the benefits of his victory would be far less than the damage that will occur globally.

I don't think BTC depends on the US, but the entire global economy because BTC is also a part of the financial market. Changes in politics and policies in the US economy will have an impact on a global scale because the US is still the largest economy, USD is the most popular fiat. Lower interest rates will make the economy have more money for investment, the new government will continue to print more money and BTC will definitely receive a portion of new capital to grow and create new ATH ^^

Powell announced yesterday what was expected for months, in September we will see the first interest rate cut after 2020 in the US - and coincidentally or not the price of BTC reacted immediately after that because spot ETFs recorded an inflow of over 4000 BTC yesterday.

[MrSpasybo]

I am one of those who do not believe that this man has sincere intentions, and regardless of whether he even has them when it comes to Bitcoin, his choice would be disastrous for international politics considering that it would reopen the very likely trade wars with China, and would completely change the attitude towards the war in Ukraine and, accordingly, relations with the entire EU. In my personal opinion, the benefits of his victory would be far less than the damage that will occur globally.

Powell announced yesterday what was expected for months, in September we will see the first interest rate cut after 2020 in the US - and coincidentally or not the price of BTC reacted immediately after that because spot ETFs recorded an inflow of over 4000 BTC yesterday.

At the very least, I believe that Trump's win will have a positive impact on the development of crypto in the US and then on a global scale, and ultimately crypto investors will benefit from the widespread acceptance of crypto. Harris has not shared her views or specific plans for crypto, I do not put my trust in her.

As I have stated, we only have one common economy and BTC/crypto is part of that economy, the crypto market is also nurtured by the common money flow and is subject to the common fluctuations of the economy. I think this is a positive event and the interest rate cut is considered a necessary condition for crypto to enter bullrun thanks to the abundant new money flow.

[LogitechMouse]

I am one of those who do not believe that this man has sincere intentions, and regardless of whether he even has them when it comes to Bitcoin, his choice would be disastrous for international politics considering that it would reopen the very likely trade wars with China, and would completely change the attitude towards the war in Ukraine and, accordingly, relations with the entire EU. In my personal opinion, the benefits of his victory would be far less than the damage that will occur globally.

Powell announced yesterday what was expected for months, in September we will see the first interest rate cut after 2020 in the US - and coincidentally or not the price of BTC reacted immediately after that because spot ETFs recorded an inflow of over 4000 BTC yesterday.

At the very least, I believe that Trump's win will have a positive impact on the development of crypto in the US and then on a global scale, and ultimately crypto investors will benefit from the widespread acceptance of crypto. Harris has not shared her views or specific plans for crypto, I do not put my trust in her.

As I have stated, we only have one common economy and BTC/crypto is part of that economy, the crypto market is also nurtured by the common money flow and is subject to the common fluctuations of the economy. I think this is a positive event and the interest rate cut is considered a necessary condition for crypto to enter bullrun thanks to the abundant new money flow.

I really hate to say this, but it's a win-win for both us investors and the one that's using Bitcoin or crypto to be more popular and in this case, it's Trump. I hate most of politicians because of how they are campaigning themselves, but that's all that I can do.

I agree with what you said that Trump winning the position as President will have an impact towards the price of crypto, but what are the chances for it to happen? There are no certainties when it comes to crypto, and there's always a chance that it might not have any effect at all. We might only see a significant impact towards the price of Bitcoin if Trump will make some policies that will be beneficial to crypto as a whole.

I'm leaning towards the fact that Trump might be the catalyst of this bull run that we are waiting for.

[electronicash]

I am one of those who do not believe that this man has sincere intentions, and regardless of whether he even has them when it comes to Bitcoin, his choice would be disastrous for international politics considering that it would reopen the very likely trade wars with China, and would completely change the attitude towards the war in Ukraine and, accordingly, relations with the entire EU. In my personal opinion, the benefits of his victory would be far less than the damage that will occur globally.

Powell announced yesterday what was expected for months, in September we will see the first interest rate cut after 2020 in the US - and coincidentally or not the price of BTC reacted immediately after that because spot ETFs recorded an inflow of over 4000 BTC yesterday.

At the very least, I believe that Trump's win will have a positive impact on the development of crypto in the US and then on a global scale, and ultimately crypto investors will benefit from the widespread acceptance of crypto. Harris has not shared her views or specific plans for crypto, I do not put my trust in her.

As I have stated, we only have one common economy and BTC/crypto is part of that economy, the crypto market is also nurtured by the common money flow and is subject to the common fluctuations of the economy. I think this is a positive event and the interest rate cut is considered a necessary condition for crypto to enter bullrun thanks to the abundant new money flow.

I really hate to say this, but it's a win-win for both us investors and the one that's using Bitcoin or crypto to be more popular and in this case, it's Trump. I hate most of politicians because of how they are campaigning themselves, but that's all that I can do.

I agree with what you said that Trump winning the position as President will have an impact towards the price of crypto, but what are the chances for it to happen? There are no certainties when it comes to crypto, and there's always a chance that it might not have any effect at all. We might only see a significant impact towards the price of Bitcoin if Trump will make some policies that will be beneficial to crypto as a whole.

I'm leaning towards the fact that Trump might be the catalyst of this bull run that we are waiting for.

there is also a chance that lockdowns and stimulus package coming back again will be the catalyst  but right now its already moving up which the speculation that FED will be cutting rates. markets is props to climb when cutting rates happen right?

right now its very unsure already about Trump winning when the administration have Kamala as their nominee. If it was true that Joe cheated all the way to make it to the whitehouse, they may also do the same for Kamala. her policies about crypto is not clear yet but talks about favoring Gensler is likely.

[MrSpasybo]

I really hate to say this, but it's a win-win for both us investors and the one that's using Bitcoin or crypto to be more popular and in this case, it's Trump. I hate most of politicians because of how they are campaigning themselves, but that's all that I can do.

I agree with what you said that Trump winning the position as President will have an impact towards the price of crypto, but what are the chances for it to happen? There are no certainties when it comes to crypto, and there's always a chance that it might not have any effect at all. We might only see a significant impact towards the price of Bitcoin if Trump will make some policies that will be beneficial to crypto as a whole.

I'm leaning towards the fact that Trump might be the catalyst of this bull run that we are waiting for.

Trump has been deeply involved in the crypto market through NFTs and limited edition shoes ^^ so I believe that Trump really understands the value of BTC and crypto for the US economy. Trump has also shared his views on crypto and plans to accept BTC for the US, so if Trump really wins the election, he will need to fulfill those promises to protect his honor and his position as president. This is the reason why I support Trump and hope that Trump will win.

The FED's interest rate cut and the US presidential election take place at suitable times for the development of the financial market and of course during the bullrun for crypto. This could be a coincidence, or it was calculated by Satoshi when the halving cycle is also 4 years like the financial market cycle. Positive news can be an important driver to push the bullrun, but without them, I think the bullrun will still take place as in the 2013 - 2017 - 2021 cycles.

[jeraldskie11]

Wow, I didn't even noticed this one. This might be another analysis that adds probability to the price to continue to go up. However, my analysis is different from you, I usually focus on market structure through BOS and ChoCh. BOS is determined that price action is trending whether down trend or up trend, but if ChoCh the price is going for reversal. I also applied indicator in it to support my analysis. But the most important here is that we the same thoughts where the price will go, it gives me confidence that my analysis will going to materialize.