Bitcoin, after a challenging month, is being re-analyzed by several analysts to project its trajectory in September. Renowned crypto analyst Mags highlighted that Bitcoin’s long consolidation phase since March mirrors a pattern from last year, suggesting a potential recovery.
Mags noted that last year, Bitcoin experienced a significant price increase following a similar consolidation phase, raising hopes for a similar outcome this September.
Despite a recent 9.9% decline and trading below $60,000, Bitcoin is showing signs of a slight recovery. Prominent analyst Captain Faibik believes that Bitcoin may retest the $54,000 support area and potentially rally to $68,000.
Willy Woo, another well-known analyst, added that the market sentiment has shifted towards neutral, as the influx of Bitcoin from sources like Germany’s Mt. Gox and the US Department of Justice is being absorbed by the market.
Woo also observed a decline in paper BTC bets, which he regards as a positive indicator, suggesting that the worst sell-off might be over.
