Bitcoin remains above $56K as experts debate its next move. Will Q4 bring a bullish breakout, or will declining demand push BTC lower? Find out the latest insights.
Bollywood Fever: On September 5, 2024, Bitcoin (BTC) maintained its position just above $56,000, fueling ongoing debates about its future market direction.
Some believe that bitcoin is entering a bearish phase, while others foresee the potential for a bullish breakout.
According to Julio Moreno, head of research at CryptoQuant, the recent dip in bitcoin’s price is due to declining demand.
Bitcoin price is down simply because there is no demand growth. Indeed, demand is declining right now,” Moreno said. He emphasized the importance of monitoring metrics, adding that the $55.5K price level is critical for traders.
When asked about bitcoin reaching all-time highs in Q4, Moreno noted the unpredictability of the market but hinted that seasonality could play a role in bitcoin’s future performance.
September has historically been a challenging month for bitcoin, continuing a trend that dates back to 2013. Data from Google Trends also suggests a decline in public interest, which may further contribute to bitcoin’s struggles.
However, some market observers believe that this downtrend could be a precursor to a significant upswing. Crypto Twitter user Cryptomoon remarked, “Crypto Twitter feels like a ghost town… That’s exactly when bitcoin might surprise everyone and do bitcoin things.” Another account, The Gold Prairie, shared optimism about the current market setup, noting that long-term holders are continuing to accumulate BTC.
The market remains divided between bearish caution and bullish optimism as bitcoin trades in a critical price range.
While some anticipate further price declines, others are confident that Q4 could bring the excitement that many are hoping for, especially during a potential bull run.
As Moreno pointed out, no one can predict the market with certainty, and surprises are always a possibility in the unpredictable world of crypto assets.
The next few weeks will be critical in determining whether bitcoin defies its historical trends and breaks out, or whether it remains constrained by declining demand and fading interest.
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