Bitcoin Bull Run September 2024 Marks a Key Turning Point for BTC Price Find Out Why

Despite the current negative sentiment surrounding Bitcoin, there is a strong belief that a bullish surge will begin in September 2024. Analysts are closely monitoring the aggressive buying of call options from September to December, which suggests that there will be significant market movements during the US elections.

But what can we expect next? Let’s take a closer look.

In the short term, the price of Bitcoin is currently trading slightly lower at $64,362, with a market cap of $1.268 trillion. A report from QCP Capital suggests that the price of Bitcoin will likely remain capped for the next two months, as there is a large amount of call options set to expire soon. However, the report predicts that there will be a bullish surge towards the end of the year, driven by the aggressive buying of call options for later in 2024.

One factor that may delay the rebound of Bitcoin’s price is the selling pressure from miners. In June, Bitcoin miners sold over 30,000 BTC worth $2 billion. This sell-off was a result of increased operational costs and reduced profits following the recent Bitcoin halving. As a result, the selling pressure from miners may postpone the price rebound. Additionally, the market has been unsettled by the German government’s plans to sell a large supply of Bitcoin, further contributing to the price cap.

In terms of investor sentiment, there has been a continuous sell-off from the ETF market. Spot Bitcoin ETFs have registered over $500 million in the past week, indicating that institutional investors are taking a cautious stance. However, there have been some bullish developments, such as MicroStrategy’s recent purchase of nearly 12,000 BTC, valued at $800 million. Furthermore, BitMEX CEO Arthur Hayes has proposed a positive macroeconomic scenario for a Bitcoin bull run, citing the Japanese banking crisis as a contributing factor.

While there is optimism about a bull run, there is also concern about a potential bull trap. This refers to a situation where there is a temporary price increase that eventually reverses, trapping optimistic investors. Analysts advise caution, as regulatory approvals and market events may already be factored into the price, potentially leading to a short-term pullback before long-term gains.

Interestingly, the mixed signals from the market emphasize the importance of conducting thorough research and adopting a measured investment strategy. Traders are advised to remain cautious, as the forward-looking nature of the market could result in a short-term correction before an actual bull run begins.

So, are you ready to witness Bitcoin taking off?

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Bitcoin
Price Analysis