‘Stay resilient’: Here’s what it will take for Bitcoin to reach $93,000
The “September Effect” is currently exerting its influence on Bitcoin (BTC) and other cryptocurrencies, following historical trends, as reported by Finbold. However, technical analyses suggest that this is simply a natural shake-out before BTC can make significant price gains.
One analyst, Cryptorphic, recently published a “BTC/USD roadmap to $93,000” on TradingView, urging traders and investors to “stay resilient” because “things will soon improve.”
“Hello everyone, first off, stay resilient—things will soon improve! Many people are feeling confused right now and might exit the market, only to later regret it. But not you! You have access to this information.”
– Cryptorphic
The trader shared a technical analysis of higher time frame indicators, highlighting the necessary conditions for Bitcoin to reach $93,000. Additionally, they identified key support and resistance levels to monitor in the coming weeks.
Bitcoin roadmap to $93,000
Significantly, the analysis focuses on the two-week BTC/USD chart on Coinbase, tracking two high time frame (HTF) trend lines. The HTF support is traced back to 2015, while the resistance originates from December 2017, with both lines exhibiting higher lows and higher highs.
The intersection of these lines defines the overall roadmap to $93,000 per Bitcoin and beyond.
In addition, Cryptorphic identified intermediary support levels in lower time frames, which they believe will play a crucial role before Bitcoin can enter a bull market amidst the current bearish sentiment.
Bitcoin key support levels to monitor before $93,000
The analyst highlighted two “high-confluence zones” that “could indicate a strong bounce and an upward movement” if held.
Firstly, an important psychological range between $50,521 and $50,901, located close to the round number of $50,000. Secondly, the range between $46,216 and $46,930, although Cryptorphic believes the latter is less likely given the strength of the first level.
The trader is optimistic that after testing these support levels, Bitcoin could quickly rebound to its all-time high between $70,000 and $72,000, and potentially even higher, ranging from $89,000 up to $93,000.
However, they acknowledge that there is significant support between $52,550 and $53,400, which could prevent BTC from dropping further. At the time of writing, Bitcoin is trading around $54,500, and three other analysts believe the worst is already behind us.
What other analysts are saying about BTC/USD
Specifically, CrypNuevo, The ForexX Mindset, and Credible Crypto, as Finbold has reported throughout the week.
CrypNuevo shared their trading plan for the week last Sunday, which unfolded as predicted. As expected, Bitcoin dropped between $51,500 and $56,600 after experiencing a “liquidity run” up to $61,300.
The ForexX Mindset warned of a bear trap that could potentially drop to $51,188. This would be a necessary step preceding a bull diamond chart pattern, potentially leading to prices above the all-time high.
Meanwhile, Credible Crypto celebrated Bitcoin reaching their “downside target” below $54,500, indicating that the “full bull gear” can now start.
Well, my downside target on $BTC has been hit, and the original idea shared below looks to have played out, despite us not getting any relief in between (like I was most recently expecting).
By skipping the “relief rally” in between and just heading straight down, we may have… https://t.co/ObW2GkgRPn
— CrediBULL Crypto (@CredibleCrypto) September 6, 2024
As the situation unfolds, Bitcoin traders and investors are closely monitoring BTC’s price action and seeking insights from other analysts. If the majority of experts’ predictions come true, the leading cryptocurrency could soon reach and surpass its all-time high, reaching as high as $93,000 and beyond.
Nonetheless, given the volatility, these professionals caution the need for caution and advise against excessive exposure in high-leverage positions.
Disclaimer: The content on this site should not be considered as investment advice. Investing in cryptocurrencies involves speculation, and your capital is at risk.