The Bitcoin price has increased. now crashed by over 4% It has now reached a new high, which was set on August 14, 2014. It is possible that the crypto market leader will continue to consolidate, gaining strength for its next surge. In this context of a stable market, a trading expert who goes by the X name KillaXBT gives his insight into the possible price development for the coming month.
CRT Model Flags Septembre as a Pivotal Month for Bitcoin Bull Cycle
It is a good idea to get in touch. X post KillaXBT presents potential BTC prices trajectories on August 15 through an in-depth analysis of the monthly charts. The renowned analyst uses the Candle Range Theory (CRT) to predict that Bitcoin will enter a crucial month of September, during which it may produce a new cycle high.
KillaXBT’s analysis of the asset in August shows that Bitcoin reached its lowest monthly level at $111986, then reclaimed $115747 as it opened for the month. It even surged higher, in line with earlier predictions. Noteworthy, Bitcoin’s all-time record high was surpassed by the cryptocurrency before it experienced a crash by over 4%
The renowned analyst explains, based on the chart of the month, that Bitcoin has experienced five consecutive monthly green candles. The recent rejection, however, indicates that momentum and price are moving in a parabolic curve. Price movement is crucial to confirm the market’s direction.
KillaXBT urges investors to keep an eye on BTC in the next month. A sustained hold could pave the path for a move toward the $125,000–$127,000 regions, representing a marginal extension of the rally and potentially setting up another test of investor conviction at higher prices.
KillaXBT warns, however, that Bitcoin’s opening of the month with a brand new high could not only indicate an upward trend continuation but may also be a sign of the top cycle. A break below the monthly opening would put BTC at risk of a downside move. $111 986, the low for the month, is the main support. This level is important to note because a drop below it could trigger a correction phase.
Bitcoin Price Analysis
Bitcoin’s price is currently $117,559 at the time this article was written, showing a slight decrease of 0.66% in the last week. In larger timeframes the price of Bitcoin fluctuates between +0.78% & -1.36%. This indicates a turbulent market, even though it recently reached new highs.
Chart from Tradingview, Featured Image from Pexels
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Source: www.newsbtc.com
