Bitcoin’s Revelatory Moment

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20 Aug 2024

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Rewind A Little
Looking back at an article I published in June of this year entitled, “Bitcoin – A Well Disguised Inflection Point”, it becomes apparent that the moment of truth is upon us. As mentioned in the article, Bitcoin will soon reveal whether it can remain within its cyclical behavioral pattern. The following is an excerpt from the article that points to September as being a pivotal and revealing moment for Bitcoin:

Historically, we are in the cycle phase where the price action begins to break away from the previous all-time high level and move higher. This is typically a few months after the halving. Historically, September would mark a distinguishable adjustment in the price action. This provides a short window of opportunity for Bitcoin to plot its course.

I have noticed that Crypto analysts are beginning to echo a similar opinion to the one I published approximately two months ago. There is a growing sense of anticipation regarding what September has in store for Bitcoin and the broader Crypto market. A significant surge for Bitcoin into unchartered territory, regarding all-time high levels will significantly impact altcoins.
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Altcoins have fallen prey to the slow-leak dynamic occurring during volatile and corrective moves for Bitcoin. As a result, altcoins desperately need a Bitcoin rally that pushes the leading digital asset into new all-time highs. This would create an opportunity for altcoin salvation, as many are heavily oversold. Strong bounces are often the order of the day in such a scenario.
Bitcoin also requires a strong and definitive move. This would confirm a continuation of its cyclical history and establish a continued bull market. Historically, this leads to parabolic price action for Bitcoin and altcoins. The final quarter of 2024 is key. Election results will help to set the trend for 2025.

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Zooming out, Bitcoin is still incredibly bullish and is merely in a position of consolidation. It seems longer than the previous cycle. However, it’s standard practice. An extra two to three months out of a multi-year cycle is an acceptable deviation. Essentially, it’s not a deviation, as cycles merely rhyme and no two are exactly alike. This is something investors need to consider.

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Final Thoughts
The coming days will reveal much for Bitcoin and the Crypto market. As I mentioned in “Bitcoin – A Well Disguised Inflection Point”, I expect the continuation of bullish price action. However, we are living in times of tremendous sensitivity. As I mentioned, the elections could be a catalyst in either direction. Anyway, we move forward in anticipation of what September has in store. See you next time!

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Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.