Bitcoin has once again taken the spotlight as analysts expect it to break out soon. In an X post on Wednesday, analyst ZAYK painted a bullish flag pattern for Bitcoin on the 3D chart. In his analysis, if Bitcoin is to break out of this pattern, then a potential new target for Bitcoin will be $80,000.
$BTC Bullish Flag Formation in 3D Timeframe✅
— ZAYK Charts (@ZAYKCharts) September 18, 2024
When a breakout happens,Next Target will be $80K📈#BTC #BTCUSDT #Bitcoin #Crypto pic.twitter.com/ViDDFVh23o
Analyst’s Bullish Target
A bullish flag is a chart formation that signals a sideways consolidation in an upward move of the price. After these corrections, the price continues to rise further. ZAYK stated that the following target should be $80K in case of a breakout. This could be considered a signal that a considerable price increase can follow the current trading range of Bitcoin.
Another crypto analyst, Michael van de Poppe, shared his bullish viewpoint regarding Bitcoin. On Wednesday, analysts in an X post pointed out that Bitcoin is expected to rise to the upside. However, he explained that this was subject to the policies set by the Federal Reserve (FED). Van de Poppe pointed out that everyone is now expecting the FED and the interest rates to be cut by 25 to 50 basis points.
#Bitcoin looks like it wants to break out upwards.
— Michaël van de Poppe (@CryptoMichNL) September 18, 2024
All eyes are on the FED today, which will likely do a rate cut of 25-50bps to start with.
If that happens, I see an upward continuation of #Bitcoin towards $65-68K. pic.twitter.com/5WjvNk3G05
FED’s Influence
The analyst believes that if the FED delivers the expected rate cuts, this would create a trajectory for Bitcoin to rise even more. In that case, the price of Bitcoin may go up and even reach the $65-68K mark.
Bitcoin Steady Above $59K Amid Market Decline and FearThe Bitcoin market is still quite cautious as the cryptocurrency is trading close to the critical resistance levels. Traders and investors focus on technical analysis and macroeconomic factors to determine the future direction of the Bitcoin market. As of press time, BTC has been trading at $59,688, with a 1.11% increase within the last 24 hours.
Since prices are expected to rise further, attention shifts to the FED’s action as the next step. The BTC community is waiting in anticipation of finding out whether Bitcoin will start another bull run. If so, it could change the future of the market.
