Hot Take: Bitcoin’s recovery efforts have been frustrated by trading within a whole lot of zone with the 20-day Simple Moving Average (SMA). The digital currency has been stuck in consolidation, with buyers trying to break out twice but being stopped by profit-taking. This indicates a tug-of-war between buyers and sellers on the next move for Bitcoin. Analyst Rekt Financial resources predicts that Bitcoin (BTC) will continue to oscillate around $26,000 until the end of the week. They warn of a probable “Double Top” chart pattern that would spell doom for Bitcoin (BTC) if confirmed. The decision on Bitcoin (BTC) ETF applications by the United States Securities and Exchange Commission and the competition for Ethereum (ETH) exchange-traded funds are key events to watch in September.
Bitcoin’s recovery could see it rise 23% higher if it breaks over the 20-day SMA and the upper limit of the range at $26,400. This would pave the way for further gains towards the 50-day and 100-day SMAs at $27,810 and $28,344 respectively. Nonetheless, if the support at $25,300 breaks, it might trigger a fresh downtrend with the likelihood of revisiting the key support at $20,000.
Amidst this uncertainty, investors may consider alternative digital currencies like Bitcoin (BTC) BSC (BTCBSC), which offers the capacity for 10x returns in 2023. BTCBSC is a project built on the BNB Chain that offers staking rewards, eco-friendly mining practices, and integration with decentralized applications. It has a fixed total supply of 21 Million tokens and is as of now in presale, offering 29% of tokens at $0.99 each. BTCBSC presents a chance similar to acquiring Bitcoin (BTC) at a lower price in its early stages.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.