Bitcoin Price Forecast: Analyst Predicts $120K Breakout – Why Selling Now Could Be Risky

Bitcoin has been consolidating within a tight range, primarily hovering between $55,000 and $60,000. The price action appears unremarkable, but this phase could be the calm before the storm.

Crypto analyst Crypto Rover, known for his insightful market commentary, recently posted a tweet that caught the attention of the cryptocurrency community.

On his Twitter account (@rovercrc), he stated:

“This is the worst time to quit #Bitcoin…”

He highlights a critical moment in Bitcoin’s market cycle, urging investors to remain patient despite the current volatility.

Rover’s warning points to the possibility of a breakout, with strong resistance levels forming just above $58,000. Many traders expect that if Bitcoin can surpass this barrier, it may trigger a substantial price rally, potentially pushing Bitcoin to new highs.

Post-Halving Price Movements: A New Era?

Bitcoin’s halving events—scheduled reductions in miner rewards occurring approximately every four years—have historically been catalysts for massive price increases. Each halving reduces the issuance of new BTC, leading to supply constraints that typically drive up demand.

Past halvings have consistently been followed by bullish runs, sending Bitcoin to record highs within months of the event.

Yet, after Bitcoin’s fourth halving, the price action has been more subdued. Instead of the explosive growth seen in previous cycles, Bitcoin has exhibited a largely sideways trajectory, with the price hovering between $55,000 and $60,000. At the time of writing, Bitcoin’s price is $56,584, reflecting a 0.02% gain for the day.

Long-Term Holders Start Taking Profits Early

Long-term holders (LTHs) have shifted their behavior this cycle, taking profits as early as March when Bitcoin hit $73,000, rather than holding for extended periods like in past cycles.

Although selling pressure from LTHs has since slowed, it has contributed to a period of consolidation rather than the typical post-halving surge.

Supply Overhangs: Mt. Gox and Government Sales

Two major supply factors have weighed on the market. First, the repayment of BTC to Mt. Gox creditors is expected to increase selling pressure.

Second, the German government’s sale of seized Bitcoin has further dampened the potential for a breakout in the short term.

Daily Technical Outlook: Bitcoin (BTC/USD) – September 5, 2024

Bitcoin (BTC/USD) is trading within a downward channel, currently priced at $56,551, showing a minor uptick of 0.69%.

On the 4-hour timeframe, BTC faces immediate resistance at $59,329, with the next key levels at $61,192 and $63,352. Support is holding firm around $55,573, followed by $54,000 and $52,138 on the downside.

The RSI stands at 41, indicating a bearish sentiment. Additionally, the 50-day EMA at $58,225 suggests a downward trend unless a breakout occurs above $57,445, the pivot point.

A failure to cross this level may lead to further bearish pressure.

Bitcoin Price Chart – Source: TradingView

Key Insights:

• Bitcoin is trading within a downward channel, with resistance at $59,329.
• The RSI at 41 supports the continuation of a bearish trend.
• Bearish sentiment holds unless BTC breaks above the $57,445 pivot point.

Conclusion:
Bearish bias below $57,445, but a breakout above this level could shift the market sentiment.

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