The price of Bitcoin (BTC) has been lackluster for consecutive weeks, dropping to $57,136 early today, though optimism remains for the $100K target.
Throughout August, the $58,000 to $60,000 range proved to be a challenging barrier for Bitcoin, as it repeatedly failed to break out decisively above this level. After a brief breach, Bitcoin has now returned to the tight channel, ranging once again.
However, caution is sweeping the crypto scene as September begins—a month that has historically been bearish for Bitcoin. Despite this, some analysts believe Bitcoin could be gearing up for a significant rally in the coming weeks.
A recent analysis by Market Maestro, a well-known economist and long-term investor, highlights this expectation. In a detailed post on X, Market Maestro outlined a potential path for Bitcoin to reach $100,000 in the near future.
Technical Patterns Indicating Possible Upside
Market Maestro points to a series of technical patterns on Bitcoin’s weekly chart. He identifies a structure resembling a “cup and handle” or a “head and shoulders” pattern, both traditionally seen as bullish formations.
According to the analyst, Bitcoin is currently retesting the neckline of the “cup,” forming what he describes as a “bullish megaphone” pattern.
Further zooming into the chart, Market Maestro notes the development of a bullish AMD (Accumulation, Manipulation, and Distribution) pattern. According to him, Bitcoin has already completed the accumulation phase. Now, it is in the manipulation phase, where he expects a potential price dip to $49,500.
He argued that this potential drop would represent a “spring” or final shakeout before a significant move higher. In this scenario, the analyst anticipates Bitcoin could rally up to $100,000 following this dip.
Key Fibonacci Levels and Price Targets
Notably, he also highlighted Bitcoin’s recent behavior around key Fibonacci retracement levels. According to Market Maestro’s observation, Bitcoin has repeatedly reacted to declines from the 78% Fibonacci retracement level, with notable tops recorded at $69,700, $67,500, and $64,900.
He forecasts a reaction at $61,500, aligning with another key Fibonacci level, followed by a potential wick down to $49,500, which would complete the manipulation phase.
Macroeconomic Catalysts Could Propel Bitcoin Higher
It is worth noting that Market Maestro’s bullish scenario for Bitcoin hinges on upcoming macroeconomic events, particularly the anticipated interest rate cuts by the Federal Reserve on September 18.
He believes these rate cuts could serve as a significant catalyst for Bitcoin’s price action, sparking an influx of capital into the cryptocurrency market.
“I foresee that the inflow of money into Bitcoin may not come after the stock markets as it used to but could come with a maximum delay of 1-2 weeks,” Market Maestro stated.
Ultimately, while the analyst’s base scenario involves a temporary pullback to $49,500, the longer-term outlook remains bullish. After the anticipated dip and completion of the manipulation phase, Market Maestro expects Bitcoin to enter the distribution phase, setting the stage for a rally toward $100,000.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
