Bitcoin’s price has maintained its position above the crucial psychological level of $60,000, with crypto analysts forecasting further gains in the coming weeks.

Bitcoin was trading at $60,200, its highest level since August 27, as investors showed renewed interest in risk assets ahead of the Federal Reserve’s decision.

Analysts’ Predictions

Gold has surged to a record high, and American indices like the Dow Jones and Nasdaq 100 have experienced their best week in months. Notably, Bitcoin has avoided forming a death cross pattern, which occurs when the 200-day and 50-day moving averages cross each other. Instead, Bitcoin has moved slightly above these averages, indicating a positive trend.

Some prominent crypto analysts are optimistic about Bitcoin’s future. A pseudonymous crypto analyst, Titan, suggested in a social media post that Bitcoin might experience a breakout to $92,000. He believes that Bitcoin tends to move by at least 40% whenever it surpasses the 50-day simple moving average. Titan predicts a 71% increase in Bitcoin’s value in the coming months.

In another post, Titan noted that Bitcoin had reclaimed the Tenkan Kijun and moved above the Kumo cloud of the Ichimoku cloud indicator. Additionally, the Relative Strength Index (RSI) broke above a multi-month trendline, indicating further potential upside.

Double Breakout: Bitcoin has reclaimed the Tenkan, Kijun, and moved above the Kumo Cloud. The RSI breaking through a multi-month trendline could signal bullish momentum in the coming days.

Another analyst, Michael van de Poppe, with a substantial following, noted that Bitcoin might remain in a consolidation phase before experiencing a bullish breakout by the end of the month or early October.

Expecting a sweep of liquidity for Bitcoin with some consolidation. A clear breakout above $62K is anticipated by the end of the month or early October.

Potential Bullish Catalysts

Santiment, a well-known crypto analytics firm, also identified potential bullish catalysts for Bitcoin. The firm noted an increase in Bitcoin accumulation by whales and sharks at a time when the supply on exchanges is falling. According to data, the volume of Bitcoin on exchanges has dropped to 2.34 million, down from over 2.72 million earlier this year. This suggests that many Bitcoin holders are unwilling to sell their coins anytime soon. Major holders like MicroStrategy continue to accumulate Bitcoin.

There is also a seasonality aspect to consider. Historically, Bitcoin tends to have negative returns in the third quarter but rebounds in the fourth quarter. Since 2013, Bitcoin has dropped in seven third quarters and risen in five. The average third-quarter return is 5.59%, while the average fourth-quarter return is 88%. September is typically the worst month for Bitcoin, whereas October and November are the best.

Another catalyst is the decline in stablecoin holdings by smart money investors. After peaking at 35.17% following the FTX collapse in November 2022, stablecoin holdings have dropped to just 3.92%. This indicates that most smart money investors are fully invested in coins like Bitcoin and Ethereum.

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