Bitcoin price experienced a modest loss of 0.13% during Sunday trading, currently hovering around $65,789. However, if the monthly candle closes at this value, September 2024 could see a growth of around 15%. This recovery trend in September is rare but historically significant, as it has often signaled potential growth in the fourth quarter.
According to data from Coinglass, the Bitcoin price is currently trading at $65,818 with a market cap of $1.3 trillion. If the monthly candle closes at $65,800, September 2024 could see a growth of 11.5% to 15%. Since 2013, Bitcoin has only experienced a positive trend in September three times, each time preceding a significant rally in the following year. If history is any indication, Bitcoin could witness a prolonged recovery in the fourth quarter, potentially surpassing its all-time high of $73,750.
In the cryptocurrency market, ETFs are gaining traction, with spot Bitcoin ETFs seeing substantial inflows last week. On Friday alone, Bitcoin recorded a remarkable $494.4 million in net inflows, according to Sosolvaue data. Over the weeks, spot Bitcoin ETFs saw a weekly inflow of over $1.1 billion, indicating growing institutional interest. Additionally, spot ETH recorded a $85 million weekly inflow, signaling rising confidence in digital assets.
The Bitcoin price prediction saw a significant jump from $60,800 to $65,910 this week, marking a 5% increase. This upswing helped the price extend a V-shaped recovery in the daily chart, reflecting a sudden shift in market sentiment. With sustained buying, the BTC price surged 3% before challenging the resistance trendline of a bull-flag pattern. This chart setup suggests a temporary counter-trend move before a potential breakout, with an upside breakout potentially driving a rally to $85,000, representing a 25% growth potential.
However, if the overhead supply from the resistance trendline persists, the Bitcoin price could face another reversal. The question remains whether Bitcoin will repeat its Q4 rally pattern after a bullish September, with market observers eagerly awaiting the outcome.