Bitcoin traders are optimistic about an upward price movement in September, but doubts linger over reaching the $100,000 mark before the end of 2024. Pseudonymous crypto trader Rekt Capital told their 483,800 followers on X (formerly Twitter) on July 30 that Bitcoin is “still on track for a September breakout.” They noted that while Bitcoin failed to break out of its reaccumulation range—where buyers accumulate in anticipation of further upward movement—in the 100 days following the April halving, such a breakout was “always going to be unlikely.”
On July 29, 100 days after the April halving, Bitcoin was trading 2.11% higher at $66,343 according to CoinMarketCap data, slightly below the price at the time of publication.
$100,000 Bitcoin in 2025 More Likely
Many traders now believe that Bitcoin is more likely to breach the $100,000 mark in 2025 rather than 2024. Pseudonymous crypto trader Daan Crypto Trades shared a positive outlook on Bitcoin’s higher timeframe chart, echoing the sentiments of crypto research firm Reflexivity Research founder Will Clemente, who highlighted the impressive appearance of Bitcoin’s quarterly chart in a July 30 X post.
Bitcoin is up 4.18% over the past 30 days. Source: CoinMarketCap
“I think six figures this year might be a bit early, but I am pretty confident that we’ll see it somewhere in 2025,” Daan Crypto Trades said, citing favorable macroeconomic conditions. He added that considering inflation the current state of the world and the crypto space, $100,000 is a reasonable target.
In the short term, Daan Crypto Trades is focused on the $70,000 to $74,000 range, which has faced significant rejections in recent months. He expects rapid expansion higher once Bitcoin breaks above this range.
Market Analysts Weigh In
Quantum Economics founder Mati Greenspan told that Bitcoin has been trading within a clear range of $55,000 to $73,000 since March. Currently, Bitcoin is testing the upper bounds of this range. Greenspan believes that former United States President Donald Trump’s recent support for Bitcoin could help the cryptocurrency break out of its extended consolidation.
“It seems that my prediction at the start of the year that this cycle would be driven by nation-state FOMO is now coming to pass,” Greenspan said, suggesting that this political backing could propel Bitcoin’s price movement further.
