Why to be cautious on Bitcoin forecast of $120,000

Bitcoin Demonstrates Resilience Amidst Market Volatility, Bucking Recent September Trends

September 13, 2024: 

Bitcoin continues to hold its ground near the $58,000 mark even as the broader cryptocurrency market experiences mixed performance. This resilience is particularly noteworthy as it bucks the trend of recent Septembers, which have historically been challenging for Bitcoin.

According to The Economic Times, Bitcoin's stability is attributed to a combination of factors, including expectations of a potential interest rate cut in the US and growing institutional interest.

"Bitcoin is consolidating around $58,000, with markets hopeful of a 25 bps interest rate cut in the US next week," Vikram Subburaj, CEO of Giottus, told The Economic Times.

Meanwhile, Standard Chartered Bank's prediction that Bitcoin could reach $120,000 by the end of the year has also boosted market sentiment.

While historical data shows that Bitcoin's performance in September has been mixed, recent years, particularly 2021 and 2022, saw declines during this month, creating a perception of September as a challenging period. However, Bitcoin's current strength suggests a potential shift in this trend.

Despite lingering concerns, Bitcoin's current performance indicates resilience and a potential break from recent historical patterns, offering a glimmer of optimism amidst a volatile market.

Source: The Economic Times - Cryptocurrency Prices on September 13: Bitcoin holds steady near $58,000; Altcoins trade mixed