Bitcoiners tip ‘September breakout’ but cast doubt on near-term $100K

Bitcoin is set to move upward in September, but traders are now less confident it’ll break the $100,000 mark before the end of the year.

Bitcoin traders expect an upward movement for Bitcoin’s price in September but have held back on whether it will hit the long-awaited six-figure mark by the end of 2024. 

“Bitcoin is still on track for a September breakout,” pseudonymous crypto trader Rekt Capital told their 483,800 X followers on July 30.

Rekt explained that while Bitcoin failed to break out of the reaccumulation range — the period where buyers accumulate in anticipation of more upward price movement — in the 100 days following the Bitcoin (BTC) halving in April, such a breakout was “always going to be unlikely.”

100 days after the April halving, on July 29, Bitcoin was trading only 2.11% higher at $66,343, according to CoinMarketCap data. It’s now slightly below that at $66,283 at the time of publication.

$100K Bitcoin in 2025 more likely

Several traders believe Bitcoin will more likely breach the $100,000 mark in 2025 rather than in 2024, as some predicted. 

“The higher timeframe Bitcoin chart does look great to me,” pseudonymous crypto trader Daan Crypto Trades told Cointelegraph.

He echoed a similar view to Crypto research firm Reflexivity Research founder Will Clemente, who commented that the “Bitcoin quarterly chart is looking insane” in a July 30 X post.

“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 added, citing positive macroeconomics.

“We topped out at 69K last cycle and 100K would only be a 1.5x from that previous all time high. If we account for inflation during that time it’s even less so I think $100K is a perfectly reasonable target considering where the world and the crypto space is right now.”

In the short term, Daan Crypto Trades said he is eyeing the $70,000 to $74,000 range, “which has seen a lot of rejections over the past couple of months.”

“I suspect we will see rapid expansion higher once BTC can break above that price range,” he added.

Quantum Economics founder Mati Greenspan explained to Cointelegraph that the chart shows a clear range between $55,000 and $73,000, which has “been playing out since March.”

“At the moment, it is testing the upper bounds of that range,” Greenspan said.

Related: Bitcoin ‘real bull run’ out of reach as retail demand metric hits 3-year low

Similar to the wider crypto community, Greenspan believes that former United States President Donald Trump’s recent Bitcoin push will only help Bitcoin’s price break out of 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.