Bitcoin Hits 24% Gain as Price Model Predicts Volatile September Ahead
Bitcoin has gained 24% in the last month and is currently trading near $77,700. CryptoSlate's market signal indicates a bullish trend with a score of 68 out of 100.
The company's price prediction model suggests that Bitcoin could reach a median price of $81,319 by September 29, representing a gain of about 4.7% from the current price.
However, the model also maps a wide distribution of possible prices, with an upper estimate of $91,049 and a lower estimate of $72,502. The gap between these two estimates is $18,547, indicating significant uncertainty in the market.
CryptoSlate's analysis suggests that the rally in late August was driven by spot demand, with $2.23 billion of spot Bitcoin ETF demand and a decline in futures open positions measured in Bitcoin. However, ETF flows softened at the end of the week, with net outflows of $201.9 million on August 28.
The price structure is currently testing the level of $80,000, which turned back into a near-term reclaim level after being rejected above it in late August. CryptoSlate's technical analysis places immediate support around $77,000.