Why Bitcoin is set to defy September downturn and target $130,000

As September begins, the cryptocurrency market is on edge over the possibility that Bitcoin ( BTC ) may adopt a sustained bearish outlook, based on its historical ￰0￱ shows that September has been Bitcoin’s weakest month since 2013, with an average return of -3.77%. The recent 5.91% drop in August has only added to the skepticism, as traders weigh the risks of further losses amid looming interest rate hikes. However, prominent online cryptocurrency analyst TradingShot suggested that technical signals indicate Bitcoin may potentially break its September ￰1￱ a TradingView post on September 1, the analyst noted that since May, BTC has traded within a clear upward channel, producing two bullish legs of almost identical size, rising 22.07% and 21.05% ￰2￱ price analysis chart.) and later at the channel’s lower boundary.

Interestingly, the current setup strengthens the case for a ￰3￱ has now tested the 20-week MA, a level that has historically served as a launchpad for major rallies in bull ￰4￱ indicators also support this view, with the daily relative strength index ( RSI ) forming lower lows, similar to conditions that preceded previous rebounds, such as June’s ￰5￱ Bitcoin repeats this pattern, even a conservative bullish leg of 21% could drive the price toward $130,000, according to ￰6￱ outlook aligns with cycle-top models, which anticipate further upside as long as the broader channel structure remains ￰7￱ price analysis At press time, Bitcoin was trading at $108,400, down less than 0.1% in 24 hours but nearly 3% lower on the weekly ￰8￱ seven-day price chart.