Bitcoin's current value has plunged to a two-month bottom; a trader encourages potential investors to seize this opportunity by purchasing at a discount, indicating a potential price recovery.

Bitcoin Remains Bullish, According to VirtualBacon

In the dynamic world of cryptocurrency, a prominent figure known as VirtualBacon has set a clear benchmark for Bitcoin's bull run. According to VirtualBacon, as long as Bitcoin stays above the $95K mark, the current bull run remains alive.

Despite daily RSI divergences hinting at short-term consolidation, VirtualBacon dismisses these signals as misleading. He argues that these divergences are not indicative of a market top, but rather a sign of a pause in the market's upward momentum.

The current price of Bitcoin stands at around $108,453, reflecting a 1.5% drop in the last 24 hours. Despite this dip, VirtualBacon views it as an accumulation opportunity rather than a sell signal. Binance founder CZ echoes this sentiment, urging traders to "stop selling dips."

Looking ahead, the latest BTC price analysis suggests that Bitcoin could reach a maximum price of $13,532,059.98 by 2040. By 2050, the price could even go as high as $377,949,106.84.

Another significant point to note is that the world's largest cryptocurrency has slipped below $108,500 in the past 24 hours, marking its lowest point in nearly two months. However, VirtualBacon argues that this dip aligns with Bitcoin's 20-week simple moving average (SMA), a line that has historically acted as a reliable "dip-buy zone."

The first crossing of Bitcoin's 20-week SMA this year suggests a potential trend reversal, indicating a shift from bearish to bullish momentum if confirmed by sustained price action above this level. This is often viewed as a significant bullish signal in technical analysis, implying that the longer-term uptrend might be resuming.

VirtualBacon also notes that each Bitcoin cycle has been unique, with no two cycles topping the same way. He argues that chart overlays with 2021 are reminders of this fact.

Coinpedia's BTC price prediction suggests the Bitcoin price could peak at $168k this year if the bullish sentiment sustains. The Federal Reserve is expected to cut rates on September 17th, with odds at 87%. This potential rate cut could push fresh liquidity into risk assets like Bitcoin.

VirtualBacon mentions additional tools that historically signal cycle tops, such as the Pi Cycle Top indicator, the Mayer Multiple, and the Fear & Greed Index. None of them suggest that Bitcoin is overheating at the moment.

In conclusion, despite the recent dip, the overall sentiment among cryptocurrency analysts remains bullish. VirtualBacon's optimistic outlook, coupled with the potential rate cut by the Federal Reserve, suggests that the Bitcoin market could continue to rally in the coming months.

Bitcoin's current value has plunged to a two-month bottom; a trader encourages potential investors to seize this opportunity by purchasing at a discount, indicating a potential price recovery.