Experts from Matrixport have announced a possible breakout of the BTC price in the coming days
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Johny Smith
2024/09/19
3 mins read
Analysts from Matrixport noted in their report that the Bitcoin (BTC) cryptocurrency rate is on the verge of a possible breakout from the current narrow triangular pattern, which could lead to an important price movement. The key was a jump above $60,365. This technical picture suggests 2 possibilities: if the quotes go up, this will provoke a wave of positive momentum, and if down, then the expectation of a rebound will continue.
The key catalyst for the move is likely to be stock market sentiment, which is shifting ahead of Fed Chairman Jerome Powell’s speech in Jackson Hole. Experts say additional attention should be paid to the release of the minutes of the latest FOMC meeting, which could set a more dovish tone for future monetary policy.
However, despite the expectations surrounding Powell’s speech, further volatility cannot be ruled out. Technically, Bitcoin has been consolidating in a narrow range for several months. According to experts, this increases the likelihood of a strong price movement in the coming days.
“More and more investors will be watching the market closely, preparing for a possible breakthrough that could set the tone for further changes in the cryptocurrency segment. BTC will be in the spotlight as the market looks for new growth drivers or corrections,” the experts emphasized.
According to data as of the morning of August 20, 2024, the Bitcoin cryptocurrency rate has grown by 4% over the past day. The value of the digital coin has risen to $60,960. The market capitalization of the asset has exceeded the $1.2 trillion mark. Spot market transaction volumes amounted to $28.03 billion over 24 hours. Other cryptocurrencies have also increased in price. Thus, the Ethereum (ETH) rate has grown by 1.8%. Binance Coin (BNB) has risen in price by 6.1%, and Solana has added 2.9% in a day.
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