Bitcoin is predicted to experience a “sharp rally” towards $34,000 in the coming weeks, according to trading platform QCP Capital. The platform believes that September is a crucial month for Bitcoin’s price action, as it completes a rising wedge construction that began during the bear market of 2022. QCP Capital highlights $29,300 as a key area of interest, which is currently the focal point for the Bitcoin spot price. However, the platform also acknowledges that there may be a few quiet weeks before the rally occurs. QCP’s perspective aligns with other optimistic predictions for Bitcoin’s short-term price strength. On the macroeconomic front, QCP argues that significant change is still needed to revive the market, as Bitcoin’s volatility remains at historic lows. While a game-changing shift in the macro environment is not yet in sight, there are several short-term catalysts on the crypto calendar that could impact Bitcoin’s price, including Mt Gox, GBTC, potential SEC verdicts, and centralized crypto exchange and stablecoin news.
