Bitcoin Nears $64,000: Can It Overcome the September Slump?
Bitcoin prices have surged recently, approaching the $64,000 mark, driven by two key catalysts. First, U.S. Federal Reserve Chairman Jerome Powell confirmed that a monetary easing cycle will begin next month. Second, pro-crypto candidate Robert F. Kennedy Jr. announced his support for fellow crypto-friendly candidate Donald Trump in the presidential race.
Following Kennedy’s announcement, Bitcoin (BTC) saw a further increase, trading at $63,800 at the time of writing—a 5.6% rise in the past 24 hours. The broader CoinDesk 20 Index also saw gains of 4.7%, with tokens like Ethereum (ETH), Tezos (XTZ), and Solana (SOL) each rising by 5% or more.
Can Bitcoin Break Free from the September Curse?
Historically, September has been a challenging month for Bitcoin, with a higher likelihood of negative returns during this period. However, renowned analyst Rekt Capital suggests that Bitcoin might be poised for a breakout this September, defying its usual trend.
In an X post shared with his 493,000 followers on August 18, Rekt Capital highlighted that Bitcoin often enters a parabolic phase approximately 160 days after its “halving” event. If history repeats itself, Bitcoin could be on the brink of a major surge, with a potential target of $86,000 by late September.
