Anticipated Bitcoin (BTC) Value for September 5th Analysis

In the ever-evolving world of cryptocurrencies, Bitcoin (BTC) continues to dominate the headlines. Today, we bring you a price prediction for September 2, as provided by Denys Serhiichuk.

Currently, Bitcoin is the biggest gainer in the market, with a 1.45% increase. At press time, the digital currency is trading at $112,221, just shy of the hourly chart's resistance of $113,002.

Despite this growth, the price of Bitcoin is far from key levels from a midterm point of view. The weekly bar closing around the current prices or above them might indicate that buyers need more time to gain strength for a further move.

The market is currently under bears' pressure, except for some exceptions, as noted by CoinMarketCap. However, if the bulls maintain their gained initiative, there is a possibility that Bitcoin will test the upper level by tomorrow.

On the hourly chart, the rate of Bitcoin is looking bullish. If a breakout occurs and the daily bar closes with no long wick, there is a possibility that Bitcoin might test the $115,000 area.

It's important to note that this prediction does not provide a prediction for the potential direction of the market beyond the possibility of Bitcoin testing the $115,000 area. Additionally, no specific prediction for Ethereum (ETH), Ripple (XRP), Cardano (ADA), Binance Coin (BNB), or Solana (SOL) is provided for September 2.

Back in October 2021, financial experts anticipated a correction phase for Bitcoin after reaching a high around $67,000 in April 2021. They expected support levels near $100,000 and resistance around $124,000. Some anticipated a pullback below $110,000 before possibly rebounding toward $120,000, reflecting a cautious but still positive outlook.

From the midterm point of view, neither buyers nor sellers are dominating the market. The price of Bitcoin has tested the resistance of $112,646 on a longer time frame, but whether this resistance holds remains to be seen.

As always, it's crucial to remember that cryptocurrency markets can be highly volatile, and this prediction should be used as a guide rather than a definitive forecast. Always do your own research and consider seeking advice from a financial advisor before making any investment decisions.