Despite minor consolidation today, Bitcoin remains above key support levels, reflecting resilience following the recent U.S. Federal Reserve interest rate cut. Analysts are watching closely as market dynamics—including options expiries, institutional activity, and macroeconomic signals—could determine the next major move.
Bitcoin has traded in a tight range between $115,500 and $117,900, consolidating after post-Fed gains. Short-term price action shows that $116,900 has been a critical retest level, where a temporary “fakeout” liquidated some futures positions. Traders are closely monitoring these levels for signs of renewed momentum.
Bitcoin ($BTC) retested $116,900, confirmed support, and is poised for a breakout within the parallel channel. Source: @Karman_1s via X
Crypto analyst Kamran Asghar noted that Bitcoin is “poised to establish a new level” and emphasized that support has been verified. He observed that BTC’s activity within the parallel channel indicates readiness for an upward move, which could set the stage for the Super Cycle scenario projected by influencers like Chiefy.
The recent 25 basis point interest rate cut by the Federal Reserve initially encouraged risk-on sentiment among investors. However, Bitcoin price has struggled to hold above $117,200, suggesting cautious sentiment in the market. Analysts warn that failure to break this level could trigger a short-term correction toward $105,000, emphasizing the importance of maintaining key support.
BTC rallies on macro momentum, ETF inflows, and futures, but weaker spot flows and profit-taking reveal fragile market sentiment. Source: @glassnode via X
Glassnode reports that 95% of Bitcoin’s circulating supply is currently in profit, but weak spot flows and profit-taking have created a fragile market backdrop. This balance of optimism and caution is key to understanding how Bitcoin could eventually progress toward the $350K Super Cycle prediction if strong buying momentum returns.
Today marks one of the largest Bitcoin options expiries in history, with 30,000 BTC options valued at $3.53 billion set to settle on Deribit. The overall put-call ratio of 1.23 points to bearish positioning, though the ratio dropped to 0.77 in the past 24 hours, reflecting slightly stronger call activity.
Analysts are watching the “max pain” price of $114,000, which may influence settlement behavior. Traders note that options expiry events often create short-term volatility, which could either delay or accelerate movement toward larger targets.
Crypto influencer Chiefy (@0xChiefy) predicts that Bitcoin could enter a “Super Cycle” on September 20, potentially reaching $350,000. He also suggested that altcoins may surge up to 200x, highlighting strong speculative interest in low-cap digital assets. This ambitious forecast has captured the attention of the crypto community and adds to optimism around Bitcoin’s medium-term outlook.
BTC is set to enter a Super Cycle on September 20, targeting $350K, while altcoins and select lowcaps could see massive gains. Source: @0xChiefy via X
While such projections are highly optimistic, they underscore the enthusiasm building among traders. If Bitcoin maintains support above $116,000 and breaks key resistance levels, some analysts believe momentum could validate a run toward the $350K Super Cycle target over the coming months, although caution is advised given the volatile nature of crypto markets.
Bitcoin price today remains in a consolidation phase, balancing caution with optimism from the Fed rate cut and growing institutional interest. Analysts emphasize that a close above $117,200 could signal the start of a new leg up, potentially opening the path toward the $350K Super Cycle prediction.
Bitcoin (BTC) was trading at around $116,003, down 1.50% in the last 24 hours at press time. Source: Bitcoin Price via Brave New Coin
Investors are advised to monitor market liquidity, options expiry outcomes, and macroeconomic factors closely. With Bitcoin’s all-time high recently at $124,128, sentiment remains cautiously bullish. Technical indicators suggest that BTC could be preparing for a significant upward move if support levels hold, making the Super Cycle scenario a realistic possibility for some traders.
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