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Bitcoin Targets $26,000 Amid Market Rebound
The big guns in cryptocurrency, Bitcoin (BTC), appeared to be setting their sights on the $26,000 mark during the Wall Street opening on September 12. A prompt rebound in BTC prices seemed to set the market on fire, with traders eagerly watching the proceedings.
24-Hour BTC Price Surge: A 5.5% Jump
Based on TradingView data, Bitcoin held tight to the bulk of its gains from the past 24 hours, which at a stage surged by a significant 5.5%. Currently, $26,000 appears to be the magic number and has been identified as a crucial target for Bitcoin enthusiasts to surpass.
“We have managed to assert dominance over the range lows. A retest of 27 now would be welcome,” Jelle, renowned cryptocurrency trader, posted to his community on September 12.
Another trader, Crypto Ed, was more bullish, setting his sights on a $28,000 high. However, he did mention a likely "sweep" of the range lows before that.
Bumps on the Road to Upside Continuity
Despite an optimistic outlook, some believe that considerable resistance faces the potential continued increase in Bitcoin. Keith Alan, the co-founder of on-chain monitoring platform Material Indicators, pointed to multiple moving averages (MAs) ahead.
In previous predictions, Material Indicators accurately anticipated the recent surge. Alan emphasized the importance of maintaining $24,750 as support.
Alan noted, “There are considerable technical obstacles ahead, starting with the 21-Day MA, a #DeathCross between the 50-Day and 200-Day MAs, and lastly, the 100-Day MA, which coincides with the range high,” in his recent market commentary.
Alan maintained that the longer-term view remained unchanged. He cautioned, “Do not expect an instantaneous leap to the top of the range."
Ominous Forecast for Q3 Crypto Bottom
Looking ahead to the rest of Q3, trading platform QCP Capital brought attention to several potential market shifts that could lead to increased selling pressure in the Bitcoin and cryptocurrency sector.
During a market update on September 12, QCP Capital spoke of a “collection of bearish events looming on the horizon that will likely only neutralize come mid-October."
"This includes a possible unexpectedly high CPI tomorrow, a hawkish turn from FOMC next week, anticipated FTX token asset sales, and, finally, Mt. Gox to round things off,” it explained.
However, QCP Capital added that it expected a reversal of this trend by year-end, leading into a bullish 2024.
Please note that the above does not constitute investment or financial advice. All investment and trading moves come with risk; conduct your own research before making any decisions.
