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Dissecting Bitcoin's Market Performances
Bitcoin (BTC) saw a downtrend soon after Wall Street kicked up on September 21, encouraging discussions on $20,000 BTC price predictions.
Bitcoin's Journey: Excitement, FOMO, and Gradual Progress to $28,500
Examining the data presented by TradingView discloses an underwhelming 24 hours for BTC price moves, with the $27,000 price point eluding Bitcoin. The standstill in US Federal Reserve interest rates resulted in limited positive moves for Bitcoin enthusiasts. Following a drop of nearly $700 the previous day, BTC/USD performance was slightly disappointing.
In the absence of considerable volatility, market players reverted to a more cautious stance. Crypto Tony, a famed market trader, suggested a similar trend for October would be ideal, in a message to X (previously Twitter) followers.
Material Indicators, a tracking tool, presented a potential “death cross” on the weekly chart. This phenomenon takes place when certain moving averages intersect. In the present scenario, the 21-week MA was likely to drop under the 200-week counterpart.
Forecasting Future Market Movements
Material Indicators pointed to a potential lower low at the weekly close. The short-term future also has the liquidation of cryptocurrency assets belonging to the defunct exchange FTX, which could lead to increased BTC selling pressure.
Unveiling Potentially Lower Bitcoin Prices
On a more buoyant note, CryptoCon, a distinguished trader and analyst, held the view that Bitcoin was at a preliminary stage in its imminent bull market.
Also optimistic was trader Jelle who believed the best investment opportunities for potential BTC investors lied at the current price points.
Whilst BTC/USD was valued at approximately $26,600 during the preparation of the report, the 2.5% gains chalked up in September signified Bitcoin’s best-performing period since 2016 as per CoinGlass data.
Disclaimers: This piece does not provide investment advice, it merely reports on cryptocurrency trends. Investment and trading decisions should be based on independent research.
