Bitcoin (BTC) circled decrease after the Sept. 21 Wall Street open as $20,000 BTC price predictions resurfaced.
Bitcoin evaluation: Hype, FOMO and a “slow grind” to $28,500
Data from Cointelegraph Markets Pro and TradingView coated a lackluster 24 hours for BTC price motion, with $27,000 fading from view.
The aftermath of the United States Federal Reserve rates of interest pause offered little for Bitcoin bulls, BTC/USD having dipped nearly $700 the day prior.
Now, market individuals returned to a extra conservative outlook within the absence of tangible volatility.
“Something like this over the course of October would be perfect i would say,” fashionable dealer Crypto Tony told X (previously Twitter) subscribers.
“Slow grind up to $28,500, followed by hype and FOMO, to then dump it once more.”
Monitoring useful resource Material Indicators in the meantime eyed a so-called “death cross” on the weekly chart.
The loss of life cross happens when sure transferring averages (MAs) collide, and right here, the 21-week MA was heading in the right direction to head beneath the 200-week equal.
“The 21-Week and the 200-Week Moving Averages are on a collision course for a DeathCross on the BTC Weekly candle Close/Open,” it warned in an X put up on the day.
Material Indicators referenced a possible decrease low (LL) on the weekly shut.
“The 50-Week MA, may provide some temporary support and even trigger a short term rally, but if PA takes us there, it will print a LL which I believe opens the door to grind down to test $20k,” it added.
On the horizon was the liquidation of crypto assets by defunct change FTX — an occasion that would contribute to BTC promoting stress.
“If there is a base case for hopium, it’s that FTX liquidators don’t want to see too much price erosion before they start distributing, and may try to prop price up a little longer. That’s purely speculative, but not out of the realm of possibilities,” the X put up concluded.
Traders eye discount BTC price ranges
More optimistic takes included that from fashionable dealer and analyst CryptoCon, who maintained that Bitcoin was within the first innings of its subsequent bull market.
Related: Bitcoin short-term holders ‘panic’ amid nearly 100% unrealized loss
“Doesn’t get much simpler than this. Bitcoin early and late Bull Market in green, Bear Market ends in red,” he commented alongside a chart shortly following the Fed information.
Doesn’t get a lot easier than this.#Bitcoin early and late Bull Market in inexperienced, Bear Market ends in purple.
The one exception to this on the Kivanc Supertrend was the 2020 black swan.
The solely factor that may trigger a promote sign is… pic.twitter.com/8F5M74LC44
— CryptoCon (@CryptoCon_) September 21, 2023
Just as assured was fellow dealer Jelle, who suspected a main shopping for alternative for potential BTC traders at present costs.
Historically, the “post-bottom consolidation” section has been a good time to purchase.
I do not suppose this time will probably be totally different.#Bitcoin pic.twitter.com/8WJ9ixz6Mr
— Jelle (@CryptoJelleNL) September 22, 2023
BTC/USD traded at round $26,600 on the time of writing, making September features equal to round 2.5% — nonetheless Bitcoin’s greatest month since 2016.
Per information from monitoring useful resource CoinGlass, Bitcoin has delivered losses each September since.
This article doesn’t include funding recommendation or suggestions. Every funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a call.
