Is Bitcoin’s Bottom In Sight? Expert Analysis Says Yes
Bitcoin prices could be bottoming, looking at price charts, and
this might be one more opportunity for the savvy to accumulate
before prices rip higher, according to one optimistic analyst.
Taking to X, the analyst, Cryptocon_, said the “Ultimate
Oscillator” indicator suggests that Bitcoin is at a “cyclical
bottom,” adding that for the “first time,” the indicator has
crossed into the cycle bottom zone in the two-week time frame.
Bitcoin Likely Bottoming: Here’s Why Whether this prognosis is
accurate depends on how Bitcoin prices pan out in the next few
trading sessions. However, Bitcoin prices have since added roughly
4% since Cryptocon_ first laid out the analysis. Bitcoin is
changing hands at around $28,000, up 12% from September lows.
Following the sharp expansion on October 1 lifted BTC above
September 2023 highs, a strong start for Q4 2023. The Ultimate
Oscillator is a momentum indicator built on moving averages.
Technically, the indicator is based on the idea that prices tend to
close near the highs or lows of the recent trading range.
Accordingly, based on Cryptocon_, Bitcoin is presently at “cyclical
bottoms,” the same zone where BTC found support in the tail end of
2022 before bouncing off strongly in Q1 2023. Related Reading: XRP
Price Bloodbath On The Horizon? Report Casts Doubt On Recent Rally
If historical performance guides, Cryptocon_ believes “Bitcoin is
offering traders one last accumulation opportunity,” but “most
people will squander the pullback predicting and worrying about the
macro.” Current macroeconomic conditions favor another round of
interest rate hikes, especially in the United States. Although the
Federal Reserve (Fed) kept rates unchanged in the last session,
there are concerns that another hawkish environment could crash the
crypto market like it did in 2022. Is BTC Heading Back To $32,000?
At press time, Bitcoin is trading above August 29 highs in what
appears to be a continuation of the bull run set in motion in late
August. Still, it is unclear whether Bitcoin bulls have the
momentum to push on. The daily trading chart shows that the
coin is still trending inside the bear candlestick of August 17.
The bar was wide-ranging with high trading volumes, cementing the
bearish preview that continues to hold from the volume analysis
perspective. Despite buyers expecting more gains in the
sessions ahead, there must be a solid close above August 17 with
rising trading volumes, completely reversing losses of mid-August.
This move will likely cancel out the bearish preview that, as
aforementioned, holds. This might set the ball rolling for a leg up
to $30,000 and $32,000 in the sessions ahead. Related Reading:
Chainlink Signal That Preceded Crashes Of 34% Is Back Feature image
from Canva, chart from TradingView
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