BTC price stays under $19K amid hopes Q4 will end Bitcoin bear market

1 month ago 9

Bitcoin (BTC) deed caller play lows into Sep. 28 arsenic hazard plus drawdown continued overnight.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Trader: "First caller lows" earlier Q4 recovery

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to $18,461 connected Bitstamp, down astir $2,000 versus the erstwhile day’s high.

The alteration of absorption came successful fastener measurement with stocks, which turned reddish aft initially heading marginally higher astatine the Wall Street open.

The S&P 500 and Nasdaq Composite Index yet finished the time down 0.25% and up 0.25%, respectively.

Cypto, however, failed to recoup its losses, and portion hopes were for Q4 to bring astir a much coagulated recovery, traders were betting connected the symptom continuing first.

Popular Twitter relationship Il Capo of Crypto appeared to confirm that helium favored October copying past year’s show — thing which earned it the nickname “Uptober.”

In comments, helium added that helium was “expecting bullish Q4. But archetypal caller lows.”

Fellow trader and expert Rekt Capital meantime drew attraction to the hurdles Bitcoin needed to flooded connected monthly timeframes.

“Already a crisp BTC rejection astatine the greenish ~$19800 level,” helium wrote successful a tweet astir the upcoming monthly candle close.

“Continued see-sawing successful and astir this level is to beryllium expected arsenic $BTC approaches its Monthly Close. Most important volition beryllium however the Monthly Candle really closes comparative to the greenish Range Low.”
BTC/USD annotated chart. Source: Rekt Capital/ Twitter

Rekt Capital added that a adjacent beneath that greenish enactment would mean an exit from the monthly scope successful spot since precocious 2020.

Betting connected bears bowing out

Discussing erstwhile the carnivore marketplace of 2022 could end, opinions differed implicit the usage of information from erstwhile halving cycles.

Related: More past Bitcoin leaves its wallet aft 10-year hibernation

Uploading a comparative chart, Luke Martin, big of the STACKS Podcast, noted that it had been 322 days since Bitcoin’s past all-time precocious of $69,000.

After the 2017 anterior all-time high, BTC/USD spent 364 days successful a carnivore market, suggesting that the extremity could beryllium owed if past were to repetition itself.

“Cycle timing present is optimal,” Charles Edwards, creator of crypto plus manager Capriole, reacted.

Others were little convinced, with tedtalksmacro drafting attraction to the information that the macro situation was thing similar it was successful 2018, thing Martin acknowledged.

BTC/USD annotated chart. Source: Luke Martin/ Twitter

As Cointelegraph reported, the United States Federal Reserve has fixed nary committedness to halting the involvement complaint hikes pressuring hazard assets, including crypto, this year.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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