bitcoin prices could be bottoming out, if we look at the price charts, and this could be one more opportunity for insiders to accumulate before prices rise further, according to one bullish analyst. On time frame.
bitcoin Likely Hitting Bottom: Here’s Why
The accuracy of this forecast depends on how bitcoin prices develop in the coming trading sessions. However, bitcoin prices have risen about 4% since Cryptocon_ first presented the analysis.
bitcoin is changing hands at around $28,000, up 12% from September lows. Following the strong expansion on October 1, it lifted btc above the September 2023 highs, a good start to 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.
Consequently, according to Cryptocon_, bitcoin is currently in “cyclical bottoms”, the same zone where btc found support in late 2022 before rebounding strongly in the first quarter of 2023.
If historical performance guides, Cryptocon_ believes that “bitcoin is offering traders one last chance to accumulate,” but “most people will waste the pullback predicting and worrying about the macro.” Current macroeconomic conditions favor another round of interest rate increases, 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 collapse the cryptocurrency market as it did in 2022.
Is btc returning to $32,000?
At the time of this publication, bitcoin is trading above the August 29 highs in what appears to be a continuation of the bull run that began in late August. Still, it is unclear whether bitcoin bulls have the momentum to move forward.
The daily trading chart shows that the coin is still trending within the bearish August 17 candlestick. The bar had a wide range with high trading volumes, consolidating the bearish preview that continues to hold from a volume analysis perspective.
Even though buyers expect more gains in the coming sessions, there should be a solid close above August 17 with trading volumes increasing, completely reversing the mid-August losses. This move will likely nullify the bearish preview which, as mentioned above, holds. This could kickstart a leg up to $30,000 and $32,000 in the coming sessions.
Featured image from Canva, TradingView chart
