As a seasoned investor with over two decades of experience in various markets, I can’t help but feel a sense of deja vu when reading about Bitcoin’s latest price movements and analyst predictions. While it’s always exciting to see such a volatile asset reach new heights, I remain cautious, much like an old dog learning new tricks.
According to analyst Peter Brandt, while Bitcoin‘s price has temporarily increased, it hasn’t surpassed the important resistance points yet. For Bitcoin to change its long-term bearish trend and have a bullish reversal, it needs to not only reach above $71,000 but also establish a new record high beyond $73,808.
Bitcoin Rally Fails to Crack $71K; Analysts Say Bearish Structure Holds
As per analyst Peter Brandt’s interpretation, the recent increase in Bitcoin’s price value doesn’t seem to have changed its long-standing bearish trajectory. Although there was a brief spike, the price didn’t manage to go beyond the crucial resistance level of $70,602, remaining significantly lower than the $73,808 threshold that Brandt considers vital for signaling a flip in the trend from bearish to bullish.
According to Peter Brandt’s interpretation, the consistent occurrence of lower peaks and troughs, typically associated with a bearish market trend, persists. If the price doesn’t break above these thresholds, notably the $71,000 mark, it indicates that the current price movement is an extension of the existing downtrend.
The intensification of the Israel-Iran conflict has further complicated an already unpredictable Bitcoin market. After reaching a high of $66,508 on September 28, the price of Bitcoin saw a significant drop, touching the $60,000 zone before settling around $61,400. This fall in value corresponds with heightened global instability, causing investors to favor safer investments like bonds and gold.
The tension between Israel and Iran affecting global politics has led investors to exercise more caution, potentially slowing down the near-term growth of Bitcoin.
BTC price Technical Indicators Suggest Caution
Currently, the Relative Strength Index (RSI) for Bitcoin on a 24-hour chart is approximately 49.00, which signals a balance between buyers and sellers in the market. The RSI line has recently dropped from a high of around 60.59, hinting at a minor decrease in buying intensity as pointed out by Peter Brandt.
Furthermore, Bitcoin expert Willy Woo aligns with Peter Brandt’s perspective by recognizing the bearish trend in the medium term for Bitcoin. Yet, Woo maintains a somewhat more hopeful outlook for the transition towards a bullish market. He proposes that we might experience a pause or cooling-off period before any substantial bullish movements occur.
Furthermore, as we speak, the Moving Average Convergence Divergence (MACD) graph for Bitcoin’s daily performance indicates that the MACD line is moving closer to the signaling line. This could be a hint of an impending change in the trend’s direction.
As a crypto investor, I’m observing that the histogram, which demonstrates the gap between the MACD line and its signal line, is currently inclining, suggesting a gradual shift towards bullish sentiments. However, it’s essential to note that this uptrend is still situated within negative territory, implying that while bearish momentum might be diminishing, a confirmatory bullish crossover for BTC price and a definite upward trend have yet to materialize.
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2024-10-02 12:12