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Cryptocurrency News Articles
Bitcoin (BTC) Could Dump Soon Based on Current Dynamics, Analyst Crypto Rover Explains
Oct 01, 2024 at 12:40 am
According to analyst Crypto Rover, Bitcoin (BTC) could dump soon based on current dynamics.
Analyst Crypto Rover claims that BTC could dump soon.
According to recent analysis by the renowned analyst, Bitcoin, which he earlier predicted to hit $100,00. Now trades at a level that was previously resistance and has now flipped to support. The expert highlights that Bitcoin's current market movements indicate the formation of a bullish “W” pattern, which is being tested at the neckline.
Despite BTC's recent dip and retest of support, the expert highlights this as a positive sign. Historical patterns show that Q4 is usually a strong-performing quarter during bull markets, with October often bringing bullish sentiment to the crypto market. These seasonal trends align with Bitcoin's current retest of support, offering hope for potential upward movement.
In addition to technical analysis, the expert notes that record inflows into the market are typically associated with market tops. However, Rover remains optimistic, pointing out that BTC has managed to break the current downtrend, emphasizing the positive outlook. He suggests that the current market action could set the stage for a bull market's beginning, with the potential for upward momentum to build in the coming days.
He also mentions the upcoming FTX claim and distribution, which is expected to bring significant buying pressure to the market. This event, combined with the historical strength of Q4 and bullish market data, has led Rover to maintain a positive outlook on Bitcoin's trajectory despite short-term price rejections.
Bitcoin Technical Analysis: How is BTC Doing Today?
An in-depth analysis shows that Bitcoin trades at $63,889.67 with a slight upward movement after testing key support levels. The chart display's a recent correction that brought the price close to the support zone around the $62,755.03 level, marked by the 100-period Simple Moving Average (SMA) on the 4-hour chart. The price stabilizes near this support level, indicating buyers may be stepping in to defend this zone.
The 50-period SMA (yellow line) recently crossed below the 100-period SMA (green line), signaling a potential short-term bearish trend. However, the overall longer-term bullish trend remains intact as the price is still above the 200-period SMA (blue line). If the price can break above the 50-SMA, it could suggest a reversal in momentum.
4-hour BTC/USD Chart | Source: Trading on View
On the other hand, we see that the ADX (Average Directional Index) is currently at 34.81, which indicates a moderate strength trend. A value above 25 suggests that the market is trending, so the market could continue to exhibit strong price movements. However, the ADX has recently declined from higher levels, signaling that the strength of the previous downtrend may be weakening.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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