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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction and Analysis for Q4 2024: Bullish or Bearish?
Sep 28, 2024 at 03:20 pm
Bitcoin (BTC) price broke above $66,000, printing the third consecutive bullish week, which seems to have triggered a strong bull run
Bitcoin price breached the $66,000 mark, notching up the third consecutive week of bullish momentum, which appears to have set off a strong bull run.
Although the technicals continue to be skewed in favour of the bulls, the trade set up suggests that there is still some potential for a bearish pullback.
Bitcoin price rapidly ascended above $66,000 as it nears the conclusion of the monthly trade, ultimately flipping the bearish narrative on its head. Furthermore, technicals have also shifted to bullish, validating a potential bullish narrative for Q4, 2024. However, despite the growing strength of the bulls, the price remains trapped within a descending trend. Hence, raising concerns over the next price action, which may be bullish but also could be a trap as well.
After printing a couple of bullish candles, BTC price is encountering some upward pressure, which has dragged the levels below the range. As market participants view this as an opportunity to accumulate, from a broader perspective, the bears could be preparing for a massive price slash.
As previously mentioned, BTC price remains stuck within a descending trend as it is unable to penetrate the resistance. During the 2021 bull run, the price moved along the resistance; however, the trend was rising then and currently it is dropping. Now that the technicals have turned bullish as the weekly MACD & DMI are about to display a bullish crossover, a small rise beyond $68,000 could be on the horizon. However, this move could be yet another trap set by the bears.
The 2024 Bitcoin capitulation event is confirmed and is nearing its conclusion, which may continue for a few more days. Therefore, the price is expected to continue rising and reach the resistance at around $67,800, which could mark the peak of the current rise if the bulls fail to breach the levels. A rejection from here may cause a pullback towards the lower range, probably below $50,000.
Currently, the market dynamics are bullish as Bitcoin (BTC) price is entering the Q4 trade, which has been accumulating massive gains in the past few years. Therefore, market participants are expected to remain vigilant, as the markets are believed to display vibrant moves hereafter.
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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