Analyst Predicts Bitcoin May Bottom Out in October
- Historical Cycle Analysis: Analyst Benjamin Cowen notes that Bitcoin's peak in the current market cycle occurred 1,162 days after its previous low, a pattern closely resembling the 1,059 and 1,168-day intervals of prior cycles, suggesting that the current downturn follows a historical script that could signal important market insights for investors.
- Market Bottom Prediction: Cowen predicts Bitcoin will retest the $60,000 support level before finding its final bottom around October 2024, and a successful bounce from this level would indicate the end of the current bearish phase and the start of a new bull market, significantly impacting investor decisions and market sentiment.
- Macroeconomic Factors: Interest rate decisions, inflation data, and regulatory developments are key macroeconomic conditions that could influence Bitcoin's price trajectory, necessitating close monitoring by investors to assess market risks effectively.
- Market Sentiment Shifts: A transition from fear to greed among retail and institutional investors often precedes market recovery, and Cowen highlights on-chain metrics such as miner capitulation and long-term holder behavior as potential indicators of the market bottom, aiding investors in making more informed decisions.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 9 technical signals, shows that 4 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 67519.885 | 70051.352 | 73137.065 | 75668.532 | 78754.245 | 81285.712 | 84371.425 |
| Fibonacci | 70051.352 | 72197.115 | 73522.77 | 75668.532 | 77814.295 | 79139.95 | 81285.712 |
About BTC
About the author
