Bitcoin's Final Fakeout: Prices to Push Higher
A fresh analysis suggests that Bitcoin is likely to see a push higher before hitting new multi-year lows. This move higher would be the final fakeout before prices start falling again.
Bitcoin (BTC) continued to hold above $20,000 into Oct. 5, with trader targets still including a fresh high before rejection. The cryptocurrency has been on a tear lately, with prices more than doubling since early September.
Targeting new lows: $21,000 downside target set for stocks
As the world's leading cryptocurrency continues to surge in value, reaching new all-time highs almost daily, there is no doubt that Bitcoin is here to stay. With more and more businesses and individuals investing in Bitcoin, it is clear that the future of finance is digital.
The pair's ability to maintain the old all-time high from 2017 as support is a positive sign, according to on-chain analytics resource Material Indicators. This indicates that the market is still bullish on the pair and that they believe it has potential to continue to grow.
BTC is still in a congested range and it is difficult to predict where it will go next. Some believe that it will continue to rise, while others think it will fall.
“The retest of technical resistance at the 50-Day MA was rejected. Now I want to see a retest of support at the 2017 Top. Bulls may be losing momentum, but placed a buy wall at $20k to hold price up.”
As the market looks to be stabilizing, investors are becoming more confident and are beginning to open up larger transactions. This is a positive sign that the market is beginning to recover from the recent volatility.
It is clear that the market is still struggling to find direction, with the 50-day moving average (MA) still acting as a key level of resistance. However, there are signs that the market may be ready to turn higher, with the recent upturn in the MA indicating that buyers are starting to return to the market.
Il Capo's thesis involves a trip to $21,000 before a steeper, more enduring comedown. This popular trader's vision is one that many in the crypto community are closely watching. With the market currently in a bit of a lull, it'll be interesting to see if Il Capo's thesis pans out in the coming months.
It's clear that the local market is close to hitting its top, but it's still not there yet. This is according to an expert's opinion, so it's definitely worth paying attention to.
“20500-21000 hasn't been touched and there's no ltf distribution. Expecting the last leg up soon. Then ltf bearish signs, and reversal to new lows (14k-16k).”
Good times ending for US dollar, experts say
Looking at the U.S. dollar index (DXY), it appears that there may be some relief for crypto markets on the horizon. This index is a key macro trigger for the crypto world, so any movement in it can have a big impact.
Bitcoin's price has been volatile this week, but it's still not at its "max pain" point yet. Here are five things to know about Bitcoin this week.
It is clear that the crypto market is still in a bullish trend, with prices expected to continue rising in the short term. However, Il Capo of Crypto warns that this trend is not sustainable in the long term, and that prices are likely to drop back down again after reaching a new 20-year high.
Mayne's explanation suggests that BTC could see a further rally if the S&P 500 continues to rise. This would provide more time for BTC to recover from any recent losses and continue its upward trend.
It is unclear what will happen if the area mentioned in the paragraph fails, but it could have a significant impact on the value of the dollar. A sustained rally could help to bolster the dollar's value and make it more stable in the long term.
The DXY index is currently hovering around 110 points, having just barely managed to hold on to 110 as support. This marks the lowest levels for the DXY since September 21st.