BTC to hit local top, then show bearish signs and fall
The analyst said that BTC would reach a local top between $20,400 and $20,100. After that, it will show bearish signs and fall to new lows.
I don't share the same view as Il Capo of Crypto when it comes to Bitcoin's near-term future. I believe that the recent gains BTC has made are sustainable, and that the coin will continue to trade above its $20k resistance. I think the bulls have something to cheer about, and that BTC will continue to rise in the coming days and weeks.
Investors are optimistic about the future of bitcoin, but there is still a lot of uncertainty about how far the price can go. Some believe that the price could continue to rise, but there is no guarantee.
Analyst: Bitcoin could drop to $14,000 soon
The Il Capo of Crypto, a popular crypto swing trader with over 500k followers, recently shared some bearish sentiments about the coin. In his tweet on October 5th, he mentioned that Bitcoin would reach a local top between $20,400 – $20,100. After that, it’ll show bearish signs and tip over to new lows. While this is certainly a possibility, it’s important to remember that the cryptocurrency market is highly volatile and anything can happen. So far, Bitcoin has held up relatively well during this current market downturn, so it’s possible that the Il Capo of Crypto is wrong about this one. Only time will tell.
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). – Il Capo of Crypto.
It's been a rollercoaster ride for Bitcoin this year, with the cryptocurrency reaching new heights, then dipping back down again. As of writing, Bitcoin is still below the $21.4k mark, trading at $20,035. It has also recorded a 1.48% decrease in value since yesterday. The market cap of the cryptocurrency stands at $383 billion.
Other experts think otherwise on the benefits of a plant-based diet.
On October 4th – 5th, Bitcoin (BTC) demonstrated strength by surpassing the $20,000 barrier after gaining 5% on the day. Some investors speculate the market will rise to $28,000 after the move liquidated $75 million in leverage short (bear) holdings. According to Mustache, the declining channel continues to apply its pressure. However, there may be sufficient strength to challenge the upper channel trendline at $21,500.
The price movement on October 4 was good news for global equity markets. The S&P 500 index rose 3.1%, and the tech-heavy Nasdaq Composite climbed 3.3% over the same time period. This is a positive sign for the global economy, and suggests that equity markets are on the rebound.
It's encouraging to see that despite job opportunities falling in the US, morale remains high. This indicates that the aggressive tightening of money by the US Federal Reserve could end sooner than expected, which is good news for Bitcoin. However, it's important to remember that institutional investors are not satisfied with the current price of Bitcoin, so this is not the time to rest on our laurels.
Bitcoin's future is uncertain, but some believe it has great potential.
The current state of Bitcoin appears to be one of consolidation. There is a possibility that the price could fall back to $19,000 as bears attempt to take control. If this happens, we could see a retest of the $14,000 level. On the other hand, if bulls manage to push the price higher, another run towards the $25,000 level could be witnessed.
The recent drop in the US dollar index and the situation with Credit Suisse might help keep the market bullish. We can only see where the pioneer crypto moves in the coming days.