Breaking new highs for Bitcoin in Q4 “will temporarily turn altcoins to dust,” says analyst

Things will get exciting in the fourth quarter, but not before a compelling bottom is set for cryptocurrencies, analysts say this week. Bitcoin (BTC) was busy losing its overnight gains on September 27, as resistance continued to prove too much for the bulls.

Bitcoin analyst: “Right now, we are stuck”

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair fell to around $ 1,000 below the overnight highs of $ 44,400 on Bitstamp on Monday. The move constitutes a pushback in a “critical” zone to break out, Cointelegraph contributor Michaël van de Poppe explained, with $ 42,000 now being the key level to hold for a higher low. Bitcoin, he summed up in his latest YouTube update, was operating in an increasingly narrow range.

“Right now, we are stuck,” he said, signaling the arrival of $ 47,000 should the $ 44,600 zone recover.

On the downside, the zone between $ 38,000 and $ 40,000 remained valid for a bounce, while the complete failure of the range as support would send the BTC / USD pair towards its 2021 opening price around $ 28,000.

“If $ 42,000 is lost, I think we are going to enter the lows here and bring liquidity below the low before we have a real reversal at this stage,” Van de Poppe concluded on short-term price action.

As Cointelegraph reported, volatility was widely anticipated thanks to the impending vote on the US government’s infrastructure bill, which could come as early as Monday, combined with residual fears about China’s latest “ban”. On crypto transactions, bad news narratives continued to weigh heavily into the new week.

Altseason Expected To Follow Bitcoin Rise In Q4

Altcoins mimicked Bitcoin’s lack of general direction on the day, with most of the top ten cryptocurrencies unchanged in the past 24 hours.

Only Solana (SOL) managed to make a convincing move, up 6.5% to $ 145 at the time of writing. Despite being uninspiring throughout September, altcoins should nonetheless see a major resurgence, popular trader Pentoshi predicted.

This, he said, should take a similar shape in the fourth quarter of 2021 to the same time last year, as part of a general expectation that Bitcoin will skyrocket further before the year is out. “Few understand. Last year’s fourth quarter highs were at [record lows] against BTC,” he reasoned.

“The day it hit that bottom line that I posted months in advance is the day the market peaked. Soon Bitcoin will temporarily break down turning alts to dust, which in turn will lead to new all-time highs + bring in new ones. participants.”

Although September is forecast to end on a medium note for the markets, October should be the first to bring Bitcoin’s revival, with a “worst-case” closing price of $ 63,000.

Reference: es.cointelegraph.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

You may also like...