Bitcoin’s Departure from Historical Norms
Bitcoin has seen modest gains this week and is defying historical trends by potentially ending September on a positive note. This is unusual as September is traditionally a less favorable month for cryptocurrencies. Market veteran Peter Brandt has shed light on a potentially bullish indicator as “Uptober” approaches.
Awakening of BTC Bulls?
In a tweet, Brandt noted that Bitcoin’s ADX reading is at its lowest since July 2020. He also mentioned the possibility of a small 6-week inverted head and shoulders pattern forming. These patterns often indicate imminent trend reversals and suggest a short-term shift towards a bullish sentiment. If the pattern holds true, Bitcoin’s price could surge to the $30,000 range.
Other BTC Price Predictions
Gareth Soloway, the founder of investing.com, also expressed optimism about Bitcoin surging in the coming weeks. He mentioned the possibility of a head and shoulders pattern emerging, especially if conditions like the approval of a Bitcoin exchange-traded fund (ETF) materialize. However, Soloway emphasized that specific price levels need to be validated to confirm the pattern.
If the head and shoulders pattern does take shape, the potential downside target could be around $20,000. Currently, Bitcoin has seen a 2.22% increase in the past 24 hours and is trading at $27,076.
Hot Take: Bitcoin Shows Resilience with Bullish Indicators
Despite historical norms and expectations for September, Bitcoin continues to exhibit resilience with potential bullish indicators like an inverted head and shoulders pattern forming. Market veterans like Peter Brandt and Gareth Soloway have expressed optimism about Bitcoin’s future price movements.
While there are still uncertainties and specific price levels to validate, the current gains and positive sentiment suggest that Bitcoin may experience a surge in the coming weeks. It will be interesting to see if these indicators hold true and how Bitcoin performs as “Uptober” approaches.
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