Tuesday, October 19, 2021
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“Worst case” expected for Bitcoin month-end

Bitcoin (BTC) fell below $ 42,000 on September 28. The losses in the largest cryptocurrency have therefore gotten worse.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC bulls lose momentum at $ 44,000

Data from Cointelegraph Markets Pro and TradingView show the BTC / USD pair hit a local low of $ 41,670 on Bitstamp.

That decline followed a slump on Monday at $ 1,000. This put an abrupt end to all bullish hopes with the weekend’s high of $ 44,400.

This turn was largely anticipated. As Cointelegraph reported, analysts previously forecast that the bottom could be hit at $ 40,000 or even below.

On Monday, a trader also expressed doubts about the strength of Bitcoin in the new week, saying that a level above $ 44,000 would only be used for liquidity and then the price would decline again.

There are still two days until the end of the month. Meanwhile, the $ 43,000 level was considered the “worst case scenario” for the month-end in September.

PlanB is an analyst who correctly forecast August’s “worst case” at $ 47,000. He predicts that it will hit at least $ 63,000 by the end of October.

Trader: Q4 recovery “a good bet”

This optimism is not alone, as more and more people in the industry are firmly convinced that the fourth quarter will be a turning point in the Bitcoin bull run.

In this context: fear of China now fear of infrastructure law: five things to be aware of this week Bitcoin

The popular trader TechDev is of the same opinion. He believes that a rise in BTC can be expected based on past developments alone.

“Investments are a game of probability,” he says summarized. To do this, he uploaded a chart showing the development of Bitcoin in 2013 and 2021.

“If the past has been able to predict the first three quarters, I think it’s a good bet to count on it for the fourth quarter as well.”

BTC / USD comparison. Source: TechDev / Twitter

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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