Bitcoin (BTC) fell below $ 42,000 on September 28. The losses in the largest cryptocurrency have therefore gotten worse.
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.
Probably flushing out the late shorts before the next leg down. Idea invalidated above 45.2k if it builds a bullish market structure from there. pic.twitter.com/9ofwkkD8lP
– cevo (@cryptocevo) September 26, 2021
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.”