Crypto analysis: Will the price of Bitcoin go up soon after hitting a low point?

[Cryptocrit]

Over the past day, the price of Bitcoin (BTC) has stayed quite steady at about $26,150. It went as high as $26,881.24 and as low as $25,812.73 during this time. Overall, it went down by about 0.25% in the last 24 hours.

https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDlB-V1KAiR9SgpcQBlptpiI6kRJeiH4xkEL11MCaUIoeokBpVG1ro3Fj399tn1a-R8E9qwd-2TMJ1NuQIxgmSqj-NylAaNBXB8uE6pFJ5pjlMcUnyddSZfVq1ygWd0he8jasPVI8o5Wi-A2DrWW0WuKae6G-Z0CD-FW-WGlOfH_-rghYFqHLTQ8bTQg7T/w640-h428/BTC%20price%20latest.jpg

When we look at Bitcoin's performance, we see some important signs. First, the Relative Strength Index (RSI) is at 45, which is below the middle point of 50. This suggests that people are feeling a bit negative about Bitcoin right now. Another important thing is the 50-day Exponential Moving Average (EMA), which is at $27,200. Bitcoin's current price is lower than this, which means it's in a short-term downward trend.

One interesting thing on the charts is a pattern where Bitcoin's price hit a certain level ($26,900) twice. Now, that level is like a barrier that Bitcoin needs to break through. In the past, when we've seen this kind of pattern, it sometimes means that Bitcoin might start going up if it can break through that barrier. So, right now, Bitcoin seems to be on a downward trend, but if it can pass the $27,200 level, things might change, and it could start going up. Market experts think that Bitcoin might face some challenges in the short term, especially when it reaches $28,000.

check details...
https://www.cryptocrit.xyz/2023/10/crypto-analysis-will-price-of-bitcoin.html

[Yatsan]

Technically the market price would go up once it touches the demand zone but the increase won’t happen in an instant. There could be long candles and all but won’t go straight from $25k to $30k in a single day. Extreme volatility would be expected ‘coz some big investors would be trying to push it lower before they actually buy an amount to be held until its market price is at peak again; this is how it simply works but on the actual things won’t be too easy ‘coz there would be underlying factors behind every market price change. Same thing whenever the market price is reaching the ceiling; it would more likely play between certain price points before its value takes a flight. If thereare no related news to create such big wave, then things may change still so better be careful on such entries; never go against the trend and wait for the right price indicator.

[Xal0lex]

All these patterns are just guessing at coffee grounds. Until the fundamentals are in place for continued growth, all these technical analysis patterns are irrelevant. The fastest driver and strongest fundamental analysis is the adoption of a spot ETF, but that is unlikely to happen anytime soon. The market will be in the state it is in now for a long time to come.

[Jating]

Maybe the analyst failed to include the fake news that cointelegraph released and so it's pushes higher to $30 (although personally, I didn't see that price because of timezone difference). Nevertheless if we look at bitcoin's past historical logs, October seems to be a very positive month for us. And it seems though that the pattern are going to continue. So far the price is 29,540$.

I never thought that we can go as high as $29k this month. I mean it's going on sideway patterns for month. But suddenly it went into a sudden spike although the cause of it a fake news. Nevertheless, as I have said, it's ghost month and so it might be a lucky month for us again. And maybe in this pattern continues, we could go as high as $40k-$50k at the end of year. It will be a perfect price entering 2024 and then the block halving 3 months after.

[Traderbtcc]

All these patterns are just guessing at coffee grounds. Until the fundamentals are in place for continued growth, all these technical analysis patterns are irrelevant. The fastest driver and strongest fundamental analysis is the adoption of a spot ETF, but that is unlikely to happen anytime soon. The market will be in the state it is in now for a long time to come.

Absolutely! But technical analysis isn't irrelevant at all. I totally agree that fundamentals and technical analysis complement each other in trading. Technical analysis helps us identify market reaction zones, while fundamentals give us insight into significant events. By combining both approaches, you'll definitely stay ahead of others in the market!

[Best-mary]

Fundamental always leads the game. We can take this recent game ETF news for example how most people were able to mill quick gain from the market. I was lucky for using Smart Trend though. But yeah, using both fundamental and technical to execute your trade is more professional

[Xal0lex]

All these patterns are just guessing at coffee grounds. Until the fundamentals are in place for continued growth, all these technical analysis patterns are irrelevant. The fastest driver and strongest fundamental analysis is the adoption of a spot ETF, but that is unlikely to happen anytime soon. The market will be in the state it is in now for a long time to come.

Absolutely! But technical analysis isn't irrelevant at all. I totally agree that fundamentals and technical analysis complement each other in trading. Technical analysis helps us identify market reaction zones, while fundamentals give us insight into significant events. By combining both approaches, you'll definitely stay ahead of others in the market!

It is more correct to say not to determine, but to assume. Technical analysis is not a 100% signal of what is going to happen, it just assumes some outcome that is not 100% likely to happen.

I can't agree with you about your assertion that a combination of analyses will keep us ahead of the curve. Many successful investors make absolutely no use of technical analysis. It is more necessary for speculators on the stock exchanges. Why would a holder need technical analysis? He needs fundamental factors that will strengthen his faith in the project and allow him to analyze the coin's potential.

[Husires]

All these patterns are just guessing at coffee grounds. Until the fundamentals are in place for continued growth, all these technical analysis patterns are irrelevant. The fastest driver and strongest fundamental analysis is the adoption of a spot ETF, but that is unlikely to happen anytime soon. The market will be in the state it is in now for a long time to come.

I heard about adoption of a spot ETF several times in 2018, and if you search, you will find that people started talking about it in 2013, and no US ETF has been approved since that time. However, the price has continued to grow, and it will do so this time until a new variable is proven that denies that.

Analyzing the rise of Bitcoin is not done by analysis patterns, but by understanding the basics of the market, which requires that the bottom of Bitcoin or the lowest price be equal to the cost of mining. If we say that an average of $30,000 is profitable for mining 12.5 Bitcoin, then the price will inevitably rise if the return from the block decreases to 6.25. It must necessarily be $60,000, but the new bottom formed will be somewhere between $50,000 and $80,000, but before that, speculators tend to build advanced positions, which makes the price between $100,000 and $160,000. All of these guesses are not based on technical analysis.

[wxa7115]

I heard about adoption of a spot ETF several times in 2018, and if you search, you will find that people started talking about it in 2013, and no US ETF has been approved since that time. However, the price has continued to grow, and it will do so this time until a new variable is proven that denies that.

Analyzing the rise of Bitcoin is not done by analysis patterns, but by understanding the basics of the market, which requires that the bottom of Bitcoin or the lowest price be equal to the cost of mining. If we say that an average of $30,000 is profitable for mining 12.5 Bitcoin, then the price will inevitably rise if the return from the block decreases to 6.25. It must necessarily be $60,000, but the new bottom formed will be somewhere between $50,000 and $80,000, but before that, speculators tend to build advanced positions, which makes the price between $100,000 and $160,000. All of these guesses are not based on technical analysis.

While speculation can make the price of bitcoin to skyrocket, the realities of the market are what really makes the price of bitcoin to move, and miners are without a doubt a very important element that make the price of bitcoin to go up.

And this is because miners need to remain profitable, and while in part this can be achieved by becoming more efficient and moving their operations to a place with cheaper electricity, once the halving comes they will need for their coins to reevaluate to keep mining for a profit, this creates upward pressure on the price of bitcoin which is later used by speculators to make the price to move up even further.

[Xal0lex]

All these patterns are just guessing at coffee grounds. Until the fundamentals are in place for continued growth, all these technical analysis patterns are irrelevant. The fastest driver and strongest fundamental analysis is the adoption of a spot ETF, but that is unlikely to happen anytime soon. The market will be in the state it is in now for a long time to come.

I heard about adoption of a spot ETF several times in 2018, and if you search, you will find that people started talking about it in 2013, and no US ETF has been approved since that time. However, the price has continued to grow, and it will do so this time until a new variable is proven that denies that.

Analyzing the rise of Bitcoin is not done by analysis patterns, but by understanding the basics of the market, which requires that the bottom of Bitcoin or the lowest price be equal to the cost of mining. If we say that an average of $30,000 is profitable for mining 12.5 Bitcoin, then the price will inevitably rise if the return from the block decreases to 6.25. It must necessarily be $60,000, but the new bottom formed will be somewhere between $50,000 and $80,000, but before that, speculators tend to build advanced positions, which makes the price between $100,000 and $160,000. All of these guesses are not based on technical analysis.

It does not matter from what year they started talking about it, it matters from what year they started speculating on it in the market. It happened relatively recently, at the end of 2020. Since then, any mention of ETFs has been somehow reflected in the price dynamics. Now, in the run-up to the launch of spot ETFs, this speculation has become particularly intense, so at such times technical analysis will diverge from what the market is showing due to sudden news.

[doomloop]

When we look at Bitcoin's performance, we see some important signs. First, the Relative Strength Index (RSI) is at 45, which is below the middle point of 50. This suggests that people are feeling a bit negative about Bitcoin right now. Another important thing is the 50-day Exponential Moving Average (EMA), which is at $27,200. Bitcoin's current price is lower than this, which means it's in a short-term downward trend.

One interesting thing on the charts is a pattern where Bitcoin's price hit a certain level ($26,900) twice. Now, that level is like a barrier that Bitcoin needs to break through. In the past, when we've seen this kind of pattern, it sometimes means that Bitcoin might start going up if it can break through that barrier. So, right now, Bitcoin seems to be on a downward trend, but if it can pass the $27,200 level, things might change, and it could start going up. Market experts think that Bitcoin might face some challenges in the short term, especially when it reaches $28,000.

I wonder why no one mentioned that this thread doesn't belong to this section because it's an Altcoin Discussion section and this is a Bitcoin speculation thread which should be in the Speculation board and not here.

@OP, please move this thread to the Speculation section, and if you don't know how, please follow these steps:

1. Scroll down to the end of this thread
2. Look at the bottom-left side of the page, you will see two options: move topic | lock topic
3. Click on "move topic"
4. Selection the section where you want to move the topic to, in your case, it should be "Economy -- Speculation"
5. Click on "Move Topic"

Your thread will be moved to the right section.