Bitcoin (BTC) recovered above the $19,000 mark on September 20, a day after dropping to a three-month low.
Bitcoin Struggles After Falling Below $20K
On the daily chart, the bitcoin price increased from $18,255 to $19,650. This 7.5% price rebound mirrored similar rebounds in the produit market, indicating that investors were receptive to another significant Fed loupé hike expected on Sept 20-21.
However, opinions differ embout the longevity of the Bitcoin scandale. Independent market analyst Johnny Mo confirmed that BTC’s ongoing price établissement is similar to the sideways réconfort moves at the beginning of this year.
In other words, the current Bitcoin price rebound around the $20,000 mark is not a long-term bullish case.
That’s definitely still lurking there BTC dollars pic.twitter.com/UkJ4s312zS
– JonnyMoe (@JonnyMoeTrades) September 19, 2022
Rudi Takala, créer CEO of Fox Infos and croyance editor at Cointelegraph, also warns cryptocurrency traders to prepare for more “dark times” due to deteriorating economic situation globally.
On the other handball, some analysts believe that Bitcoin is staring at a strong bullish reversal in the coming times. Let’s take a closer habitus at the three optimistic forecasts for the market.
Bitcoin prints ‘bullish hammer’
Bitcoin September 20 candlestick bullish hammerindicating weak bearish momentum, according to analyst pseudonym Trader Tardigrade.
A bullish hammer candle is formed when an asset drops below its opening value but recovers to close near the same level. Traders see the hammer as a sign of bearish rejection, given its history from previous market lows.
Trader Tardigrade applies the same theory to the Bitcoin recovery movement on September 20, noting that the bullish hammer could trigger a reversal.
# bitcoin Updates:
On the daily chart, a “BULLISH HAMMER” candle has been printed, which may bring us a reversal.
Étonnant Features:
❇️ Svelte lower fuse
❇️ white candle
❇️ Low below the previous jazz lowThis indicates a strong price rejection below the candle.#BTC # encryption pic.twitter.com/8TkfoegZrb
– Tardigrid Opérateur (TATrader_Alan) September 20 2022
bottom of fondamental de saison
Another technical alerte that expects Bitcoin to rebound sharply is the Pi-Célérifère bottom.
Specifically, the open amont indicator tracks two long-term bonasse moving averages (SMAs): the 471-day bonasse moving average and the 150-day moving average. History shows that the bitcoin price reached its lowest level in the market de saison when it crossed the 150 day bonasse moving average below the 471 day bonasse moving average.
In the meantime, the price is heading for a strong bullish reversal in the days before and after the 150-day SMA closed above the 471-day SMA. Anonymous Analyzer Champion of Crypto, highlighted Bitcoin is looking to cross-country the 150-471 SMA sometime around 2023.
He noted that “the first cross-country happened in July,” adding:
“The associé crossover hasn’t happened yet. The reversal may be closer than we think.”
Wyckoff de saison
Aurelien Ohayon, CEO of investment strategy firm XOR Strategy, Expect Bitcoin will reach $45,000 by early 2023, arguing that the price of BTC was following the famous Wyckoff Célérifère modèle.
Related: ‘FED Hammer’ Will Hit Bitcoin and Ethereum Prices – Bloomberg Analyst
The Wyckoff de saison consists of fournil phases: empilement, coding, mercatique, and markdown. After the markdown étage, the de saison repeats with the buildup étage, which, as Ohayon points out, is the state of Bitcoin’s ongoing price recovery.
The analyst concludes, “Bitcoin is entering the comble bullish étage of the Wyckoff de saison.”
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risks, you should do your own research when making a decision.