While Bitcoin analyst Willy Woo advises caution over the coming months, other crypto analysts are optimistic that Bitcoin has a “high probability of reversal.”
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Crypto analyst Rekt Capital says that Ether could keep consolidating between the $3,000 and $4,000 range, though a pullback to $3,000 isn’t entirely out of the question.
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Bitcoin briefly dipped below $100,000 after hawkish comments from the US Federal Reserve, with an analyst suggesting its price is forming a bearish pattern on the week.
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Bitcoin’s short-term structure signals that most of October could be a cooling-off period before the “next bullish attempt,” according to a crypto analyst.
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Crypto analysts say a daily close above $65,000 will confirm “bullish momentum,” but a possible reversal still can’t be ruled out.
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Bitcoin held in long-term holder wallets has topped $10 billion amid its price falling below $60,000.
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The metrics suggest that Bitcoin is unlikely to be overvalued at current levels and its price action is developing “steadily without significant anomalies or sharp jumps.”
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Bitcoin is set to move upward in September, but traders are now less confident it’ll break the $100,000 mark before the end of the year.
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Bitcoin may be gearing up to move above $70,000 now it has reclaimed a critical level that traders have been closely watching for the past two months.
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Despite ongoing speculation about Bitcoin’s next potential “deep correction,” some cryptocurrency analysts disagree on its likelihood.
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