The post BTC Price Today: How the Next 24 Hours Could Change Everything for Bitcoin appeared first on Coinpedia Fintech News
After many ups and downs, Bitcoin’s price shows a short-term bullish divergence, but there’s also a build-up of liquidity on the upside, which needs careful monitoring. Recently, Bitcoin broke below a key support area, which acts as resistance. This area is between $60,000 and $61,000, and Bitcoin has already experienced some rejection from this zone.
Kyledoops from Crypto Banter in his latest video analysis emphasizes the critical juncture Bitcoin and crypto investors are currently facing. As the market looks heavy across daily, weekly, and monthly timeframes, there’s potential for significant losses if wrong moves are made. Despite the market’s bleaker short-term outlook, the year still shows positive returns, indicating that the long corrective phase might be nearing its end.
Let’s take a look at his Bitcoin strategy.
Key Insights on Bitcoin’s Quarterly Returns
Kyledoops highlights that historically, the third quarter is typically the worst for Bitcoin and Ethereum, showing the most red quarters. The tough times are likely ending with September’s close, as Bitcoin’s 10-year pattern suggests a dip between July, August, and September.
However, as we transition into October, November, and December, these months have historically been Bitcoin’s best, signaling the possibility of an upturn as the worst times come to an end. With only 24 hours left until the key monthly close, Bitcoin’s performance in the next few days will be crucial in determining the market’s direction.
Moreover, analysts expect a shift towards growth and upward movement through the end of the quarter. We are 169 days into this correction from top to bottom, with 33% correction expected to near its end. The cycle top is expected to come around October, one year away, leaving about 12 more months of a bull market.
Monitoring Key Price Levels
Kyledoops highlights the critical $58,900 zone for Bitcoin. Closing above this level would be cautiously bullish, but a drop below $56,000 might signal a bearish engulfing pattern, pointing to potential further declines. If the bearish trend continues, BTC could target $53,000 to fill previous gaps.
Conversely, a strong close above the 21-week exponential moving average could spark renewed bullish momentum, while a close below it would heighten further downside risks.
Preparing for the Next Crypto Bull Run
Despite the challenges, Kyledoops remains bullish about the long-term prospects, predicting that the current corrective phase could lead to the final parabolic phase of the bull market. He advises traders to be patient, wait for a confirmed breakout, and avoid making rash decisions during this period of uncertainty.
Low-timeframe traders still have opportunities within the market’s chop, particularly in range trading. However, Kyledoops advises caution, highlighting the importance of monitoring liquidity levels and understanding the risks of potential short squeezes and bearish scenarios.
So, adjust your investment strategy—Q4 could bring the biggest gains as we near the market bottom!