Bitcoin (BTC) consolidated higher on September 15, with analysts describing recent BTC price behavior as “textbook.”
Bitcoin Analyst: “September is Not Rektember”
Data comes from Cointelegraph Markets Pro and trading view The largest cryptocurrency price concentration is shown at $26,600 – below a key breakout level.
Bitcoin had shrugged off the latest U.S. macroeconomic data reports the previous day, moving higher along with traditional markets despite signs that inflation was more stubborn than expected.
Amid renewed bullish sentiment, Michaël van de Poppe, founder and CEO of trading firm Eight, hopes that BTC/USD will avoid new lows.
“Bitcoin may be able to activate a potential bullish breakout, although we need to ensure it does not test the lows again,” he wrote in a report. Full-time position Published on X (formerly Twitter) on September 14th.
Citing news that Germany’s largest bank, Deutsche Bank, has applied for a cryptocurrency custody license, Van de Poppe sees $25,000 as a level that bulls are steering the market away from.
“We’ve seen a sweep through $25,000 and that should hold higher numbers. In this case, we should hold $25,600-$25,900 because we’re going to see a lot of stops before we really see some movement. The damage is activated,” he suggested.
Although still below a series of key moving averages (MAs), the 200-week exponential moving average (EMA) continues to act as support – it was retraced in March and is an important feature at the start of any bull market.
“I think the likelihood of a low in this cycle has increased. Why? Well, we’re holding above the 200-week moving average again and will likely close above that again this time around,” Van de Poppe continued.
“September is not rektenre and it seems we will continue from here.”
He highlighted $26,800 – the previous day’s high – as the bottom line for a breakout.
Wyckoff reveals classic Bitcoin price rally
Meanwhile, with an optimistic long-term view, trading resource Stockmoney Lizards also Summarize Bitcoin prices should rise further next.
Related: Bitcoin price could hit $46,000 by 2024 halving – Filbfilb interview
X Analysis uses the Wyckoff method to compare price movements over the past year to an extended “accumulation” phase.
This describes an asset’s price cycle, and correctly identifying the triggers after swing lows (what Wyckoff calls “springs”) can reveal the beginning of a new uptrend or a return to a previously higher trading range.
For Stockmoney Lizards, spring comes after BTC/USD bottomed in late 2022.
“We’ve had a spring break in January, an outbreak in late March, and now a second return. Textbook Wyckoff behavior,” it commented.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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