Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important appeared on www.newsbtc.com by Scott Matherson.
Este artículo también está disponible en español.
Crypto analyst Ali Martinez has suggested that the Bitcoin crash might not be over despite the relief rally to $61,000. The analyst highlighted the $60,365 price level as being important to avoid a potential crash to as low as $57,000.
Bitcoin Needs To Hold Above This Price Level To Avoid Crash
Martinez stated in an X post that $60,365 is a key price level to watch for Bitcoin. He claimed a break below this could cause the flagship crypto to fall to $57,420. However, if it holds above this level, the analyst remarked that a rebound to $63,300 is on the table. Therefore, Bitcoin’s trajectory depends on the crucial support at $60,000.
Related Reading
In another analysis, Martinez suggested that Bitcoin was likely to suffer more downward pressure in the short term rather than a rebound. He revealed that since May, every correction of the market value to realized value (MVRV) ratio from its 90-day average has led to a significant Bitcoin correction.
In line with this, the analyst noted that the latest rejection has already triggered a 10% drop, suggesting that Bitcoin could suffer more price decline. Analyst Justin Bennett also believes that Bitcoin will likely drop lower and predicts that it could fall to as low as $57,000. He added that a relief to take out the $63,200 short positions would be nice.
Meanwhile, he alluded to the US Job report, which is set to be released on October 4. The analyst expects significant volatility amid this inflation data. A weak job report could lead to a Bitcoin crash, similar to what happened in August, with the flagship crypto dropping to $54,000. The inflation data is also significant as it would provide insights into whether the market can expect further rate cuts from the Federal Reserve this year.
Veteran trader Peter Brandt also looks to be bearish on Bitcoin at the moment. He highlighted a ‘Three Blind Mice’ pattern that was forming on the BTC chart, indicating that the crypto is set to witness a bearish reversal following its uptrend in October.
Why A Price Crash Could Be Good
The on-chain analytics platform Santiment suggested that a Bitcoin price crash might be much needed for the flagship crypto to go higher. The platform noted that the crowd has considerably cooled off its excitement toward crypto since BTC retraced over 9% from its local high of $66,400 recorded on September 27.
Related Reading
Santiment claimed that this is encouraging, considering that markets typically move in the opposite direction of the crowd’s expectation. As such, the Bitcoin price could enjoy a surprise rally, seeing as market participants are more bearish on its trajectory.
Ali Martinez noted that Bitcoin was currently in the complacency stage and just needed to cool off before it began its next rally.
Featured image created with Dall.E, chart from Tradingview.com
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on www.newsbtc.com by Scott Matherson – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!