• Bitcoin’s Technical Charts Are Extremely Bullish — Here’s What You Need to Know

  • Several players predicted that Bitcoin’s closing price for this year would be $100,000. The on-chain indicator and S2F model point to $100k, but there isn’t much said about the technical charts at the moment. Although fundamental analysis is important for both investors and traders, technical indicators should not be overlooked. In terms of Bitcoin’s short-term future, the technical charts point to a fruitful journey for Bitcoin in the final months of the year.

    Analysts believe September “had consolidation-type of movements primarily where intra-month price oscillated between the extreme high and low of the range,” as the month ended with a top candle indicating that there was a volatility range.

    Moving forward, popular trader and investor CryptoBrib is weighing in on the likely outcome of the fourth quarter, beginning with what seasonality holds for Bitcoin in this quarter.

    The investor made some remarkably bullish statements in his recent market report, one of which reads, “Seasonality and Q4 suggest that historically Q4 was always (except for 2014, 2018 bear markets) of extreme upwards volatility returning double-triple digit percent returns on average.” I’m not expecting anything different this time. Seasonality favors the bulls.”

    Furthermore, the Birbicator, a custom indicator prototype based on a Stochastic oscillator, has recently confirmed a bullish crossover for Bitcoin’s momentum. The bulls are expected to show up and show out in the coming months.

    “In terms of momentum and trend, Birbicator has confirmed a bullish crossover for momentum, indicating that the long-term market upside is set to continue.” The trend has shifted back to the upside. The overall narrative for the next few months is provided by a monstrous signal.”

    Remember that the MTF chart has obscured the bears and traders who shorted Bitcoin at $40,000 in fear. The cost of local consolidation is now estimated to be between $56,000 and $58,000. In the image below, there is a bullish breakout into the supply zone around the $50k-$53k gray area.

    Finally, the bulls are expected to reclaim the gray area as a demand zone, favoring a retest of the $58k-$60k region within the next impulse.

    Long term, Bitcoin bulls will be poised for another attempt to break through the $65,000 all-time high reached in April, following the $56,000- $58,000 breakout.

    In terms of market sentiment, the market is currently neutral. However, the analyst maintains that they are incorrect, adding that they were incorrect when Bitcoin was at its $40,000 lows. “The more extreme the emotions, the more wrong the crowd is,” he continued.

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