Bitcoin hits a new high in the fourth quarter and will “temporarily turn alternatives to ashes”-Analyst


Bitcoin (Bitcoin) Is busy losing overnight gains on September 27, as resistance continues to prove too great for the bulls.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin analyst: “Now, we are trapped”

Data from Cointelegraph Markets Pro with Transaction view On September 27, BTC/USD fell to about $1,000 below the overnight high of $44,400 on Bitstamp.

Cointelegraph writer Michaël van de Poppe explained that the move constituted a refusal to break through the “critical” area, and now $42,000 is a key level to maintain higher lows.

Bitcoin’s scope is getting narrower and narrower, he Summarize In his latest YouTube update.

“Now, we are stuck,” he said, pointing to the $47,000 area where $44,600 should be recovered as the next step.

On the downside, the area between 38,000 USD and 40,000 USD is still valid for the rebound, and the complete failure of this range as a support will cause BTC/USD to rise to the opening price in 2021, which is approximately 28,000 USD.

“If we lose $42,000, I think we will go to a low point and place liquidity below the low point, and then we will have an actual reversal at this stage,” van de Poppe concluded by short-term price movements.

As Cointelegraph reported, due to the upcoming Vote on the U.S. government’s infrastructure bill, May arrive as early as September 27.

Combine Residual concerns about China’s latest “ban” In terms of crypto trading, the narrative of bad news continues to dominate in the new week.

Altseason is expected to follow Bitcoin’s surge in the fourth quarter

Altcoins mimicked Bitcoin’s lack of general direction that day. In the past 24 hours, most of the top 10 cryptocurrencies were flat.

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Only Solana (SOL) succeeded Make a convincing move, Up 6.5% to $145 at the time of writing.

Although the whole month of September has been unremarkable, altcoins will still have a major recovery. Popular trader Pentoshi forecast.

He said that this should take a similar pattern in the fourth quarter of 2021 and the same period last year-this is part of the widely expected Bitcoin to soar before the end of the year.

“Very few people understand. The alternatives in the fourth quarter of last year were located [all-time lows] Compared to BTC,” he reasoned.

“The day it hits the bottom line I released a few months in advance is the day the market peaks. Soon, Bitcoin will temporarily explode, turning alternatives to ashes, which in turn will lead to new competition and bring New participant.”

Altcoin performance scenarios.Source: Pentoshi/Twitter

Although September is expected to end at the market average, October may first bring the beginning of a Bitcoin revival,”The worst situation“The closing price was $63,000.