Bitcoin price remains above the crucial psychological level of $60,000 as crypto analysts predict further upside in the coming weeks.
Analysts Are Upbeat
Bitcoin was trading at $60,200, its highest level since Aug. 27, as investors moved back to risk assets ahead of the Federal Reserve decision. Gold has jumped to a record high, while American indices like the Dow Jones and Nasdaq 100 had their best week in months. Notably, Bitcoin seems to have avoided forming a death cross pattern, which happens when the 200-day and 50-day moving averages cross each other. Instead, it has moved slightly above the two averages, which is a positive sign. Meanwhile, some of the most notable crypto analysts are bullish on the coin. In an X post, pseudonymous crypto analyst Titan noted that the coin might have a breakout to $92,000. His theory is that Bitcoin tends to move by at least 40% whenever it flips the 50-day simple moving average. He expects the coin will jump by 71% in the coming months.
Bitcoin Volume in Exchanges is Falling
Data by CoinGlass shows that the volume of Bitcoin in exchanges dropped to 2.34 million, down from the year-to-date high of over 2.72 million. That indicates that many Bitcoin holders have no intention to sell their coins anytime soon. Instead, some big holders like MicroStrategy have continued to accumulate.
Seasonal Changes in Bitcoin Price
Seasonality also plays a role. According to CoinGlass, Bitcoin tends to have negative returns in the third quarter and then rebound in the fourth. It has dropped in seven third quarters since 2013 and risen in five quarters. The average third-quarter return is -5.59% while the average Q4 return is 88%. September is usually the worst month for Bitcoin, while October and November are the best.
Amid positive dynamics and optimistic forecasts from analysts, Bitcoin continues to hold above the critical $60,000 level. The decline in exchange volumes and seasonal factors suggest possible further growth in the coming months.
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