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Exceeding USD 65,000 represents a new scenario on a technical level.
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For analyst Melker, the bullish phenomenon known as “uptober” is coming.
According to the behavior that Bitcoin (BTC) is showing, key months could be coming for its investors. This is what Scott Melker, the trader known as the wolf of all streets, considers in his weekly report sent to CriptoNoticias.
“I am completely convinced that any drop is now a buying opportunity, if it occurs,” the trader maintains in the report. He reveals that “he is optimistic” given the performance he is having.
It is close to the end of September, a month known to be the worst in terms of average performance of bitcoin. Although, it has not been like that on this occasion.
At the beginning of the month, it looked like bitcoin was going through its usual difficulties at this time of year. But as you approach the end, It is turning out to be a strong period for its investors. Its price has currently increased by 11% so far in September, as seen below.
Bitcoin price performance by month in recent years. Fountain: Coinglass.
“Part of the reason I’m not surprised by this good result is that everyone in the sector agreed that September was going to be a terrible month, and from the beginning it seemed like that prophecy was coming true,” he says. In his opinion, this was the perfect situation for the market to get ahead of the starting line.
Currently, the most widespread opinion that circulates in the market the thing is Cryptocurrencies set to boom in Q4 2024he emphasizes. This optimism is fueled by the interest rate cuts in the United States and China, as well as the fact that historically this time of year is bullish for the markets due to the reactivation of operations after the summer in the northern hemisphere.
“Uptober awaits us,” Melker further highlights. This term, which combines the words up (rise) and october (October), is used to refer to this month, which has been the month that has closed with bitcoin rising the most times.
However, the specialist remembers that operations usually do not develop as consensus expects. Therefore, it does not rule out price setbacks that can be taken advantage of by investors to accumulate if the bullish thesis continues.
Furthermore, it contrasts that there is a distinction between consensus within the Cryptocurrency space and outside of it. In this sense, he observes that, although there may be growth expectations for Altcoin ecosystems such as Ethereum-eth/” target=”_blank” rel=”noreferrer noopener”>Ethereum and Solariumthis is not displayed outside.
“Solana and Ethereum may get to that point, but right now, Bitcoin “It is the only operation that will grow regardless of the consensus we have about it within,” he says from his perspective.
Bitcoin shows momentum to break its sideways leg higher
Regarding the technical analysis of bitcoin, Melker warns that the 4-year cycle is still intact, and any statement to the contrary is just noise. Historically, every such amount of time, its price usually experiences an uptrend and a downtrend with increasingly higher highs and lows.
The price began an upward trend almost two years ago, entering a new cycle that culminated seven months ago with an all-time high of USD 73,700. Since then, it has experienced a downward sideways movement, similar to phases seen in the past, as shown in the chart.
Bitcoin price in its current bullish cycle. Fountain: TradingView.
According to the wolf of all the streets, This movement is enough catalyst to break this upward stagesince it shows a firm floor to continue the upward trend. Furthermore, the price is close to the all-time high of the previous cycle (USD 69,000), so it considers that there is still room to gain in this cycle. “Anyone who thinks $100,000 will be the peak of the cycle needs to think bigger,” he says.
It concludes that the good news is that bitcoin has exceeded USD 65,000, a level that saw endurance a month ago In this way, he explains that has ended the bearish structure for registering lower highs seven months ago.
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