- The price of BTC eventually managed to rise above the $27,000 mark.
- While most numbers were bullish, BTC Open Interest fell.
Bitcoins [BTC] The price is no longer as volatile as it used to be, which has demotivated investors. According to the latest data, Bitcoin has been trading within a declining and widening wedge for the past 900 days.
Read Bitcoins [BTC] Price prediction 2023-24
So it seemed likely that the king of cryptos would soon break free and rise in the last quarter of 2023.
Is Bitcoin Setting the Stage for a Bull Run?
Cryptocon, a popular
According to the tweet, the price of BTC was at a market bottom on October 1, meaning the price of the coin will rise in the coming days.
The ultimate oscillator thinks #Bitcoin is at a… cycle bottom?
For the first time ever, the indicator has entered the cycle bottom zone outside the bottom.
Why try and wait for this to get even lower?
It’s clear that… pic.twitter.com/OTmMTXbDwL
— CryptoCon (@CryptoCon_) September 30, 2023
The tweet also mentioned that this could be the last chance for investors to accumulate before BTC prepares to hit new highs, noting:
“Obviously Bitcoin gives you one last opportunity for accumulation, but most people will squander it by predicting a recession and worrying about the macro.”
Moreover, Mags, a popular crypto analyst, pointed out a bullish pattern on the chart of BTC. According to the tweet, BTCs The price entered a bearish wedge pattern on September 29, which was a bullish signal.
#Bitcoin has been trading within a declining, widening wedge for the past 900 days.
The price is consolidating just below the upper wedge resistance line
According to the pattern, the technical target should be between $70,000 and $80,000.
We also saw how the Double Top… pic.twitter.com/u3r9sf9FWP
— Mags (@thescalpingpro) September 29, 2023
According to the pattern, the technical target should be between $70,000 and $80,000.
While no one can actually estimate what the future might look like, a look at the crypto’s on-chain performance provided a better insight into what direction BTC could take in the near term.
What to expect from Bitcoin
The aforementioned charts seemed favorable for BTC as the coin also managed to push itself above the $27,000 mark. According to CoinMarketCapAt the time of writing, BTC was trading at $27,077.73 with a market cap of over $528 billion.
CryptoQuant’s facts further revealed that BTC’s foreign exchange reserve also declined, meaning it was not under selling pressure. Bitcoin’s Coinbase Premium and funding rates were also in the green, indicating that buying sentiment was dominant in the market.
Source: CryptoQuant
Is your portfolio green? look at the BTC profit calculator
However, a few of the other metrics seemed concerning for the coin. According to Coinglass for example, BTC‘s Open Interest fell while the price soared in recent days.
In general, a decline in Open Interest means that the ongoing price trend could end – a bearish signal.
Source: Coinglass