After the latest macro data, the price of Bitcoin solidified its position above $26,000, but the expected movement has not yet begun. Experts had said that strong closures above $26,400 this week would support a larger recovery. However, at the time of writing, the BTC price dropped back to $26,400, according to the CoinShares report. So, what do the current predictions indicate?
Crypto Market Status
Popular crypto analyst Poppe has published his latest evaluation of the markets. Analysts’ ambitious predictions have not been successful since we have been in a sideways market for the past 9 months. However, there will be a breakthrough, and at least one expert will foresee it. Therefore, the claims made by Poppe, even though the success probability is weak, can be valuable.
According to the analyst’s evaluation yesterday, the price will avoid deeper lows.
“Bitcoin can trigger a potential surge, but we need to make sure it does not retest lower levels. We saw an increase at $25,000, and we need to hold at higher levels. In this case, we should hold $25,600-$25,900. The area below this is not good.”
Bitcoin Price Analysis
Despite staying below the critical cluster of moving averages, the king of cryptocurrencies continues to find support from the 200-week exponential moving average. This level, regained in March, represented an important first step for the end of the bear season and the beginning of the bull. Hayes also stated that the bull market actually started during this period.
Poppe continued his words as follows;
“I think we have already seen the deepest lows in this cycle. Why? Because we are still above the 200 Weekly EMA, and most likely, we will close above it again this time. September is not as bad as we expected, and that’s good.”
Stockmoney Lizards also wrote that things started to turn around in March after the bottom of 2022. Although the reversal took a long time in this cycle, according to historical data, Bitcoin should have started its bull journey by now. Of course, historical data does not always repeat, but if BTC starts a parabolic rise today, even if it’s today, there can be dozens of reasons for this rally.
