At the time of writing this article, BTC price has surpassed $27,000, putting a slight smile on investors’ faces. However, it’s not enough. The king of cryptocurrencies failed to hold the $30,000 region, crushing hopes of a rally aiming for $46,000. To re-focus on the same target, it needs to reclaim the critical zone. But first, it requires weekly closes above $28,800 and an increase in volume.
They reach hundreds of thousands, even millions of investors. They share ambitious targets and terrifying charts. These are the crypto analysts who often fail but maintain a high level of confidence, seemingly predicting the future.
So, the thing to do is to look at the predictions of failed analysts and learn from them. Two crypto analysts failed in their September predictions for BTC as of last night’s price.
On September 15, renowned crypto expert Tradermayne predicted that the price would reach $25,250 and then higher peaks. Despite the deviation at the support level, the price failed to surpass the resistance zone and was rejected. However, credit should be given if the BTC price can remain strong, it can successfully break through the resistance line.
The second failed analyst of September was TheTradingHubb. Using the Elliott Wave theory, this analyst predicted that the price would drop in mid-September after reaching a level near $26,200. The analyst’s prediction anticipated a move below the monthly low.
However, that didn’t happen. Instead, the price reached $27,230 and then confirmed $26,000 as support. This movement weakened the possibility of the previous structure being an A-B-C corrective pattern. Now, the BTC price is rapidly trying to hold on to the $27,000 resistance it recaptured.
BTC may gain momentum depending on tomorrow’s personal consumption expenditure data. The expectation is at 3.9%, and the previous month’s figure was around 4.2%. This data is of great importance as it is an inflation indicator followed by the Fed. On the other hand, the SEC will probably announce something significant tomorrow. With the imminent government shutdown expected to start next week, the regulatory agency is taking urgent steps as its staff will be almost completely depleted.