Bitcoin (BTC) fell below $ 42,000 on September 28 as the largest cryptocurrency losses intensified overnight.
1-hour chart of the BTC / USD candlestick (Bitstamp). Source: TradingView
BTC Bulls is losing momentum at $ 44,000.
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD hit a local low of $ 41,670 on Bitstamp.
The plunge came after an hourly loss of $ 1,000 late Monday night, severely stalling all contenders from a weekend high of $ 44,400.
This shift was widely expected. According to Cointelegraph, analysts have already viewed levels below $ 40,000 as potential lows.
On Monday, a trader also declined to believe in Bitcoin’s power for the new week, stating that levels above $ 44,000 were just a cash snatch before dropping again.
Two days before the end of the month, the $ 43,000 interest rate was the “worst-case scenario” for BTC / USD until the end of September.
Plan B, an analyst who correctly predicted a “worst case” of $ 47,000 in August, also envisions a close at least $ 63,000 in October.
Trader – “Reasonable Betting” on a Fourth Quarter Bounce
He is not alone as an increasing number of market participants are fully convinced that the fourth quarter will be a turning point in Bitcoin’s upward trajectory.
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Among them was the renowned trader TechDev, who argues that historical precedent alone requires confidence in a new rise in bitcoin prices.
“Investing is a gamble,” he summed up on a chart showing Bitcoin in 2013 and 2021.
“When the story turns out to be a prophecy in the first three quarters, I think it makes sense to focus on it in the fourth.”