{"id":149961,"date":"2023-09-05T12:36:52","date_gmt":"2023-09-05T07:06:52","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=149961"},"modified":"2023-09-05T12:36:52","modified_gmt":"2023-09-05T07:06:52","slug":"investors-should-wait-before-any-fresh-entry-into-bitcoin-btc-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/investors-should-wait-before-any-fresh-entry-into-bitcoin-btc-crypto-news\/","title":{"rendered":"Investors Should Wait Before any Fresh Entry Into Bitcoin (BTC)? – Crypto News"},"content":{"rendered":"

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The world\u2019s largest cryptocurrency Bitcoin (BTC) continues to be under selling pressure while losing another support of $26,000 earlier this week. While some might think that this could be a good time to buy the dips, it seems Bitcoin isn\u2019t out of the woods yet.<\/p>\n

Popular crypto analyst Ali Martinez explains<\/a> that historical data spanning the last decade reveals a pattern where Bitcoin ($BTC) triggers a bull run whenever its price surpasses the average cost basis of holders with a 6-month to 3-year track record.<\/p>\n

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Currently, this critical breakout level for BTC, based on this model, is identified at $33,755. This means that the BTC price should rally by over 30% from the current levels to confirm the bullish recovery. Otherwise, the gates for further BTC price correction are wide open.<\/p>\n

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Courtesy: Ali Charts<\/figcaption><\/figure>\n

Other market analysts have also shared similar opinions on the BTC price recovery. Bloomberg\u2019s senior commodity strategist Mike McGlone compared Bitcoin\u2019s price action to the Nikkei index. In his latest report, McGlone stated:<\/p>\n

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\u201cBitcoin has had a close directional relationship with the Nikkei 225, and recent crypto weakness may portend contagion. That or the benchmark crypto might recover and follow the path of the Nikkei, which reached a 33-year high in June.\u201d<\/p>\n

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Maintaining a position above approximately $31,000 would signal strength in Bitcoin\u2019s recovery. However, there are valid reasons for the downward trend to persist \u2013 the Federal Reserve and most central banks are still implementing tightening measures, the strategist elaborated.<\/p>\n

Bitcoin Chart Pattern Hints Major Correction<\/h3>\n

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Bitcoin is forming a much similar chart pattern before the price crash after the 2021 bull run. As crypto analyst Rekt Capital explains<\/a>:<\/p>\n

In 2021, <\/span>BTC<\/span> formed two clear tops akin to a Double Top before forming the third top at a Lower High Right now, it looks like <\/span>BTC<\/span> has once again formed two clear tops, akin to a Double Top, with a potential third top forming at a Lower High.<\/span><\/p>\n

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Courtesy: Rekt Capital<\/figcaption><\/figure>\n

The BTC 2021 fractal indicates a potential scenario where Bitcoin could establish its third peak at a lower high, leading to a rejection around the $26,000 support level. Following this, the fractal suggests Bitcoin might experience a rebound, but this could result in the $26,000 level turning into a new resistance before another downward rejection.<\/p>\n

As reported earlier, September has historically been the month of major corrections<\/a> for Bitcoin. The chart setup shows that this time could be no different.<\/p>\n

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\u2713 Share:<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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The world\u2019s largest cryptocurrency Bitcoin (BTC) continues to be under selling pressure while losing another support of $26,000 earlier this week. While some might think that this could be a good time to buy the dips, it seems Bitcoin isn\u2019t out of the woods yet. Popular crypto analyst Ali Martinez explains that historical data spanning […]<\/p>\n","protected":false},"author":2,"featured_media":116525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-149961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=149961"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149961\/revisions"}],"predecessor-version":[{"id":149963,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149961\/revisions\/149963"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/116525"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=149961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=149961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=149961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}