Bitcoin (BTC), the leading cryptocurrency, has defied expectations of a steep decline to sub-$20,000 levels and has rebounded to the $26,000 mark, registering a 3.5% gain over the past 24 hours.\u00a0<\/span><\/p>\n This resurgence in Bitcoin\u2019s price coincides with the predictions made by Chartered Financial Analyst Timothy Peterson, whose recent social media <\/span>post <\/span><\/a>outlined the probabilities of Bitcoin dropping to $22,600 or rallying to $31,200 within the next 90 days.<\/span><\/p>\n Peterson\u2019s analysis indicates an 8% likelihood of Bitcoin experiencing a downward movement to $22,600, while a 71% chance of the cryptocurrency surging to $31,200.\u00a0<\/span><\/p>\n According to the chart above, Bitcoin\u2019s price will likely enter a macro consolidation phase over the next 90 days. During this period, the price may fluctuate within the range of its key Moving Averages (MAs).<\/span><\/p>\n However, the crucial factor for bullish investors is the low probability of a drop below $22,000. This allows them to regain control of the 50-day and 200-day MAs in the short term, currently positioned at $27,200 and $27,000, respectively.<\/span><\/p>\n The recent recovery of Bitcoin to the $26,000 level has alleviated concerns among market participants who were apprehensive about a potential downward spiral. The cryptocurrency\u2019s ability to bounce back has instilled renewed confidence among investors.<\/span><\/p>\n Nevertheless, Bitcoin faces a series of resistance levels that could pose challenges. In the immediate term, resistance at $26,454 has temporarily halted the cryptocurrency\u2019s upward momentum.<\/span><\/p>\n As mentioned earlier, Bitcoin lost its key MAs in August, resulting in additional obstacles on its journey back to $30,000. However, if these resistance levels are surpassed, there remains only one more hurdle before the cryptocurrency can surpass its annual high zone.\u00a0<\/span><\/p>\n This final resistance stands at $29,800, which has historically proven to be a formidable barrier whenever Bitcoin has aimed to achieve new highs.<\/span><\/p>\n As the market approaches the final weeks of Q3 and edges closer to the new year, QCP Capital, an analysis firm, has been closely monitoring the market using two critical blueprints: the supermoon cycle and the Elliot Wave count. <\/span>According <\/span><\/a>to their analysis, an imminent final decline is expected to close the quarter at its lows.<\/span><\/p>\n The chart above illustrates the projected decline, aligning with QCP Capital\u2019s blueprints. The firm believes that the crypto and macro events calendar also supports this view, with a concentration of upcoming bearish events expected to transition to a neutral stance from mid-October onwards.<\/span><\/p>\n Notable future events include tomorrow\u2019s likely higher-than-expected CPI (Consumer Price Index) data and a more hawkish-than-expected Federal Open Market Committee (FOMC) meeting next week.\u00a0<\/span><\/p>\n Additionally, asset sales of FTX tokens and the conclusion of the Mt. Gox proceedings over the next month contribute to the bearish sentiment.<\/span><\/p>\n Although QCP Capital\u2019s theory suggests a potential bottom soon after the supermoon early next month, they anticipate the true bottom to materialize in mid-late October when the negative news cycle has run its course. They expect the market to stabilize during this time <\/span>and potentially reverse its downward trend.<\/span><\/p>\n Despite the short-term challenges, QCP Capital remains bullish on the overall outlook. They anticipate a positive trajectory from mid-late October, extending into year-end and Q1 of the following year.<\/span><\/p>\n BTC is currently trading at $26,100, reflecting a 3.5% increase over the past 24 hours and a gain of over 1.5% in the past seven days.<\/span><\/p>\n Featured image from iStock, chart from TradingView.com <\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Bitcoin (BTC), the leading cryptocurrency, has defied expectations of a steep decline to sub-$20,000 levels and has rebounded to the $26,000 mark, registering a 3.5% gain over the past 24 hours.\u00a0 This resurgence in Bitcoin\u2019s price coincides with the predictions made by Chartered Financial Analyst Timothy Peterson, whose recent social media post outlined the probabilities […]<\/p>\n","protected":false},"author":2,"featured_media":154708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-154707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154707","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=154707"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154707\/revisions"}],"predecessor-version":[{"id":154710,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154707\/revisions\/154710"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154708"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=154707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=154707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=154707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin Price Analysis, 8% Chance Of Drop To $22,600<\/span><\/h2>\n
Imminent Final Decline Expected?<\/span><\/h2>\n
![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/09\/Chart-1-8.jpeg?w=860&resize=860%2C491\")