Bitcoin's volatility is expected to decline, signaling a maturation process and potential retracement period, according to Bloomberg analyst Mike McGlone.
Bitcoin remains on track for a massive bull cycle despite recent price decline, as indicated by broader indicators of its price patterns and the use of logarithmic growth curves. The 200-week moving average is seen as less significant as a key price support level for Bitcoin, and the analyst is also looking for an entry point for Ethereum.
Bitcoin (BTC) is showing signs of strength on the daily and weekly charts, with classic bullish divergence on the daily chart and hidden bullish divergence on the weekly chart, according to crypto analyst Credible Crypto.
Bitcoin's velocity has decreased to a 3-year low, potentially suggesting that whales are holding onto their positions rather than transferring ownership to new investors. Meanwhile, select altcoins like Toncoin, Monero, Mantle, and Quant are showing signs of strength and could present short-term trading opportunities depending on Bitcoin's next move.
Former Goldman Sachs executive Raoul Pal believes that Bitcoin may be on the verge of a massive rally, based on the historical volatility of the cryptocurrency dropping below 20, a level that has preceded significant price increases in the past. Pal also notes that Bitcoin's Bollinger Bands, a volatility indicator, are the tightest they have ever been, further indicating the potential for a strong upward movement. Ethereum is also highlighted as trading within a bullish pattern despite recent market corrections.
Bitcoin experienced a decrease in August, with traders successfully predicting a bearish trend using Elliott Wave theory and range movement analysis, resulting in profitable trades; however, further price movements are still uncertain and may be influenced by the decision on the upcoming Bitcoin ETF.
Bitcoin bulls may be disappointed as a monthly technical indicator suggests a weakening of upward momentum, potentially leading to a long and drawn-out basing process.
Bitcoin is expected to experience a corrective move before resuming its bullish momentum and potentially surpassing its previous highs, according to a pseudonymous analyst who accurately predicted the lowest price of the cryptocurrency during the 2018 bear market.
US-based institutional investors are showing increasing bullish pressure on Bitcoin, as indicated by rising buy pressure and spot trading volumes, potentially leading to a price rally towards $28,000 if the trend continues.
Bitcoin's path to a major bull cycle remains intact despite the market correction, according to crypto analyst Dave the Wave, who believes the current consolidation period is normal and that the weekly LMACD indicator supports a bullish trend.
Bitcoin's vulnerability to contracting global liquidity is highlighted by Bloomberg Intelligence's crypto market analyst Jamie Coutts, who suggests that the cryptocurrency will only turn bullish when global liquidity levels expand, warning that it is unlikely to rise until liquidity reverses and anticipating that institutional investors will only show significant demand for digital assets once liquidity rises.
Bitcoin is expected to mimic its previous rally and potentially see significant gains in the near future, according to crypto strategist Credible Crypto, who points to a bullish engulfing candle pattern and the defense of a key support level as positive signs for BTC's upward momentum.
