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What Do Crypto Analysts Think About Bitcoin’s Current Situation?

01.10.2024 16:15 2 min. read Alexander Zdravkov
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What Do Crypto Analysts Think About Bitcoin’s Current Situation?

On October 1, Bitcoin surged back to $64,000, following a strong September where it gained 7.3%, marking its best monthly performance yet.

However, the cryptocurrency still struggles to reclaim the $65,000 mark despite multiple attempts.

Keith Allen, co-founder of Material Indicators, emphasized the critical need to maintain the 20-week simple moving average (SMA) to avoid a dip to lower support levels. He noted that if Bitcoin fails to gain momentum above the 2021 Mid-Cycle Top, holding the 21-week moving average will be crucial to prevent a retest of recent lows.

In the trading community, Daan Crypto Trades pointed out significant liquidity zones at $62,700 for support and $67,000 for resistance. He highlighted that Bitcoin is currently testing the 200-day moving average, a level it has struggled to maintain throughout the year.

This indicator serves as a gauge for mid- and long-term market momentum.

Trader Roman identified a bullish divergence between Bitcoin’s price and the Relative Strength Index (RSI), suggesting a potential upward movement in the near future. Analysts like Scott Melker are eyeing opportunities to buy during price dips, especially after Bitcoin recently closed above $65,000 on a weekly basis.

Michaël van de Poppe remains optimistic, anticipating a new all-time high and recommending purchases in the range of $60,500 to $61,000 before Bitcoin possibly retests its peak. He believes the market is in an uptrend, indicating that dips should be seen as buying opportunities.

Overall, despite recent challenges, market sentiment appears positive as Bitcoin approaches the fourth quarter with considerable momentum.

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.

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