๐ Bitcoin's taken a 23% tumble from its peak, but hey, we saw it coming! Analyst Benjamin Cowen thinks the Bitcoin bull market support band (BMSB) might be our guiding light for recovery. ๐
- Cowen's looking at patterns from 2013, 2016, 2019, and 2023, focusing on BTC and its BMSB.
- If BTC can hop back over the BMSB in the next few weeks, Q4 2024 might be a good ride.
- But if it's more like 2019, the BMSB could hold us back.
๐ง Fellow analyst 'Rekt Capital' noted BTC is on the edge of its first weekly candle close below the re-accumulation range low in over 4 months.
- BTC's been chilling in this range since February, but it's just lost support and slipped below.
- CryptoQuant's warning us to be careful, as the long position liquidation's been the biggest this year.
๐ฎ The general vibe? Maybe another dip, a couple of months of consolidation, then a potential Q4 movement.
- BTC's back at $57,000 after a dip to $54,320.
- There's support at $51,500, but to climb, we need to break $60,000 resistance.
- Keep an eye on this week's US inflation reports - they could shake things up!
What's your Q4 prediction? ๐ or ๐? Let's chat in the comments! #BTC #CryptoNews