The bearish impact has once again intensified as the cryptocurrency market temporarily dropped to $2.20 trillion. BTC price fell back below $65,000 and Ethereum continued to sell off, with ETH falling to $2,630.
Amid the sell-off, will the Bitcoin price surge in Q4 as history predicts, or is it about to fall below $60,000? Let’s find out in our Bitcoin price analysis.
Bitcoin price performance
After a bullish reversal in the past few weeks, the price of Bitcoin peaked at $66,508 but fell back over the weekend. After a 1.60% drop on Monday, the price of Bitcoin is currently trading at $64,590.
BTC price action formed a bearish engulfing candle and an evening star pattern near the upper trendline. Moreover, higher price rejection and the previous bearish cycle at the trendline signaled a bullish failure.
As supply pressures mount, a drop in Bitcoin could see it retest the 50% Fibonacci level at $63,085. A reversal from a retest of the key level could spark an October rally above the channel.
However, as the pullback gains momentum, the bullish crossover between the 50-day and 100-day EMAs is questioned. Moreover, the MACD and the signal line are preparing for a bearish crossover under pressure.
Will BTC price exceed $74,000?
A bullish breakout of the channel pattern will release 6 months of stagnant momentum for a significant upside move. According to the Fibonacci levels, the uptrend in Bitcoin price will target the $68,943 and $73,679 levels. Moreover, 59% of Polymarket participants agree and bet that Bitcoin has the potential to hit a new all-time high in 2024.
On the other hand, the key support for BTC price trend is $63,085 and the 100-day EMA is $61,504.
