This presents a very good opportunity for bitcoin to close the month in the bullish territory after a whole year of range bound trading.
The $70,000 remains the key barrier that Bitcoin has to break in Q4 2024.
Prior Q4 trends and pull factors will be significant drivers of BTC’s future outcome.
Bitcoin's latest chart, featuring a rounded off monthly pattern, could be a turning point for cryptocurrencies. A bullish engulfing candle will form if the current candle is bullish and closes in the green area for a long time. This pattern is likely to set the tone for further gains in the last quarter of 2024.
A Crucial Candle for Bitcoin's 2024 Performance
The candle in question unfolds a period of consolidation for a major portion of 2024, where Bitcoin’s price never managed to surge past critical resistance zones. Bitcoin is back to trading near $65000 as of the close of September and this is a positive for participants in the market. The bigger picture reveals that this type of price behavior occurs after a powerful bullish trend in Q1 and several months of bleeding and minor pullbacks.
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Bulls may get a reinvigoration boost if this monthly green candle is to close above these levels. Bitcoin is trading at $65,536.18, with its market cap at $1.3 trillion and the 24-hour trading volume at $14.7 million.If Bitcoin manages to cross the $65,969.41 support level, there is a possibility of it breaking the $70,000 level.
Looking Ahead: Will Bulls Prevail in Q4?
Experts and forecasters are hopeful but being very careful with what they are saying. It is imperative to appreciate the fact that even when a bullish engulfing candle points to a reversal of the forces in the market it is just the tip of the iceberg. For instance, the cryptocurrency’s performance in maintaining this upwards trajectory and crossing resistance levels around $70,000 will be important.
To a large extent, the fourth-quarter market will be determined by the bulls’ ability to maintain the buying spree. If not, the candle could be perceived as a false breakout pattern hence consolidation or lower break out in the futures.Bitcoin's upward movement is expected to continue in the coming months, with sharper moves in the fourth quarter due to institutions and global markets. Potential optimism is reigning, but the success depends on macroeconomics, regulations, and institutions, which are already affecting the market in Bitcoin.
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