CryptoBullet accurately predicted Bitcoin's dip to the $60K range, triggering market interest.
Bitcoin faces mixed technical indicators, with a slight bearish divergence but overall recovery signs.
Bullish factors like FED rate cuts and global liquidity suggest strong potential for Q4 rally.
Bitcoin's price recently dipped to $61,000 as geopolitical tensions in the Middle East escalated. While many analysts had forecast a bullish fourth quarter for the cryptocurrency, CryptoBullet accurately predicted this correction. The digital asset’s price dipped from $66,000 to $60,763.88, reaching the expected range of $59,000-$60,000.
CryptoBullet, an analyst in the crypto community, noted that this price level presents an opportunity for traders to accumulate altcoins, pointing to a strong recovery potential for the broader crypto market.
https://twitter.com/CryptoBullet1/status/1841150176364544427
Current market conditions indicate that Bitcoin could soon resume its rally, despite brief fluctuations around the support zone. CryptoBullet’s insights have been consistently followed due to their accuracy, further driving interest among market participants.
Bitcoin's recent movements show signs of stabilization. After touching a low of $60,763.88, it has since bounced back to $61,815.12 as of October 2, 2024. This reflects a 1.55% increase over the last 24 hours.
Technically, the indicators present a mixed outlook. The Moving Average Convergence Divergence (MACD) is currently showing bearish divergence, with the MACD line below the signal line.
Source: TradingView
This suggests possible downside pressure despite the recent upward momentum. However, the Relative Strength Index (RSI) remains neutral at 49.26, neither signaling overbought nor oversold conditions. This neutral stance leaves room for the market to pivot based on upcoming price actions.
Additionally, as noted by Miles Deutscher, broader market factors seem to support a potentially bullish Q4 for Bitcoin. These include expectations of U.S. Federal Reserve rate cuts, economic stimulus efforts in China, and a rise in global liquidity.
https://twitter.com/milesdeutscher/status/1841222898918498815
Moreover, the U.S. presidential elections and FTX distributions are being closely watched, adding to the anticipation for the final quarter of the year.
