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Here’s How Bitcoin Can Shoot for a New All-Time High Despite Weekly Crash

TL;DR

  • Bitcoin’s value crashed laborious prior to now week, going from over $115,000 to beneath $109,000 at one level.
  • However, the asset managed to stay above a key assist stage, which might ship it flying towards its all-time high of over $124,000.

Crash Won’t Stop BTC (For Now)

When we zoom out for simply a few extra days, bitcoin’s value calamity turns into much more evident. The cryptocurrency challenged $118,000 on September 18, simply after the US Federal Reserve reduce the rates of interest for the primary time this yr.

However, it didn’t reclaim that stage and head towards $120,000. Just the alternative, it began to lose worth regularly and retraced to $115,500 in the course of the weekend. The precise ache, although, got here in the beginning of the enterprise week when the bears took full management of the market and drove BTC south to $112,000 at first after which to its lowest value place since early September of beneath $109,000.

Bitcoin examined that assist on a couple of events, which managed to carry for now. According to Ali Martinez, the precise make-or-break stage is at $107,200. If BTC stays above it, the probabilities for a stable rebound to $115,000 and even $123,000 are fairly high, he mentioned.

The analyst with nearly 160,000 followers on X outlined one other chart, which might spell additional short-term ache for BTC but additionally result in a new all-time high within the subsequent few months, if historical past repeats.

More Upside Ahead?

CRYPTOWZRD additionally relied on historic information to foretell a extra optimistic future for BTC. The analyst famous that bitcoin dropped throughout the identical month in 2023 and 2024, as September usually ends within the crimson for the crypto market.

However, each September corrections had been adopted by parabolic runs, and CRYPTOWZRD outlined the opportunity of one other rally by the tip of the yr.

Crypto Tony can also be bullish on BTC as he can “scent a soiled enormous pump.” He believes October will develop into ‘Uptober,’ as many locally discuss with it, given the crypto market’s surge throughout that month in earlier years.

The submit Here’s How Bitcoin Can Shoot for a New All-Time High Despite Weekly Crash appeared first on CryptoPotato.

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