It’s all to play for as Bitcoin price action lingers above $40,000, but predictions are already in of a dip even lower.
Bitcoin (BTC) fell below $42,000 on Tuesday, Sept. 28, as the largest cryptocurrency worsened overnight losses.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
BTC bulls run out of steam at $44,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching local lows of $41,670 on Bitstamp.
The fall followed a $1,000 hourly loss late Monday, which firmly halted any bullish hopes from the weekend’s high of $44,400.
The turnaround was broadly expected. As Cointelegraph reported, analysts were already eyeing levels even below $40,000 as potential floors.
On Monday, one trader likewise refused to believe Bitcoin’s strength going into the new week, arguing that levels above $44,000 were simply a liquidity grab before heading lower again.
Probably flushing out the late shorts before the next leg down. Idea invalidated above 45.2k if it builds a bullish market structure from there. pic.twitter.com/9ofwkkD8lP
— cevo (@cryptocevo) September 26, 2021
With two days left until the monthly close, meanwhile, attention was on $43,000 as the “worst-case scenario” for BTC/USD to finish September.
PlanB, the analyst who correctly predicted the $47,000 “worst case” for August, likewise envisages October closing on at least $63,000.
Trader — “Wise to bet” on Q4 rebound
He is not alone, with an increasing number of market participants firmly convinced that Q4 will form a turnaround point in the Bitcoin bull run.
Related: China fear is now infrastructure bill fear — 5 things to watch in Bitcoin this week
Among them was popular trader TechDev, who argues that historical precedent alone demands credence be given to a fresh BTC price surge.
“Investing is a game of probability,” he summarized against a chart showing Bitcoin in 2013 and 2021.
“When history has proven prophetic for the first 3 quarters, I think it’s wise to bet on it for the 4th.”BTC/USD comparison. Source: TechDev/Twitter
