BTC price stays under $19K amid hopes Q4 will end Bitcoin bear market

Bitcoin (BTC), which hit new weekly lows in Sep. 28, as the risk asset drawdown continued overnight, fell to new levels.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Trader: “First new Lows” Before Q4 Recovery

Cointelegraph Markets Pro and TradingView data showed that BTC/USD fell to $18,461 via Bitstamp, almost $2,000 less than the previous day’s high.

Stocks changed direction in lockstep with the Wall Street open, where they initially moved slightly higher than Wall Street open.

S&P 500 and Nasdaq Composite Index ended the day with 0.25% and 0.25% respectively, respectively.

Cypto did not recover its losses and traders bet on the pain continuing.

Popular Twitter account Il Capo from Crypto confirmed that he preferred October copying last years performance, earning it the nickname “Uptober.”

He commented that he expected bullish Q4 and said so in comments. But, first, new lows.”

Rekt Capital, a fellow trader and analyst, meanwhile pointed out the obstacles Bitcoin had to overcome in monthly time frames.

He tweeted that there was “already a sharp BTC reject at the green $19800” level.

As $BTC nears its Monthly Close, there will be continued see-sawing at this level. The most important thing will be the closing of the Monthly Candle relative to the green Range Low.

Annotated chart of BTC/USD Source: Rekt Capital/ Twitter

Rekt Capital stated that any close to that line would signal an exit from the current monthly range that has been in place since late 2020.

You can bet on bears bowing out

Discussions about the end of the bear market in 2022 were divided by opinions regarding the use of data from previous halves cycles.

Related: Bitcoin’s wallet is empty after a 10-year hibernation

Luke Martin, host and co-host of STACKS Podcast, uploaded a comparative chart. He noted that it had been 322 day since Bitcoin’s previous all-time high of $69,000.

BTC/USD was in a bear market for 364 days after the 2017 all-time high. This suggests that history could repeat itself.

Charles Edwards, the creator of Capriole, said, “Cycle timing is here optimal.”

Others weren’t convinced. Tedtalksmacro pointed out that 2018 was a different macro environment. Martin also acknowledged this.

BTC/USD chart annotated Source: Luke Martin/Twitter

Cointelegraph reported that the United States Federal Reserve did not make any commitment to stop the rate increases which are putting pressure on crypto and other risk assets this year.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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