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 <p>Popular crypto analyst Ali Martinez explains that historical data spanning the last decade reveals a pattern where Bitcoin ($BTC) triggers a bull run whenever its price surpasses the average cost basis of holders with a 6-month to 3-year track record.</p>  
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 <p>Currently, this critical breakout level for BTC, based on this model, is identified at $33,755. This means that the BTC price should rally by over 30% from the current levels to confirm the bullish recovery. Otherwise, the gates for further BTC price correction are wide open.</p> 
 <figure id="attachment_158489" aria-describedby="caption-attachment-158489" style="width: 100%" class="wp-caption aligncenter"> 
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   <img decoding="async" class="size-full wp-image-158489" src="https://cdn.thebittimes.com/images/2023/09/05/bf64aec3ae16614ae6bf04abbd50d4b9.webp" alt="" width="2398" height="1030" srcset="https://cdn.thebittimes.com/images/2023/09/05/bf64aec3ae16614ae6bf04abbd50d4b9.webp 2398w, https://cdn.thebittimes.com/images/2023/09/05/bf64aec3ae16614ae6bf04abbd50d4b9.webp 300w, https://cdn.thebittimes.com/images/2023/09/05/bf64aec3ae16614ae6bf04abbd50d4b9.webp 1224w, https://cdn.thebittimes.com/images/2023/09/05/bf64aec3ae16614ae6bf04abbd50d4b9.webp 768w, https://cdn.thebittimes.com/images/2023/09/05/bf64aec3ae16614ae6bf04abbd50d4b9.webp 1536w, https://cdn.thebittimes.com/images/2023/09/05/bf64aec3ae16614ae6bf04abbd50d4b9.webp 2048w, https://cdn.thebittimes.com/images/2023/09/05/bf64aec3ae16614ae6bf04abbd50d4b9.webp 150w" sizes="(max-width: 2398px) 100vw, 2398px"> 
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  <figcaption id="caption-attachment-158489" class="wp-caption-text">
    Courtesy: Ali Charts 
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 </figure> 
 <p>Other market analysts have also shared similar opinions on the BTC price recovery. Bloomberg’s senior commodity strategist Mike McGlone compared Bitcoin’s price action to the Nikkei index. In his latest report, McGlone stated:</p> 
 <blockquote> 
  <p>“Bitcoin has had a close directional relationship with the Nikkei 225, and recent crypto weakness may portend contagion. That or the benchmark crypto might recover and follow the path of the Nikkei, which reached a 33-year high in June.”</p>  
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 </blockquote> 
 <p>Maintaining a position above approximately $31,000 would signal strength in Bitcoin’s recovery. However, there are valid reasons for the downward trend to persist – the Federal Reserve and most central banks are still implementing tightening measures, the strategist elaborated.</p> 
 <h3 id="bitcoin-chart-pattern-hints-major-correction">Bitcoin Chart Pattern Hints Major Correction</h3>  
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 <p>Bitcoin is forming a much similar chart pattern before the price crash after the 2021 bull run. As crypto analyst Rekt Capital explains:</p> 
 <p><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">In 2021, </span><span class="r-18u37iz">BTC</span><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0"> formed two clear tops akin to a Double Top before forming the third top at a Lower High Right now, it looks like </span><span class="r-18u37iz">BTC</span><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0"> has once again formed two clear tops, akin to a Double Top, with a potential third top forming at a Lower High.</span></p> 
 <figure id="attachment_158490" aria-describedby="caption-attachment-158490" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-158490" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201788%201200'%3E%3C/svg%3E" alt="" width="1788" height="1200" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 1788w, https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 300w, https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 1224w, https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 768w, https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 1536w, https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 150w, https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 272w" data-lazy-sizes="(max-width: 1788px) 100vw, 1788px" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp"> 
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   <img decoding="async" class="size-full wp-image-158490" src="https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp" alt="" width="1788" height="1200" srcset="https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 1788w, https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 300w, https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 1224w, https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 768w, https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 1536w, https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 150w, https://cdn.thebittimes.com/images/2023/09/05/90b19be12c38d2c164db76750844ee6e.webp 272w" sizes="(max-width: 1788px) 100vw, 1788px"> 
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  <figcaption id="caption-attachment-158490" class="wp-caption-text">
    Courtesy: Rekt Capital 
  </figcaption> 
 </figure> 
 <p>The BTC 2021 fractal indicates a potential scenario where Bitcoin could establish its third peak at a lower high, leading to a rejection around the $26,000 support level. Following this, the fractal suggests Bitcoin might experience a rebound, but this could result in the $26,000 level turning into a new resistance before another downward rejection.</p> 
 <p>As reported earlier, September has historically been the month of major corrections for Bitcoin. The chart setup shows that this time could be no different.</p> 
</div>  
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/investors-should-wait-before-any-fresh-entry-into-bitcoin-btc-tbt61537.html">https://thebittimes.com/investors-should-wait-before-any-fresh-entry-into-bitcoin-btc-tbt61537.html</a></p>

Investors Should Wait Before any Fresh Entry Into Bitcoin (BTC)?

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