Bull Market

Bitcoin

<div class="sg-post-des">
 Bitcoin is a bargain for some at current levels, but downside BTC price predictions remain firmly on the agenda. 
</div> 
<div class="cointelegraph"> 
 Bitcoin (BTC) circled lower after the Sep. 21 Wall Street open as $20,000 BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> predictions resurfaced. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/09/22/f119498d437f571f17ec7496ceabae28.webp"> 
 <figcaption style="text-align: center;"> BTC/USD 1-hour chart. Source: TradingView 
 </figcaption> 
 </figure> 
 <h2 id="bitcoin-analysis-hype-fomo-and-a-slow-grind-to-28-500">Bitcoin analysis: Hype, FOMO and a "slow grind" to $28,500</h2> 
 Data from Cointelegraph Markets Pro and TradingView covered a lackluster 24 hours for BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action, with $27,000 fading from view. 
 The aftermath of the United States Federal Reserve interest rates pause offered little for Bitcoin bulls, BTC/USD having dipped almost $700 the day prior. 
 Now, market participants returned to a more conservative outlook in the absence of tangible volatility. 
 “Something like this over the course of October would be perfect i would say,” popular trader Crypto Tony told X subscribers. 
 <blockquote>
 “Slow grind up to $28,500, followed by hype and FOMO, to then dump it once more.” 
 </blockquote> 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/09/22/413270465e28b1c164bba46b54cfc826.webp"> 
 <figcaption style="text-align: center;"> BTC/USD annotated chart. Source: Crypto Tony/X 
 </figcaption> 
 </figure> 
 Monitoring resource Material Indicators meanwhile eyed a so-called “death cross” on the weekly chart. 
 The death cross occurs when certain moving averages (MAs) collide, and here, the 21-week MA was on course to head below the 200-week equivalent. 
 “The 21-Week and the 200-Week Moving Averages are on a collision course for a DeathCross on the BTC Weekly candle Close/Open,” it warned in an X post on the day. 
 Material Indicators referenced a potential lower low (LL) at the weekly close. 
 “The 50-Week MA, may provide some temporary support and even trigger a short term rally, but if PA takes us there, it will print a LL which I believe opens the door to grind down to test $20k,” it added. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/09/22/1c8a6fb15b4cfecf95d7e75f730076c8.webp"> 
 <figcaption style="text-align: center;"> BTC/USD 1-week chart with 21, 200 MA. Source: TradingView 
 </figcaption> 
 </figure> 
 On the horizon was the liquidation of crypto assets by defunct exchange FTX — an event which could contribute to BTC selling pressure. 
 “If there is a base case for hopium, it's that FTX liquidators don't want to see too much <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> erosion before they start distributing, and may try to prop <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> up a little longer. That's purely speculative, but not out of the realm of possibilities,” the X post concluded. 
 <h2 id="traders-eye-bargain-btc-price-levels">Traders eye bargain BTC price levels</h2> 
 More optimistic takes included that from popular trader and analyst CryptoCon, who maintained that Bitcoin was in the first innings of its next bull market. 
 Related:&nbsp;Bitcoin short-term holders ‘panic’ amid nearly 100% unrealized loss 
 “Doesn't get much simpler than this. Bitcoin early and late Bull Market in green, Bear Market ends in red,” he commented alongside a chart shortly following the Fed news. 
 <blockquote class="twitter-tweet"> 
 Doesn't get much simpler than this.#Bitcoin early and late Bull Market in green, Bear Market ends in red. The one exception to this on the Kivanc Supertrend was the 2020 black swan. The only thing that can cause a sell signal is… pic.twitter.com/8F5M74LC44— CryptoCon (@CryptoCon_) September 21, 2023 
 </blockquote> 
 Just as confident was fellow trader Jelle, who suspected a prime buying opportunity for prospective BTC investors at current <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>s. 
 <blockquote class="twitter-tweet"> 
 Historically, the "post-bottom consolidation" phase has been a great time to buy. I don't think this time will be different.#Bitcoin pic.twitter.com/8WJ9ixz6Mr— Jelle (@CryptoJelleNL) September 22, 2023 
 </blockquote> 
 BTC/USD traded at around $26,600 at the time of writing, making September gains equal around 2.5% — still Bitcoin’s best month since 2016. 
 Per data from monitoring resource CoinGlass, Bitcoin has delivered <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a> every September since. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/09/22/82f85803098a3b234ce3bd5ee364250c.webp"> 
 <figcaption style="text-align: center;"> BTC/USD monthly returns (screenshot). Source: CoinGlass 
 </figcaption> 
 </figure> 
 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. 
 <template data-name="subscription_form" data-type="markets_outlook"></template> 
</div> 
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-fails-to-recoup-post-fed-losses-as-20k-btc-price-returns-to-radar-tbt63693.html">https://thebittimes.com/bitcoin-fails-to-recoup-post-fed-losses-as-20k-btc-price-returns-to-radar-tbt63693.html</a>

Bitcoin fails to recoup post-Fed losses as $20K BTC price returns to radar

Table of Contents

TheBitTimes

Other articles published on Sep 22, 2023

Cosmos' 0.82% Price Increase to $7.20: Key Insights for September 22, 2023

FBI exposes potential $40 million Bitcoin cash-out by DPRK hacker group

Melting Earth NFT Pre-Sale is Opening Soon!

Don't Miss This Vital Chance to Invest in the Most Promising New Meme Coins Floki, Pepe, and Kang...

Ethereum Base Hits A New Peak in Terms of Daily Transactions

Cryptocurrency Regulation in the UK: The FCA Issues Final Warning to Non-Compliant Firms

Join our free newsletter for daily crypto updates!