Rally

Bitcoin

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<p>Yann Allemann, co-founder of analytics firm Glassnode, <a href="https://twitter.com/Negentropic_/status/1706351222020538463" rel="noopener noreferrer nofollow">suggests</a> there may be a brewing rally for Bitcoin (BTC) despite the recent market turbulence and prevailing bearish trends.&nbsp;</p> 
<p>The current market conditions are marked by Bitcoin’s struggle to sustain above the $26,000 support level after a descent from highs over $27,500.&nbsp;</p> 
<p>Still, Allemann, along with other market analysts, sees potential for optimistic market movements and significant gains, citing historical data and market patterns that point to October as a favorable month for Bitcoin.</p> 
<h2 id="bitcoin-s-breakout-month">Bitcoin's breakout month&nbsp;</h2> 
<p>Presently, <a href="https://u.today/bitcoin-btc-dominance-rebounds-to-years-high-what-does-it-mean" rel="noopener noreferrer nofollow">Bitcoin</a> is navigating through a bearish zone after its failure to break the $27,500 resistance zone and falling below crucial support levels.&nbsp;</p> 
<p>The existing trend can be attributed to an overall lack of liquidity and the reluctance from regular investors, who fear substantial losses should the values dip <a href="https://u.today/bitcoin-btc-may-drop-below-25000-if-this-scenario-plays-out-prominent-analyst" rel="noopener noreferrer nofollow">below the $25,000 mark</a>.&nbsp;</p> 
<p>However, historical precedents and market patterns hint at the arrival of bullish trends in October that are reminiscent of notable market movements such as the <a href="https://u.today/bitcoin-and-blockchain-interest-explodes-in-china-after-xi-jinpings-comments" rel="noopener noreferrer nofollow">China pump</a> in 2019. This creates a contrast between current bearish trends and potential future bullishness.</p> 
<h2 id="q4-revival">Q4 revival?&nbsp;</h2> 
<p><a href="https://u.today/jihan-wus-matrixport-to-stop-servicing-chinese-users-in-4-days" rel="noopener noreferrer nofollow">Matrixport</a>, a notable crypto service provider, adds to the optimistic narrative, projecting that Bitcoin could potentially reach $37,000 by the end of 2023. The prediction is rooted in the flagship cryptocurrency's typically strong performance in the final quarter. &nbsp;</p> 
<p>Bitcoin is currently sitting slightly above the $26,000 level, according to CoinGecko data.&nbsp;</p>

Bitcoin Rally May Be “Brewing”: Glassnode Co-Founder

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