Bitcoin (btc) and the widest crypto market They continue to grapple with prolonged bearish sentiments, leaving investors on the lookout for potential factors that could trigger a rally. In particular, analysts are closely monitoring indicators that could signal the conclusion of the bear market in his second year.
In particular, a crypto analyst known by the pseudonym Seth_fin in a x mail (formerly Twitter) on September 16 generated optimism by identifying two technical indicators pointing towards a potentially bullish future.
In his post, the analyst noted that Bitcoin's Gaussian channel turned green, which can be interpreted as a bullish signal and a possible reversal of the prevailing bearish trend. The Gaussian Channel Indicator is a technical tool derived from statistical concepts that predicts the directions of price trends in financial markets.
Secondly, he pointed out that the Bollinger Bandwidth The percentile has reached its lowest level, indicating an imminent increase in price volatility.
โBitcoin's Gaussian channel just turned green and we have retested the midband! It looks like the bear market might be in the rearview mirror. But that is not all! Bollinger Bandwidth Percentile is at its lowest level, indicating an impending EXPLOSIVE move! he said.
The analyst refrained from making a specific directional prediction, emphasizing that the Bollinger bandwidth percentile, while indicating higher volatility, does not specify the direction of movement.
Possible bullish triggers for Bitcoin
However, he made reference to the historical importance of Halving Bitcoin events. These events, which reduce rewards for miners, have historically been followed by significant price increases. The last halving event occurred in May 2020 and marked the beginning of a remarkable confinement for Bitcoin.
Notably, the Bitcoin halving event continues to be hailed as a potential catalyst for a bullish price surge. At the same time, attention remains focused regulator developments, particularly the possible approval of the first spot Bitcoin exchange-traded fund (ETFs), which is expected to attract institutional capital to major cryptocurrency.
Meanwhile, Bitcoin is making an effort to maintain its position above the crucial $25,000. support level, extending a period of consolidation marked by repeated failures to surpass the $30,000 mark.
Bitcoin is trading above $26,000, boosted by news That Deutsche Bank, a German lender, plans to launch cryptocurrency custody services for institutional clients in partnership with Swiss fintech firm Taurus.
However, market sentiment remains uneasy due to recent developments in the FTX case. The bankruptcy court approved FTX to start liquidation of their extensive cryptocurrency holdings. This development has the potential to significantly impact cryptocurrency market dynamics, which could lead to increased volatility. Notable assets within this major cache include tokens like Solana (SUN), Bitcoin, Ethereum (ETH), and others.
Bitcoin price analysis
At the time of writing, Bitcoin was trading at $26,548, continuing its weekly consolidation trend. In the last 24 hours, the cryptocurrency has recorded a modest gain of approximately 0.26%.
As for technical analysis, one-day indicators come from TradingView align with a bearish sentiment. A summary of these indicators suggests a "sell" rating of 11, reflecting similar readings of moving averages (8). Oscillators Also indicate a "sale" in 3.
In short, all eyes are on Bitcoin's ability to maintain its price above the $26,000 mark, which could pave the way for a possible rise in the near future.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When investing, your capital is at risk.
