Amid crypto markets seeing slight recoveries from massive sell-offs, recent chart analyses reveal a potential uptrend for the king of cryptos, with it potentially skyrocketing to $31,000.
Let’s take a close look.
Bitcoin’s price movement is catching everyone’s attention. Ali Martinez, a renowned cryptocurrency expert, has shared insights from a 3-day Bitcoin chart. This chart hints at a buying opportunity, thanks to the TD Sequential indicator. If Bitcoin gains more traction and buying interest rises, we could see it soaring toward two possible heights: either $28,000 or even as high as $31,000.
But not so fast! Before getting too swept up in the excitement, traders should be wary of the TD Risk Line, specifically around the $24,500 mark. According to Martinez, this is a crucial point that validates the predictions. So, traders, be sure to have this on your radar.
The forthcoming week is jam-packed with events that could sway Bitcoin’s value. The top highlight is the Federal Reserve’s announcement on Wednesday, September 20th. Everyone is eagerly awaiting their word on the Federal Funds Rate, which stands at 5.50% currently.
Alongside, market enthusiasts will be keenly observing the FOMC Economic Projections and Statement. And let’s not forget the FOMC Press Conference. Any tilt in the Fed’s tone—whether leaning towards caution or confidence—could cause ripples not only in the regular markets but also influence crypto dynamics.
Switch gears to Thursday, September 21st, when all eyes will turn to the release of Unemployment Claims data. Word is out that analysts are forecasting a minor hike to 222k from the prior 220k. This data might seem unrelated, but it could potentially play a role in the crypto world’s sentiment.
In recent developments, Bitcoin pleasantly surprised many by surpassing its 20-day exponential moving average (EMA), settling at $26,228 on September 14. This suggests that the downtrend is losing steam. For now, Bitcoin seems cozy, likely sticking between $24,800 and $28,143. But a word to the wise: if the bears decide to stir things up and push Bitcoin’s price below its 20-day EMA, it’s a signal that higher values are being offloaded, potentially revisiting the strong $24,800 support line.
At press time, Bitcoin was worth $26,682.
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