Price Analysis

Crypto Space Heading Towards Bearish Quarterly Close, This is What You Can Expect in Q4

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Bitcoin price after hovering around $19,500 has begun to drop close to $19,000 with the advancement of the quarterly close

  • While the upcoming trend still remains highly sceptical, the market participants may turn the tables despite a bearish technical forecast

The crypto markets bloomed for a while as Bitcoin prices raised beyond $19,500. However, the upper limits remained capped at $19,600, where the asset faced constant rejections in the past couple of days. Presently, the prices have begun to head towards the crucial demand area, hinting at a probable bearish close for the quarter. 

On the other hand, the Ethereum price is close to losing the pivotal $1300 level, which may further induce bearish momentum in the coming days. Therefore, the BTC price is expected to pull a massive leg up in the coming days, which may induce a catapult action to soar high beyond $30,000 in the next 6 months. 

Source: Twitter

The BTC price is closer to forming the second bottom of the double bottom pattern, which may further uplift the price beyond interim resistance at $22,500 and later at $25,000. By the end of 2022, the prices are expected to have risen by another $29,000. However, a steep bearish action is expected at $30,000, which is also the neckline of the double-bottom pattern. 

However, Bitcoin prices continue to trade within an ascending triangle in the short-term and are expected to undergo a short-term bounce after reaching the apex. Moreover, external factors are slowly turning in favour of the crypto markets as many countries’ inflation rates are reaching their highest value. Therefore, despite a bearish close for the quarter, the upcoming months may be pretty thriving. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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