Bitcoin has been trading sideways since March and the third quarter, especially September, has traditionally been a bearish period.
With the month and quarter drawing to a close, analysts are once again bullish and predicting a long-awaited breakout for the BTC and crypto markets.
On September 18, analyst ‘RamenPanda’ observed that the markets have spent six months going sideways, “but the price has barely come off the previous high.”
Bitcoin, which has regained $60,000, is only 18% below its all-time high.
The end is near
The analyst added that all the time spent on the side will end in a big rally.
“If you think we’re not going to have a world-shattering manifestation next, you’re seriously delusional. All this time spent on the sidelines will pay off with momentum on the upside.”
Look, we spent 6 months going sideways, but the price is barely down from the previous high
Corrections can be made in two ways: price depth or time
The correction based on time, trades, I meant capitulation, is bullish as shit
If you thought we weren’t going to have a shocking world of manifestation coming,… pic.twitter.com/00RXuAzINB
— RamenPanda (@IamRamenPanda) September 17, 2024
Meanwhile, the economist Alex Krüger observed that “sentiment among crypto traders has not been this low since 2022.” Meanwhile, Bitcoin is trading around the same level as six months ago, he added in a post on X on September 18.
On September 17, Capriole Fund founder Charles Edwards he said“You’re past the worst time to be in Bitcoin,” noting that the third quarter is usually bearish and fourth quarters are usually bullish.
Analyst ‘Income Sharks’ echoed the sentiment and predicted a big move to the upside in Q4.
#Bitcoin – If Q4 isn’t exciting after the suspense that has been building, I don’t know what is. Price perfectly in the middle of the channel and OBV stuck perfectly to the tip of the wedge. pic.twitter.com/IOWObF1BV6
— IncomeSharks (@IncomeSharks) September 17, 2024
Bitcoin recovered $61,000 in late trading on September 17, but has fallen to around $60,500 during the Asian trading session on Wednesday morning. The asset has pulled back from September lows, with a 6.7% gain over the past week.
Fed rate cut looms
The US central bank is expected to cut interest rates on Wednesday, September 18. However, markets remain conflicted over the magnitude of the rate cut.
The CME Fed Watch tool currently favors a bigger cut with a 65% chance of a 50 basis point cut versus a 35% chance of a smaller 25bps cut.
Analysts suggest the bigger rate cut would be better for high-risk assets like crypto.
“The last time the Fed cut rates, Bitcoin went parabolic. If history repeats itself, the next 6-12 months will be crazy,” commented crypto YouTuber Lark Davis in a post on X on the 17 of September
The Fed is expected to cut interest rates tomorrow.
The last time the Fed cut rates, Bitcoin went parabolic
If history repeats itself, the next 6-12 months will be crazy.
h/t/ @milkroadday pic.twitter.com/GxNtThDDwS
— Lark Davis (@TheCryptoLark) September 17, 2024
However, the Kobeissi Letter he warned“There has never been a more uncertain Fed meeting on record,” before adding, “Regardless of what the Fed does tomorrow, half the market will be disappointed.”
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