- However, among these events, experienced market veteran Peter Brandt shed light on a potential bullish indicator in the upcoming “Uptober” season.
- Brandt’s tweet specifically highlighted a few key elements. Firstly, he pointed out the “lowest ADX reading since July 2020,” suggesting a decrease in overall market strength.
- In the meantime, Brandt’s analysis isn’t the only one painting a positive picture for Bitcoin. Gareth Soloway, the founder of Verified Investing, expressed optimism about the possibility of BTC’s rise in the coming weeks.
Bitcoin price regains volatility with significant price gains this week: Is now a good time to buy Bitcoin?
Is It a Good Time to Buy Bitcoin Now?
This week, Bitcoin comfortably showed significant price increases within a well-defined trading range. What’s particularly noteworthy is that the cryptocurrency is moving positively for the month of September—typically a less favorable month for cryptocurrencies compared to historical norms.
However, amid these events, experienced market veteran Peter Brandt shed light on a potential bullish indicator in the upcoming “Uptober” season.
Brandt mentioned in a tweet shared on Thursday evening: “Bitcoin has the lowest ADX level since July 2020. Testing the bottom of a fundamental H&S base. Small 6-week inverse Head and Shoulders now possible. Could the bull be awakening? Your thoughts?”
Brandt’s tweet drew attention to several significant aspects. Firstly, he pointed out the “lowest ADX reading since July 2020,” suggesting a decrease in overall market strength. Secondly, he raised the possibility of a “small 6-week inverse Head and Shoulders (H&S)” pattern forming.
Such patterns often serve as possible indicators of trend reversals in the near future and suggest a shift towards short-term bullish sentiment. If the H&S pattern plays out, BTC’s price could be poised to jump into the $30,000 range.
Other BTC Price Predictions
Brandt’s analysis is not the only one painting a positive picture for Bitcoin. Gareth Soloway, the founder of Verified Investing, expressed optimism about the possibility of BTC’s rise in the coming weeks. In a video, Soloway talked about the potential emergence of a “Head and Shoulders pattern,” particularly under certain conditions, such as the approval of a Bitcoin exchange-traded fund (ETF).
However, this is not a reverse Head and Shoulders pattern, which typically implies price declines. Soloway also noted that for the pattern to be valid, the “shoulder” should remain below the previous high (approximately $32,000). If Bitcoin’s price surpasses this level and holds it for seven consecutive trading days, it indicates a different scenario.
The expert mentioned that if a Head and Shoulders pattern emerges, the potential downward target could be around $20,000. However, BTC saw a 0.1% increase in the past 24 hours and was trading at $27,050 at the time of writing.
