Bitcoin Analyst Recommends Next Steps After Predicting Bottom at $55,000 | Bitcoinist.com
Pseudonymous crypto analyst @pakpakchicken on X (formerly Twitter) is one of the analysts who were able to correctly call the market bottom during the Bitcoin price decline back at the start of September. With the prediction playing out as expected, the crypto analyst has once again taken to the social media platform to inform Bitcoin investors of what they should do next as the price continues its recovery.
Bitcoin Could Keep Going Up
Back in early September, the crypto analyst shared a liquidation heatmap that showed that the majority of Bitcoin traders had suffered massive losses. The decline below $57,000 wiped out the majority of positions, propelling liquidations to new highs. At the time, the crypto analyst encouraged investors to get into Bitcoin as the price crash was the time to get into the cryptocurrency.
As the analyst explained, the times when traders make the most money are when they actually buy during times when the market is down. Then to top it off, he explained that the Federal Reserve would be cutting rates, which would propel the Bitcoin price higher. As expected, the Fed did cut rates last week, pushing Bitcoin and the crypto market into the green.
Now that the Bitcoin price is on the up and up, the crypto analyst explained that it is time to switch strategies. While profit-taking may be enticing during times like this, he urges investors to hold on and wait for better prices. Mainly, the advice is that the investors hold into 2025.
“We’ve been programmed to take profit for chopping markets, we forget how is it like during trending markets,” the crypto analyst said. “Switch your strategy. It’s time. Don’t take profit too early. Be more tolerant to dips. For now, I see a clear path to mid 2025.”
Entering A Bullish Quarter
Bitcoin is on the verge of recording its most bullish month of September so far, suggesting that the next few months will be very bullish for the cryptocurrency’s price. So far, according to data from the Coinglass website, the Bitcoin price is already up 7.28%, beatings its September 2016 record of 6.04%.
However, what is most interesting about the month of September closing in the green is what has has occurred during the years when this month has closed in the green. Any time September has ended in green, the months of October, November, and December have also ended in green.
Given this, if the Bitcoin price were to close out the month of September in the green, then it is expected that the fourth quarter of the year will continue the recovery. In this case, the BTC price could end up actually reaching a new all-time high before the year 2024 is over.
BTC price above $64,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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