Bitcoin is down at writing, slipping roughly 8% from September highs. After two days of losses, BTC is starting Q4 2024 on the wrong footing, with the real risk of prices sliding below $60,000 and back to September and August lows.
Bitcoin Slips: Did Q4 2024 Lows Print At Around $60,000?
One analyst on X is optimistic about the world’s most valuable coin, which is flat and hanging by a thread. In a post, the analyst said the recent setback should be seen positively. Moreover, the trader continued, Bitcoin, even with the pain holders faced in early October 2024, is likely printing Q4 2024.
According to the analyst’s preview, Bitcoin tends to establish swing highs or lows early in the trading period, in this case, for Q4 2024. Although the escalations in the Middle East are disruptive, Bitcoin won’t be significantly impacted–a net positive for price. The trader expects liquidity to ramp up in the coming months, boosting prices.
Bitcoin is down after an impressive September that saw prices climb higher, reaching $66,000. Historically, September is bearish for Bitcoin. However, by the end of September, it was up 7%, rejecting early losses and closing above a strong liquidation level at around $65,000 and $66,000.
Will BTC Replicate Early August And September Price Action?
Optimism is high because Bitcoin is printing at the same price as in early August and September. Bitcoin prices had plunged to as low as $49,000 by the first week of August before recovering steadily in the next three weeks. In early September, prices again fell, dropping to as low as $52,000 before resuming the uptrend set in motion in August.
It remains to be seen whether the events of early August and September will be replicated. However, optimism is high, and most BTC holders, according to CoinMarketCap sentiment analysis, are bullish. Over 60% of all voters expect BTC to edge higher, while 38% are bearish, expecting sellers to dominate.
Possible tailwinds for bulls include the inflow of capital to spot Bitcoin ETFs. Soso Value data shows that when BTC prices fell on October 1, BlackRock bought over $40 million worth of coins.
Feature image from Canva, chart from TradingView
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