Bitcoin has been soaring in the bearish zone. Token has plummeted dramatically during the past seven days and trades currently at $61K. BTC soared and broke the $66K barrier earlier. However, it has fallen significantly since press time because of volatile geopolitical events.
Analysts, however, describe the change as lucrative. Explore why Bitcoin is seen as a positive change.
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The BTC Marker indicates a bullish market is near.
Santiment believes that BTC’s decline is positive for the market, now that Bitcoin is back at $60K. Markets often go against the general sentiment of the market, which could mean that Bitcoin’s bull run is imminent.
Portals have explained how Bitcoin’s recent drop in price has moderated the crowd’s excitement, who were previously overly excited about BTC’s surge to $66,000. Markets tend to go in the opposite direction to what current sentiment suggests, so this is seen as a lucrative sign since Bitcoin can now recover its previous value.
“With Bitcoin retracing -9.2% since its $66.4K local high on September 27th, the crowd has cooled its excitement toward crypto considerably. This change in mood is encouraging, considering markets typically always move in the opposite direction of the crowd’s expectation.”
The portal published a similar article on X in which it explained how BTC’s rallying price has compelled many investors to be overly confident about Bitcoin. It triggers a bearish reaction, which pushes markets in the other direction. BTC dropped to $6K.
“If you’re awaiting Bitcoin’s new all-time high, it may need to wait until the crowd slows down their own expectations. There are currently 1.8 bullish posts toward BTC for every 1 bearish post. Markets historically always move in the opposite direction of crowd’s expectations.”
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Prices of Tokens for October
Bitcoin currently stands at $65,000, and many people want to see another big token rise. According to CoinCodexBTC could soon regain its fortune, trading for $80K at the end of 2024.
“According to our current BTC price prediction, the price of BTC is predicted to rise by 41.39% and reach $ 86.132 by November 2, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 37 (fear). Bitcoin recorded 17/30 (57%) green days with 5.76% price volatility over the last 30 days. Based on the Bitcoin forecast, it’s now a good time to buy BTC.”
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Source: watcher.guru
