Weekly Bitcoin Estimates Out: Levels Scared!

Bitcoin (BTC) price has been in a stable consolidation for more than two weeks. It showed no signs of any side bias in the process. However, institutional investors did not move to buy now, despite all the declines. On top of that, the October 7th Non-Farm Employment (NFP) announcement sets a more volatile base.

Bitcoin price and the big picture

Bitcoin price remains above $19,157 peak transaction volume in October. Breaking this level will open the doors for a steep correction to $15,551 due to lack of volume. Beyond this frightening claim, the next macro bases for BTC are at $13,575 and $11,989. Bitcoin essentially made no guarantees that it would protect itself from these levels on the three-day chart. However, traders need to watch for critical reinforcements at $19,157 and $15.551.

The next precious chart is the eight-hour chart of Bitcoin price combined with the RSI, which has truly predicted the local upper/lower formation since May 30. After a brief consolidation in the middle of the 18,000 to 19,000 levels, Bitcoin price surged to $20,400. The resulting rally here formed a local top at $20,500. This move coincided with the RSI’s formation of the seventh peak at 65 to 72 pitts.

A closer look at Bitcoin price reveals a bear flag

As the name suggests, this technical formation includes a flagpole. This pattern took shape when BTC fell 18% between 12 and mid September 19. Consolidation in the form of an ascending parallel channel resulted in the formation of a flag. This technical pattern suggests an 18% drop achieved by adding to the breakout point at $19,417. If this happens, the BTC price will drop to $15,800.

Additionally, the actual price of whales holding more than 1,000 BTC is around $15,800. The actual price of these BTCs is calculated taking into account the volumes entering and exiting the exchanges and the current Bitcoin price. Alternately, this number matches the technical claims in great form. As a result, a steep correction to $15,800 adds further credence to the possibility.

Opportunities in the altcoin market will open when BTC drops to this level

According to the above analysis, we see that the first view of Bitcoin price is downward. However, analyst Akash Girimath recommends that investors wait for $15,800 to accumulate BTC and altcoins at a discount. The increase in buying pressure resulting in this level of U-turn is the smoothest buying opportunity before Bitcoin price starts an uptrend to fill the CME gap from $27,365 to $28,740.

These gaps are forming in Bitcoin price as the CME halted over the weekend. Therefore, stabilizing these inefficiencies again is another key factor triggering a reversal to $15,800.

On the other hand, selling pressure continues to increase due to escalating geopolitical tensions and worsening economic conditions. If this negative outlook persists, Bitcoin price will head towards $15,800. Analyst Girimath says he will have little chance of ever recovering. This drop would also invalidate the bullish thesis detailed above if it forces BTC to turn the $15.551 support level into a resistance barrier. In such a case, investors can expect a possible collapse at the $13,575 and $11,989 levels. Similar analyzes were part of a recent report by CryptoQuant analyst MAC.D.

Bitcoin prepares for further declines

One CryptoQuant analyst suggested that the last rally was unsustainable. The analyst says that Bitcoin may decline again after the next Fed rate hike announcement. CryptoQuant’s MAC.D warned of a possible price drop as the Fed announced rate hike for November. He stated that institutions are not now bullish on the Bitcoin market.

According to the analyst, the recent rally in BTC price is unsustainable. In particular, the analyst bases his arguments on the lack of significant changes in the Coinbase Premium Index and Fund Volume Index. MAC.D notes that while the former is positive, there has been no significant change since June and the latter remains bearish:

Looking at the two indicators above, it would be difficult to think of this as an upside loop transformation as there is no clear Institutional investor buying trend. If prices rise before the FOMC rate announcement in November without being bought by Institutional investors, it is likely to lose its bullish momentum and abandon it.

The miners have reached the desired area again

Bitcoin has outperformed other stock markets lately. He also managed to get back and hold $20,000. As such, some investors have sparked expectations that the bull is close in the midst of it. There is also data on the selling pressure that eased with the miners giving the middle of the sale amid positive developments. In addition, BTC has already seen a valuable and always accumulation during the week. On-chain analyst Ali Martinez said in a new tweet that miners are putting on hold rather than selling:

Bitcoin miners’ reserves have remained at this level for about a month, stabilizing at 1.86 million BTC. The inactivity amid miners came after a valuable sell-off in August.

However, despite these positives, as the CryptoQuant analyst emphasized, it is too early to get excited. While October is historically seen as a decent month for Bitcoin, it is worth noting that this is not usually the case in bear markets, as noted Bitcoin analyst Ali Martinez has emphasized.

Koindeks.com As you follow, BTC is currently trading at $19,663. Compared to the last 24 hours, it has lost around 2% in price.

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