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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin: $22,600 Or $31,200? Odds Split For Next 90 Days

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Bitcoin

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Bitcoin (BTC), the leading cryptocurrency, has defied expectations of a steep decline to sub-$20,000 levels and has rebounded to the $26,000 mark, registering a 3.5% gain over the past 24 hours. 

This resurgence in Bitcoin’s price coincides with the predictions made by Chartered Financial Analyst Timothy Peterson, whose recent social media post outlined the probabilities of Bitcoin dropping to $22,600 or rallying to $31,200 within the next 90 days.

Bitcoin Price Analysis, 8% Chance Of Drop To $22,600

Peterson’s analysis indicates an 8% likelihood of Bitcoin experiencing a downward movement to $22,600, while a 71% chance of the cryptocurrency surging to $31,200. 

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Bitcoin
BTC’s price prediction over the next 90 days. Source: Timothy Peterson on X.

According to the chart above, Bitcoin’s price will likely enter a macro consolidation phase over the next 90 days. During this period, the price may fluctuate within the range of its key Moving Averages (MAs).

However, the crucial factor for bullish investors is the low probability of a drop below $22,000. This allows them to regain control of the 50-day and 200-day MAs in the short term, currently positioned at $27,200 and $27,000, respectively.

The recent recovery of Bitcoin to the $26,000 level has alleviated concerns among market participants who were apprehensive about a potential downward spiral. The cryptocurrency’s ability to bounce back has instilled renewed confidence among investors.

Nevertheless, Bitcoin faces a series of resistance levels that could pose challenges. In the immediate term, resistance at $26,454 has temporarily halted the cryptocurrency’s upward momentum.

As mentioned earlier, Bitcoin lost its key MAs in August, resulting in additional obstacles on its journey back to $30,000. However, if these resistance levels are surpassed, there remains only one more hurdle before the cryptocurrency can surpass its annual high zone. 

This final resistance stands at $29,800, which has historically proven to be a formidable barrier whenever Bitcoin has aimed to achieve new highs.

Imminent Final Decline Expected?

As the market approaches the final weeks of Q3 and edges closer to the new year, QCP Capital, an analysis firm, has been closely monitoring the market using two critical blueprints: the supermoon cycle and the Elliot Wave count. According to their analysis, an imminent final decline is expected to close the quarter at its lows.

Bitcoin
BTC’s decline course according to QCP’s Elliot Wave count. Source: QCP Capital.

The chart above illustrates the projected decline, aligning with QCP Capital’s blueprints. The firm believes that the crypto and macro events calendar also supports this view, with a concentration of upcoming bearish events expected to transition to a neutral stance from mid-October onwards.

Notable future events include tomorrow’s likely higher-than-expected CPI (Consumer Price Index) data and a more hawkish-than-expected Federal Open Market Committee (FOMC) meeting next week. 

Additionally, asset sales of FTX tokens and the conclusion of the Mt. Gox proceedings over the next month contribute to the bearish sentiment.

Although QCP Capital’s theory suggests a potential bottom soon after the supermoon early next month, they anticipate the true bottom to materialize in mid-late October when the negative news cycle has run its course. They expect the market to stabilize during this time and potentially reverse its downward trend.

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Despite the short-term challenges, QCP Capital remains bullish on the overall outlook. They anticipate a positive trajectory from mid-late October, extending into year-end and Q1 of the following year.

Bitcoin
BTC’s recovery of the $26,000 line on the daily chart. Source: BTCUSDT on TradingView.com

BTC is currently trading at $26,100, reflecting a 3.5% increase over the past 24 hours and a gain of over 1.5% in the past seven days.

Featured image from iStock, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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