The post Bitcoin is stuck in a tight range. Are we still on track for a bullish breakout next year? appeared on BitcoinEthereumNews.com.

The MN Consultancy CIO and Founder stated that Bitcoin’s price has been stuck in a tight price range and explained different indicators explaining the price of BTC. The analyst, Michael Poppe, explained that the crypto market has a bearish sentiment, with Bitcoin hovering over the same range over the past 200 days.  Poppe still noted that the neutral Fear and Greed Index is not as bad as it was a few months ago when it was as low as 26. For this reason, Poppe believes that many events will happen in Q4, saying that the quarter will be a great period for the crypto cycle.  The consultancy firm’s founder referred to his previous discussions in Uptober as one of the great events of Q4. According to Poppe, while Uptober wasn’t happening yet, the month is still halfway and could offer more bullish events. Uptober, according to Poppe, is from 7 to 11 October, when most investors expect upward momentum in crypto markets.  However, Poppe was slightly skeptical about current Bitcoin prices, which hover around 62 to 66K and are not as impressive as he expected. He also said that if investors do a fear comparison next to the altcoins, they would get a number 20 to 30.  ETH recovery depends on Bitcoin breaking crucial levels Poppe said the current technical altcoin valuations are the lowest crypto markets have seen. Michael described the ETH/BTC chart as the worst chart he has seen over the years, saying it continued to have a downward momentum. According to Michael, Ethereum is improving, with lower fees, staking, and DeFi. The MN Consultancy CIO explained that the blockchain was expanding in the current period, and it would only be a matter of time before ETH recovered.  However, altcoins are following suit, given that ETH is trending…

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Filed under: News - @ October 14, 2024 6:26 pm