Bitcoin Price Analysis: Will BTC Price Test For A Rebound Soon?
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Bitcoin, the star crypto of the industry, had started the month of October on a positive note as the coin had gained nearly 5% in value. The market leader recently experienced a dip in its value from $28,584 to $27,287, after which BTC price has again started rising steadily.
The crypto market has been trading under a bearish influence for more than 500 days, making it one of the lengthiest bear markets of all time.
The industry experienced a surge during the start of the year, when the value of Bitcoin price jumped by almost 100%, following which the market plunged and is once again trading in the accumulation period, waiting for the prolonged bull rally to begin.
Bitcoin Price Analysis
Altcoin Sherpa, a well-known crypto analyst with a substantial following of 196K + on the X platform, predicts the BTC price may experience a rebound soon. He points out the support and resistance levels, displaying the possibility of a breakout.
By suggesting the possibility of Bitcoin gaining value in the coming days, the analyst hints at a potential opportunity for investors and traders to enter the market and make a trade.
$BTC: wick in late August tagged, price is probably short term bottomed.
EMAs all still look bullish on the 4h, I still think this looks ok. Would love to see price chop and then retest the 28ks again. #Bitcoin pic.twitter.com/5ryVpprdde
— Altcoin Sherpa (@AltcoinSherpa) October 3, 2023
Will BTC Price Go Back Up?
Taking into consideration the analysis of Altcoin Sherpa, Bitcoin price is expected to rebound as it displays bullish movements in its charts. Further, if the BTC price manages to cross the $28,000 mark soon, then the coin will continue to gain a bullish sentiment from the market.
With the market gaining momentum at the beginning of October, also know as the month of Uptober in crypto-verse. considering the historical market sentiments. The investors have high hope from the market this month as the month has started on a bullish note.
Filed under: Bitcoin - @ October 3, 2023 10:17 am