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Bitcoin Price Relief Rally In This Making? BTC Could Target $26,000

September 26, 2022
in Bitcoin
Bitcoin Price Relief Rally In This Making? BTC Could Target $26,000

The Bitcoin value continues to commerce in a good vary between the mid space round $18,000 and $19,500. The cryptocurrency has been shifting sideways after a rejection from the $20,000 stage which has led to a spike in concern and uncertainty throughout the nascent sector.

At the time of writing, the Bitcoin value trades at $19,100 with a 2% revenue within the final 24 hours and a 1% loss over the past week. The bearish sentiment and concern within the crypto market trace at a possible aid rally which could coincide with the macro forces influencing world markets.

BTC’s value shifting sideways on the 4-hour. Source: BTCUSDT Tradingview

Bitcoin Price Forms A Bottom… For Now

After final week’s U.S. Federal Reserve (Fed) announcement of a brand new rate of interest hike, the Bitcoin value has been dominated by promoting strain. Bears managed to push the cryptocurrency near its multi-year low at $18,000.

These ranges have been working as essential assist as BTC’s value developments to the draw back from an an-all time excessive of $69,000. As promoting strain gained momentum, Bitcoin has stayed about these essential ranges.

Analyst Justin Bennett believes BTC’s value is re-creating a value motion displayed again in early 2022. At that point, the Bitcoin value was recovering from an enormous crash and shaped a channel between $37,500 and $49,500.

The cryptocurrency traded sideways inside this sample for a number of months solely to be pushed down by macroeconomic developments. This led to a different large crash in May 2022.

Bennett believes the Bitcoin value is perhaps forming the same channel since late June with $27,500 potential working as essential resistance. As seen under, the analyst believes BTC hit the underside of the sample and is perhaps ready to re-test the highest at round $26,000 earlier than crashing under $18,000.

The analyst wrote: “Same construction for $BTC as Feb-April, solely we’re lacking a retest at $26,000”.

Bitcoin price BTC BTCUSDT Chart 2BTC’s value shifting on a channel with a possible high at $27,500. Source: Justin Bennett through Twitter

Macroeconomics Ready To Support A Bitcoin Price Relief Rally

Additional information supplied by Senior Analyst for Messari, Tom Dunleavy, suggests the crypto market would possibly profit from a bounce in conventional markets. As the Fed hikes rates of interest, risk-on property, resembling Bitcoin and shares, have proven a excessive correlation.

(1/5)Could be in for one more tough week, however everybody all the time says a backside comes once we attain peak bearishness.

Are we nearly there?

Some fascinating information factors: In futures positioning, leveraged accounts are new quick greater than they’ve been in a 12 months, by a large margin pic.twitter.com/VsXwFHj6na

— Dunleavy (@dunleavy89) September 26, 2022 

At the time of writing, bearish sentiment in monetary markets appears to be reaching ranges final seen in 2020, through the begin of the COVID-19 pandemic. This is normally an indicator of a market backside and potential aid as quick positions piled up out there.

According to Dunleavy, the Put/Call Ratio (P, a metric used to measure the variety of name (purchase) possibility contracts versus put (promote) possibility contracts is reaching a stage of 1. This might be translated right into a excessive bearish sentiment in world markets.

The final time the Put/Call Ratio was at its present ranges, the Bitcoin value and the crypto markets went right into a multi-year bull run and entered value discovery towards an all-time excessive. While the present macroeconomic state of affairs would possibly cap any bullish value motion, the momentum may very well be sturdy sufficient to hit $26,000, as Bennett proposed.

Bitcoin price BTC BTCUSUDT Chart 3Put To Call Ratio at its highest stage since 2020. Source: Tom Dunleavy

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