- BTC’s price finally managed to go above the $27,000 mark.
- While most metrics were bullish, BTC’s Open Interest declined.
Bitcoin’s [BTC] price has not been as volatile as it once was, which has demotivated investors. As per latest data, Bitcoin has been trading within a declining-broadening wedge for the past 900 days.
Read Bitcoin’s [BTC] Price Prediction 2023-24
Thus, it seemed likely that the king of cryptos might soon get off the leash and rise in the last quarter of 2023.
Is Bitcoin setting up a stage for a bull run?
Cryptocon, a popular X (formerly Twitter) account that posts updates related to the crypto market, recently pointed out that the Awesome Oscillator metric has crossed into the cycle bottom zone outside the bottom.
As per the tweet, BTC’s price was at a market bottom on 1 October, meaning that the coin’s price will go up in the days to follow.
The Ultimate Oscillator thinks #Bitcoin is at a… cycle bottom?
For the first time ever, the indicator has crossed into the cycle bottom zone outside of the bottom.
Why would you try to wait for this to go even lower?
It's clear that… pic.twitter.com/OTmMTXbDwL
— CryptoCon (@CryptoCon_) September 30, 2023
The tweet also mentioned that this might be the last opportunity for investors to accumulate before BTC gears up to reach new highs, noting:
“It’s clear that Bitcoin is offering you one last accumulation opportunity, but most people will squander it, predicting recession and worrying about the macro.”
Additionally, Mags, a popular crypto analyst, pointed out a bullish pattern on BTC’s chart. As per the tweet, BTC’s price entered a descending wedge pattern on 29 September, which was a bullish signal.
#Bitcoin has been trading within a Descending Broadening Wedge for the past 900 days.
Price is consolidating just below the upper resistance line of the wedge
According to the pattern, the Technical target should be between $70,000 to $80,000.
We also saw how the Double Top… pic.twitter.com/u3r9sf9FWP
— Mags (@thescalpingpro) September 29, 2023
According to the pattern, the technical target should be between $70,000 and $80,000.
Though no one can actually gauge what the future might look like, a look at the crypto’s on-chain performance gave a better understanding of which direction BTC might go in the short term.
What to expect from Bitcoin
The aforementioned charts looked favorable for BTC, as the coin also managed to push itself above the $27,000 mark. According to CoinMarketCap, at the time of writing, BTC was trading at $27,077.73 with a market capitalization of over $528 billion.
CryptoQuant’s data further revealed that BTC’s exchange reserve was also decreasing, meaning that it was not under selling pressure. Bitcoin’s Coinbase Premium and funding rates were also green, suggesting that buying sentiment was dominant in the market.
Source: CryptoQuant
Is your portfolio green? Check out the BTC Profit Calculator
However, a few of the other metrics looked concerning for the coin. For instance, as per Coinglass, BTC’s Open Interest dropped while its price surged over the last few days.
Generally, a drop in Open Interest means that the ongoing price trend might end – a bearish signal.
Source: Coinglass
