Bitcoin is losing just before the start of Q4, but the end of the bear market is near

Bitcoin is losing just before the start of Q4, but the end of the bear market is near

Bitcoin (BTC) hit a new weekly low early Sept. 28 after the price plummeted again overnight.

Bitcoin Price Chart (Bitstamp). Source: TradingView

First of all, there is a risk of further losses

Accordingly, data from Cointelegraph Markets Pro and TradingView shows that bitcoin price has crashed to a low of $18,461, down nearly $2,000 from the previous day.

The downturn came in step with the stock market, which also lost ground after it had recently been slightly up again.

The S&P 500 and Nasdaq Composite Index ended Tuesday down 0.25% and up 0.25%, respectively.

Things went much less smoothly for the crypto market, which is why hopes for a more positive Q4 are already dampened again. Rather, the observers are now expecting further losses.

The Trader Il Capo of Crypto is still optimisticthat October could take a similar development as in the previous year – which would mean new gains – but this would not come entirely without pain.

The expert expects “a positive Q4, which, however, will initially bring new lows”.

His colleague Rekt Capital, in turn, points to the next big hurdles Bitcoin has to climb on the monthly chart to get back on its feet.

“We’re already seeing a significant pullback at the $19,800 resistance,” the analyst said of the upcoming monthly close notes. To which he adds:

“It can be assumed that we will see further ups and downs around this mark until the end of the month. Most important will be how the monthly chart ultimately closes relative to the bottom of the price range.”

Bitcoin price chart with green line. Source: Rekt Capital/ Twitter

Should the green line there undercut (see above), the Bitcoin price would have fallen out of the monthly range that has been intact since the end of 2020.

Bear market over soon?

Meanwhile, the probable end of the 2022 bear market is dividing opinion about how to transfer historical data to the current situation.

Luke Martin, the moderator of the STACKS podcast, points out that 322 days have passed since Bitcoin’s record high last year.

However, since the previous record high of 2017, the Bitcoin price has been in a bear market for 364 days, which could indicate that the end of the current dry spell is not too far away.

“The timing of the cycle is optimal,” as Charles Edwards of crypto asset management Capriole supports this reading.

Critics such as the analyst tedtalksmacro counter that the overall economic situation is currently much more dramatic than in 2018. A comment that Martin also concedes.

Bitcoin-Kursdiagramm. Quelle: Luke Martin/ Twitter

In fact, the US Federal Reserve has not yet announced an end to the continuous interest rate hikes anytime soon, which should continue to put pressure on the stock market and the crypto market.

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