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Bitcoin is still stuck in consolidation, is about to explode in the 4th quarter

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Bitcoin is still stuck at around $ 6,600, however, a breakout will come soon. But its direction is unknown. Would this year see the same explosion in the price of the last year?

Bitcoin breakout coming soon but unknown direction

In recent days, Bitcoin remains ineffective as it shows a meager move at around $ 6,600. At the time of writing, Bitcoin remained at $ 6,571 while it was slightly red. The current price range was between $ 6,564 and $ 6,644.

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Chart of 1-day prices of BTC, Source: TradingView

The most important cryptocurrency in the world is around $ 6,600, however, the price is showing signs of rupture that may occur soon. But the point that is worth noting here is that the technical indicators are still giving mixed signals, so it is difficult to determine in which direction the prices move.

One of the most worrying factors at the moment is the lack of volume as Bitcoin is still managing the daily trading volume of $ 3.9 billion for quite some time.

Also, read: US regulators in divisions on the future of cryptocurrency as CFTC main states "Crypto are here to stay"

Will this year end with a surge?

For now, Bitcoin is showing a steady but growing growth trend. However, this can definitely change the track as q4 has a history of rising Bitcoin prices. Although there have been many positive developments and market news, investors seem to be looking for other catalysts to actively enter into action.

No one knows for sure, but given the fact that Bitcoin has seen volatile months followed by an increase in the last quarter in the past, it is a possibility shared by the merchant Josh Olszewicz on Twitter:

With the ICE Bakkt coming up next month and the launch of physically delivered bitcoin futures contracts, the rally could soon start. However, given the way CME bitcoins futures are seen as influencing the price of Bitcoin while investors are coming short or long on Bitcoin, we may also see new lows in the future.

Currently, Bitcoin is trading in a bear market despite the positive and bullish scenario of graphs and experts. So if Bitcoin succeeds and falls low, this will bring an influx of buyers driven by FOMO. These investors who have previously lost Bitcoin and are now trying to buy it in less will bring their funds into the market.

You may not be sure which direction the bitcoin would go, but it seems that stability at around $ 6,000 can finally be moved.

Summary

Bitcoin is still stuck in consolidation, is about to explode in the 4th quarter

Item name

Bitcoin is still stuck in consolidation, is about to explode in the 4th quarter

Description

Bitcoin is still stuck at around $ 6,600, however, a breakout will come soon. But its direction is unknown. Would this year see the same explosion in the price of the last year?

Author

Achal

Publisher name

COINGAPE

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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.


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