Bitcoin is currently basking in bearish realms. The token has fallen dramatically over the past week and is currently trading at $61K. BTC rallied spectacularly and breached $66K earlier, but it is down significantly at press time due to volatile geopolitical changes.
However, analytical portals are describing this change as lucrative. Let’s explore why the change in Bitcoin’s pace is being dubbed positive.
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This BTC Marker Indicates A Bullish Market Is Near.
Source – Bitcoin.com
According to Santiment, BTC’s fall is a positive sign for the market now that Bitcoin has retraced its step back to $60K. The portal shared how markets often move opposite the current crowd sentiment, indicating that a Bitcoin bull market might be on the cards soon.
To elaborate further, the portal shared how Bitcoin’s recent price decline has tempered the crowd sentiment, which was earlier overly ecstatic about BTC’s rise to $66K. Since markets tend to move opposite to what the current crowd sentiment is projecting, this sign is considered lucrative since Bitcoin now has a chance to recover its lost valuation.
“With Bitcoin retracing -9.2% since its $66.4K local high on September 27th, the crowd has cooled its excitement toward crypto considerably. This change in mood is encouraging, considering markets typically always move in the opposite direction of the crowd’s expectation.”
The portal had earlier posted a similar post on X, outlining how BTC’s current rally has compelled investors to become overly positive about Bitcoin. This triggers the bearish effect, pushing the markets to move to the opposite of what the crowd is currently thinking. This led to BTC dropping to $60K.
“If you’re awaiting Bitcoin’s new all-time high, it may need to wait until the crowd slows down their own expectations. There are currently 1.8 bullish posts toward BTC for every 1 bearish post. Markets historically always move in the opposite direction of crowd’s expectations.”
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The Token’s Price Forecast For October
Bitcoin is currently at $60K, and the crowd is eager to witness another sharp token rally. According to CoinCodex, BTC may soon recover its lost fortune by trading at $80K by the end of October 2024.
“According to our current BTC price prediction, the price of BTC is predicted to rise by 41.39% and reach $ 86.132 by November 2, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 37 (fear). Bitcoin recorded 17/30 (57%) green days with 5.76% price volatility over the last 30 days. Based on the Bitcoin forecast, it’s now a good time to buy BTC.”
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