Here’s The Timeline When Bitcoin’s (BTC) Price Will Initiate Fresh Rally?
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The post Here’s a timeline of when Bitcoin (BTC) price starts a new rally? appeared first on Coinpedia Fintech News
Bitcoin’s price has fluctuated in recent days primarily due to macroeconomic concerns. After “The Merge” event, the benchmark cryptocurrency rejected north of $20,000 and looks set to remain volatile throughout today’s trading session.
The Fed will announce an upcoming rate hike at the Federal Open Market Committee (FOMC) meeting later today. The crypto market is expected to become more volatile before this important event, as it was in the previous month.
There could be more bad news for the leading digital asset as the cryptocurrency market looks to recover and Bitcoin struggles to maintain its position above $19,000.
When Will BTC Price See A Recovery?
Josh Rager, a crypto trader and analyst, highlighted this in a tweet on September 20, saying that “it’s not looking so good right now” for Bitcoin, claiming that “it rejected above the level and looks like it wants to lower” referring to the S&P 500 stock chart.
As Rager said, the chart shows that the S&P 500 has rejected the critical resistance level at $4,310 over the past few days and appears to be on the downside.
He believes Bitcoin is at risk as it has a negative historical correlation with the S&P 500 and is hovering at support near $18,000-$19,000 for the fifth time. Rager, currently flat, expresses some optimism, saying, “Maybe we’ll get another bounce,” adding, “I’m flat, but I’ll keep an eye on this one.”
Nevertheless, Rager predicted that the largest cryptocurrency would experience a significant recovery in 2024 immediately after the halving event, and warned investors to be vigilant and take the market on a weekly basis. Rekt Capital, another cryptocurrency trading specialist, predicts that Bitcoin will bottom out in the fourth quarter of 2022, given the token’s performance 517-547 days before its previous halvings.