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Michaël van de Poppe, CEO and founder of MN Trading highlighted a critical level that Bitcoin must maintain to avoid a significant crash in his latest tweet. The cryptocurrency is currently clinging to a substantial support level, which is situated around the $25,500 mark.
There’s a level which #Bitcoin must hold in order to avoid a significant crash.
Bitcoin is currently holding onto a significant level of support. It’s around the $25,500 barrier.
In the meantime, we’re facing a month of destruction. September. What’s next for Bitcoin? 👇… pic.twitter.com/nNI8GmxKuN
— Michaël van de Poppe (@CryptoMichNL) September 7, 2023
As September unfolds, the cryptocurrency market faces a challenging month ahead, leaving many investors wondering about the future of Bitcoin.
Bitcoin’s current predicament has it resting on the 200-week Moving Average (MA), a level that holds immense importance for its stability. It’s worth delving into historical and cyclical patterns in the cryptocurrency markets to gain a better perspective on this situation.
Firstly, a recurring trend emerges when observing August and September in the years preceding Bitcoin’s halving events. These months have historically proven to be turbulent for the cryptocurrency.
For instance, in August 2015, Bitcoin experienced a substantial correction, although it never closed below the 200-EMA (Exponential Moving Average).
Similarly, in August 2019, Bitcoin went through a noteworthy correction, followed by a smaller one in November of the same year. While it’s tempting to focus solely on the price action in 2019 for insights, the picture remains somewhat unclear.
However, when considering the larger context, particularly the influx of institutional investors in this market cycle, a correlation emerges with the 2015 cycle. The current correction could be viewed as the final one in this context. According to this analysis, surviving September may pave the way for a more favorable outlook.
Uncertainty looms over the cryptocurrency market, and investors may be pondering the best investment strategy in these challenging times. The road ahead for Bitcoin remains uncertain, but by closely monitoring key support levels and historical patterns, traders and enthusiasts alike hope to navigate the storm and position themselves for potential future gains.
Bitcoin (BTC) Price
In the most recent price analysis, Bitcoin is currently trading at $26,251.01. Over the past 24 hours, the cryptocurrency has seen a 1.94% increase in its price, marking a positive trend. The 7-day chart indicates a 0.91% increase, suggesting a modest uptrend. Trading activity remains robust, with a 24-hour trading volume of $12,391,406,186, indicating significant market participation.
CoinMarketcap
According to technical indicators, the current sentiment is categorized as “Bearish,” implying a cautious outlook among traders and investors. This sentiment could be influenced by various factors, including recent market developments and news. The Fear & Greed Index, which gauges market sentiment, is currently at 46, indicating “Fear” in the market.
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