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A prominent crypto analyst has reported that Bitcoin has officially entered the expansion phase of its market cycle. The cryptocurrency market typically experiences three distinct phases: the best price opportunity, expansion, and declining phases.
The best price opportunity phase, characterized by favorable entry points for investors, has concluded, marking the beginning of the expansion phase.
According to the analysis, the William % R indicator indicates a shift in momentum from bearish to bullish, as Bitcoin is no longer in oversold conditions. The %R crossing over the EMA further underscores the positive turn in market sentiment.
Is Bitcoin On A Bullish Trajectory?
Despite the bearish background noise, Stockmoney Lizards, another crypto analyst, shared a different perspective on Twitter. While acknowledging the skepticism, the analyst highlighted that Bitcoin is currently trending higher.
Stockmoney Lizards urged investors to examine past cycles to validate this trend, emphasizing the importance of identifying potential fakeouts or bull traps.
Stockmoney Lizards referenced historical patterns, noting that after previous bear markets lasting over 12 months, Bitcoin entered a bullish phase with a clear uptrend, leading to a pre-halving peak at the 61.8 Fib level.
The analysis suggests that, as of now, Bitcoin has not broken its bullish structure, maintaining higher highs and lows. According to Stockmoney Lizards, the outlook is a potential year-end rally, constituting the final bull run post-halving.
Adding to the discussion, crypto analyst Jelle also weighed in, pointing out that the current month-end and the conclusion of Q3 are poised to mark the strongest September in eight years.
The last day of the month, the last day of Q3.
Unless the market nukes today, we’re on track to close the strongest September in 8 years.
In the past, a green September resulted in a green October, November and December as well.
Will history repeat? #Bitcoin pic.twitter.com/xPnHKDj0yN
— Jelle (@CryptoJelleNL) September 30, 2023
Drawing on historical trends, Jelle speculates that a green September could pave the way for positive outcomes in October, November, and December. The question on everyone’s mind: Will history repeat itself? The crypto market eagerly awaits events unfolding in the coming weeks and months.
In this pivotal period, investors are advised to remain focused, filtering out the noise, as decisions made now will play a crucial role in determining future success in the crypto investment landscape.
Nevertheless, at the time of writing, BTC is trading at $26,997.83 with a 24-hour trading volume of $5 billion. Bitcoin is up 0.31% in the last 24 hours, and there is almost a 2% rise in the weekly chart.
Related Reading | Bitcoin Analyst’s Market Insights: Potential Crash And Bullish Signals
