Crypto expert Jesse Olson has found a second Heikin Ashi signal in a row on Bitcoin’s (BTC) weekly chart. This suggests that the price may continue to fall. This comes after Bitcoin recently went up to $58,000, which led to talk about a possible turn around in the rising trend.
Olson said that the fact that Bitcoin’s weekly chart doesn’t have an upward wick shows that there is still falling pressure. Based on his research, Bitcoin could fall as low as $40,000, even though it has recently risen to $58,000. Some people think the price rise is a sign of a bullish reversal, but Olson thinks it’s more likely just a short relief bounce.
Bitcoin Needs Key Breakout
But other researchers have different ideas. According to Daan Crypto, BTC needs to break above $60,000 to show a real turn in the rising direction. Mikybull Crypto, on the other hand, is more positive. He says that BTC has finished a bullish diamond formation, which he thinks could be the bottom if the bull market stays strong.
A bullish divergence was seen on BTC chart, similar to one seen in September 2023. This led to a big rise and a new all-time high (ATH) earlier this year. He thinks that another rise like this could happen as BTC gets close to new highs.
The cryptocurrency community is still holding out hope that BTC price will break its long-term downward trend in September and start a strong price rise in October. Analyst Rekt Capital pointed out that BTC usually does well in October, saying that the only times it lost money in October were during bear markets in 2014 and 2018.
Rekt Capital thinks that a rising trend will continue since Bitcoin is in a halving year. The upcoming US presidential elections in November could make this trend even stronger.
CoinMarketCap says that Bitcoin is now worth about $56,600, which is more than 3% more than it was 24 hours ago.
