Crypto markets saw typical fluctuations over the weekend, with BTC briefly rising by 6% before dipping again. Last Dip Buying Opportunity? Analysts Predict Bitcoin Will Soar Beyond $90K Soon
Despite recent volatility, BTC prices are similar to mid-August levels, countering predictions of a drop below US$40k.
Emotional trading continues to influence the market, as indicated by the Fear & Greed Index currently in “Fear” territory.
Analysts predict significant potential for BTC, noting a possible breakout to US$92k and higher, driven by a “bull pennant” pattern.
The crypto markets are in a state of flux, with most major assets trading in a range over the weekend. While BTC has rallied over the past week from US$55k (AU$81.9k) to currently just below US$59k (AU$87.9k), which is a solid 6% increase, in the past couple of hours it has dropped by 2%, from just over US$60k (AU$89.4k).
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Despite this, considering BTC’s monthly moves, not much has changed and the number one crypto is back where it was in mid-August. Some analysts had previously predicted the BTC price could fall below US$40k (AU$59.6k), which has not yet come to pass.
Meanwhile, the Fear & Greed Index remains in Fear territory, a slight improvement over last month when Extreme Fear was prevalent.
The crypto market is of course highly influenced by emotional behaviours, where rising prices trigger greed and FOMO, while declines often lead to panic selling.
The Fear and Greed Index tries to mitigate these emotional responses by suggesting that extreme fear may indicate a buying opportunity, whereas excessive greed could signal an impending market correction. Last Dip Buying Opportunity? Analysts Predict Bitcoin Will Soar Beyond $90K Soon
Analyst Says US$90k Possible, With “Bull Pennant” Still Possible
Well-known analyst Titan of Crypto believes that BTC may be ready for a breakout and a three-month run, possibly hitting the US$92k (AU$137k) mark. And, according to the analyst, there’s potential for much more:
A “bull pennant” is a chart pattern used in technical analysis that typically signifies a continuation of an upward, or bullish, trend. The pattern is characterised by a large increase in price followed by a period of consolidation – depicted by converging trend lines forming a triangular shape, resembling a pennant.
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