Bitcoin (BTC) Roadmap to $93,000, as the 'September Effect” Shakes the Market

The “September Effect” is, so far, in full force against Bitcoin (BTC) and other cryptocurrencies, mirroring historical patterns, as Finbold

After a recent drop in Bitcoin (BTC) price, technical analysts are optimistic about an upcoming bull rally. As reported by Finbold, several analysts have been sharing their outlooks and trading plans amid the bearish market sentiment.

One of these traders, known as Cryptorphic, recently shared a “BTC/USD roadmap to $93,000” on TradingView. He begins by urging traders and investors to “stay strong” as “things are going to improve soon.”

“Hello everyone, first off, stay strong—things are going to improve soon! Many people are confused right now and might get liquidated, eventually leaving the market and regretting it later. But not you! You have access to this information.”

The trader shared a technical analysis of higher time frame indicators to reach $93,000 with key support and resistance levels to watch in the following weeks.

Bitcoin roadmap to $93,000 on TradingView by Cryptorphic: BTC/USD 2-week price chart on Coinbase. HTF trend lines (blue) and support (green) are highlighted with fib extensions (white). Notably, the analysis looks at the two-week BTC/USD chart on Coinbase, tracing two high time frame (HTF) trend lines. The HTF support dates from 2015, while the resistance starts in December 2017, each making higher lows and higher highs. Their confluence traces the overall roadmap to $93,000 per Bitcoin and beyond. Besides that, Cryptorphic marked intermediary support levels in lower time frames, which he believes will play an important role before Bitcoin can get back into a bull market.

Bitcoin key support levels to watch before $93,000 on TradingView by Cryptorphic: BTC/USD 2-week price chart on Coinbase with HTF trend lines (blue) and fib extensions (white). Key support levels are highlighted in rectangles. In particular, the analyst mentioned two “high-confluence zones” that “could signal a strong bounce and an upward move” if kept. First, an important psychological range between $50,521 and $50,901, close to the round number of $50,000. Second, between $46,216 and $46,930, although Cryptorphic thinks it is less likely, considering the first level's strength.

After testing these supports, the trader is optimistic that Bitcoin could quickly bounce to its all-time high between $70,000 and $72,000 and even higher – between $89,000 and up to $93,000. However, he also noted that there is relevant support at lower levels, like between $52,550 and $53,400, which could notably prevent BTC from going below.

As of this writing, Bitcoin trades at around $54,500, and three other analysts believe the worst has already passed for BTC/USD.

CrypNuevo, The ForexX Mindset, and Credible Crypto, as Finbold has been reporting throughout the week. CrypNuevo shared his trading plan for the week last Sunday, which played out as expected. As forecasted, Bitcoin would drop between $51,500 and $56,600 after a “liquidity run” up to $61,300.

The ForexX Mindset warned of a bear trap that could go as low as $51,188. This would be a necessary step before following a bull diamond chart pattern, leading the price above the all-time high.

Bitcoin (BTC) 3-day price chart on Coinbase. Source: TradingView / The ForexX Mindset / Finbold Meanwhile, Credible Crypto celebrated Bitcoin reaching his “downside target” below $54,500, saying the “full bull gear” can now start.

Well, my downside target on $BTC has been hit, and the original idea shared below looks to have played out, despite us not getting any relief in between (like I was most recently expecting).

By skipping the "relief rally" in between and just heading straight down, we may have… https://t.co/ObW2GkgRPn

As things develop, Bitcoin traders and investors closely watch BTC's price action and seek insights from other analysts. If everything goes as most experts forecast, the leading cryptocurrency could soon reach and break its all-time high – heading directly to $93,000 and beyond.

Given the volatility, these professionals also warn of the need for caution and to avoid overexposure in high-leverage positions.

The above is the detailed content of Bitcoin (BTC) Roadmap to $93,000, as the 'September Effect” Shakes the Market. For more information, please follow other related articles on the PHP Chinese website!