Bitcoin (BTC) Trader Astronomer Zero Maintains Bullish Outlook Despite Recent Price Fluctuations

Astronomer Zero stated that all his analyses are still valid despite the recent market fluctuations.

Bitcoin (CRYPTO: BTC) enjoyed a strong rally in 2023, but it has faced some challenges in recent weeks. However, a popular crypto trader is still bullish on the apex crypto, offering fresh insights into its price movements.

What Happened: Astronomer Zero noted that all his analyses are still valid, despite the recent market movements. He highlighted the importance of his previous signals, which have proven to be highly accurate. He stressed on the more than 35 data points used as base for predictions.

This is a significant number considering that most Bitcoin speculators rely on one or two data points and heavily include their own bias. He also added that despite his occasional early exits from leverage longs or taking profits, his high timeframe analyses remain unchanged.

A close below the $49,000 low would result in Bitcoin falling well below the electricity cost, a situation that has not occurred before. This could have unknown consequences and would also result in prices falling below a hash ribbon cross and giving a sub-40 monthly RSI.

Why It Matters: Astronomer Zero remains confident in his analyses despite the potential risks attached to Bitcoin and the crypto industry overall. He stated that if Bitcoin does not break down, it must eventually break to the upside.

He predicted that the breakout would likely occur in the fourth quarter, with more than 90% accuracy. However, if Bitcoin loses $57,500, this breakout analysis would no longer be valid as it would lose a key demand zone.

While Bitcoin moved below the $60,000 mark, the trader expressed confidence in buying range lows again, supported by strong data.

What’s Next: The influence of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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