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Bitcoin breaking new highs in Q4 will temporarily turn alts to dust


28 Sep 2021

#Bitcoin

Things will get exciting in quarter four, but not before a convincing floor is put in across crypto, analysts say this week. Bitcoin (BTC) was busy losing its overnight gains on Sept. 27 as resistance continued to prove too much for bulls. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to around $1,000 below overnight highs of $44,400 on Bitstamp on Sept. 27. The move constitutes a rejection at a “critical” zone to break, Cointelegraph contributor Michaël van de Poppe explained, with $42,000 now the key level to hold for a higher low.

Bitcoin is acting in an increasingly narrow range, he summarized in his latest YouTube update. “Right now, we’re stuck,” he said, pointing to $47,000 as next should the $44,600 zone be reclaimed.

On the downside, the zone between $38,000 and $40,000 remains valid for a bounce, while a complete failure of the range as support would then send BTC/USD toward its 2021 opening price, around $28,000.

“If $42,000 is lost, I think we’re going to have into the lows here and take the liquidity beneath the low before we’re going to have an actual reversal at this stage,” van de Poppe concluded about short-term price action.

As Cointelegraph reported, volatility was broadly anticipated thanks to the imminent vote on the United States government’s infrastructure bill, which could come as soon as Sept. 27. Combined with residual fears over China’s latest “ban” on crypto transactions, the bad-news narratives continued to hold major sway into the new week.

Altseason expected to follow Bitcoin Q4 surge

Altcoins mimicked Bitcoin’s lack of general direction on the day, with most of the top 10 cryptocurrencies flat over the past 24 hours. Only Solana (SOL) managed to put in a convincing move, up 6.5% to $145 at the time of writing. Despite being uninspiring throughout September, altcoins are nonetheless due for a major resurgence,  popular trader Pentoshi forecast.

This, he said, should take a similar form in Q4 2021 as the same time last year — part of a general expectation that Bitcoin will shoot higher before the year is out. “Few understand. Q4 last year alts were at [all-time lows] vs BTC,” he reasoned. “The day it hit that bottom line which I posted months in advance is the day the market topped. Soon bitcoin will break out temporarily turning alts to dust which in turn will lead to new ath’s + bring new participants.”

While September is tipped to end on an average note for the markets, October could bring about the start of the Bitcoin renaissance first, with a “worst case scenario” closing price of $63,000.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 57.6% 84 $29 815.26 1.01% -0.39% $567 877 135 044 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 56.8% 88 $2 000.88 1.06% -2.66% $241 865 980 181 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $0.998909 0.01% -0.01% $73 195 168 297 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000209 -0.03% 0.01% $53 074 379 147 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 59.6% 88 $316.28 1.60% 6.46% $51 641 959 049 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 60.4% 89 $0.416706 0.37% -1.83% $20 144 872 785 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000981 0.08% 0.01% $18 535 892 542 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 59.2% 91 $0.534887 -0.11% -1.96% $18 046 551 403 ADA 7 days price change
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13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 57.6% 84 $29 803.20 1.19% -0.35% $8 243 652 197 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 70.8% 53 $0.076135 1.95% 11.63% $7 366 247 062 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 94% 1 $0.999947 -0.11% -0.03% $6 528 397 233 DAI 7 days price change

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