Pre-bull consolidation? Bitcoin (BTC) price continues to hover around $19,000. Some traders and analysts are now expecting increases in the fourth quarter, citing factors exogenous to BTC markets.
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The price of Bitcoin “involatile” over several weeks
Bitcoin price falls up to $19,098 on Bitfinex today, October 19, 2022. The cryptocurrency is trading at $19,195 at the time of writing. Its price is currently recording a daily loss of 0.90%.
Bitcoin continues to register a doji on a weekly basis, for three and a half weeks. Uncertainty continues to dominate the markets, with virtually no volatility.
Analyst Matthew Hyland pointed to the fact that Bitcoin has ” proven that he could consolidate and remain involatile for a significant period”. What are the factors that could unblock the current situation in the very short term?
A favorable fourth quarter from a macroeconomic point of view
Market analyst, Kevin Svenson, shared a chart of the price of the dollar yesterday, October 18, 2022, while pointing out that the DXY “would be about to break below the parabola bullish trend, which has been forming since February of this year.
If the dollar does indeed cross below this parabola, Kevin Svenson believes that “a huge rally in BTC is likely to occur”.
The founder of the company Eight, Michaël van de Poppe, also issues macroeconomic forecasts which should benefit risky assets like Bitcoin in the very short term.
He indicated that the final Consumer Price Index in “the euro zone is 9.9% for September, down 0.1% from the first projection “. Michaël van de Poppe foresees not only a drop in the CPI during the fourth quarter, but also in the dollar.
On-chain data and data from cryptocurrency exchanges also argue for a green period for the price of Bitcoin. The bulls would be on the verge of gradually regaining control of the markets in the very short term. Nevertheless, while waiting for this famous bullish impulse, Bitcoin remains stuck at $19,000. Retesting this support could just as easily lead to its breakout and further declines, as the long-awaited bullish bounce towards $20,000+.
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