Crypto Banter, a popular cryptocurrency media channel, recently shared insights that could indicate a bullish turn for Bitcoin. According to the analysis, bulls could regain control if Bitcoin can reclaim and maintain a key level at $28,184. Bitcoin is currently trading at $26,629, up 0.98% in the last 24 hours, with a market cap of approximately $518.9 billion.
Why This Bitcoin Pump Could Continue Much Higher! https://t.co/UmPtlVfHYC
— Crypto Banter (@crypto_banter) September 15, 2023
The crypto influencer identified that the $28,184 level is crucial. Besides, closing above this level would confirm a new high low, extinguishing short trader positions and potentially marking a reversal. Moreover, it would align with a swing failure pattern noticed at the end of August.
Adding to the analysis, Crypto Banter touched on the significance of the quadruple witching event. Significantly, such events historically tend to coincide with market reversals. Although volatile, the conditions surrounding Bitcoin are lining up to be particularly interesting. Consequently, breaking below $25,000 could dip toward $21,500, but maintaining above $28,184 could set up a bullish run.
The analyst also discussed various indicators and metrics that point toward potential bullishness. For instance, the hedge fund indicator printed a blue buy signal, which has historically been reliable. Additionally, the NBRC Z-score, an on-chain metric, suggests that the market could enter a shakeout period, offering another bullish signal.
Hence, Crypto Banter’s analysis suggests that the crypto environment is at a pivotal moment for Bitcoin, where maintaining key levels could dictate the trajectory of the cryptocurrency for the near future. The September expiry of $3.4 trillion in stock market options adds another layer of complexity and potential volatility to the equation. However, as Bitcoin defies traditional market behaviour, all eyes are on the $28,184 level to see if it could propel Bitcoin to new highs.
