Bitcoin (BTC) is displaying signs of bullish momentum, aiming for the $30,000 threshold following weeks of consolidation. Given the current price movement, investors are eager to identify potential signals for the next rally and a possible accumulation zone.
In this line, in an X (formerly Twitter) post on September 30, crypto analyst CryptoCon suggested that Bitcoin may be at a cycle bottom, presenting what can be considered to be a final call for accumulation before a potential upswing in prices.
CryptoCon’s analysis centers around the “Ultimate Oscillator,” a technical indicator that has rarely, if ever, signaled Bitcoin’s cycle bottom in the past. However, This time, the indicator has crossed into the cycle bottom zone outside the bottom, marking a unique and possibly significant occurrence.
Bitcoin seven-day price chart. Source: Finbold
“The Ultimate Oscillator thinks Bitcoin is at a… cycle bottom? For the first time ever, the indicator has crossed into the cycle bottom zone outside of the bottom,” CryptoCon said.
This analysis raises a pivotal question for cryptocurrency enthusiasts and investors: whether to seize the opportunity and start getting involved in Bitcoin before a potential rally emerges.
“It’s clear that Bitcoin is offering you one last accumulation opportunity, but most people will squander it recession predicting and worrying about the macro. So simple, really,” he added.
Bitcoin’s opportunity to accumulate
It is worth noting that investors often grapple with the challenge of balancing short-term speculation and long-term vision when it comes to cryptocurrencies. At the current price, Bitcoin presents a fresh opportunity for engagement.
In this scenario, the suggestion that Bitcoin might be at a cycle bottom outside the typical range could present a compelling argument for those seeking to accumulate or reinforce their positions in the cryptocurrency.
Indeed, Bitcoin recently experienced a brief rally, partially driven by initial concerns that the United States government might undergo a shutdown. Notably, Bitcoin seems to maintain these gains even after the averted shutdown.
In this context, some market participants interpreted the potential government shutdown as bullish for cryptocurrencies, aligning with the narrative that non-sovereign currencies are not subject to the effects of government procedures.
Bitcoin price analysis
By press release, Bitcoin was trading above $27,000 after several days of consolidation. The maiden cryptocurrency was trading at $27,203, showing daily gains of nearly 1% and weekly gains of approximately 3%.
Bitcoin seven-day price chart. Source: Finbold
In terms of technical analysis, one-day indicators retrieved from TradingView overwhelmingly favor bullishness. A summary of the hands and oscillators indicates a ‘buy’ sentiment with scores of 13 and 2, respectively. The moving averages support the ‘strong buy’’ signal with a score of 11.
Bitcoin technical analysis. Source: TradingView
Looking ahead, Bitcoin has demonstrated remarkable resilience in recent months, especially in contrast to the sharp declines in equity markets. With its current gains, Bitcoin’s outlook appears promising for the fourth quarter of this year, particularly for October, which traditionally tends to be a highly bullish month.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
