Analyst William Suberg says the feeling of “extreme dread” erupted with Bitcoin price action as it required only a modest correction before fresh gains. Bitcoin (BTC) hit higher highs on October 2 after a “fantastic” breakout in the upside market sentiment. According to 3 professional analysts, these levels are in order.
Traders are looking at $45,000 in Bitcoin price
According to data tradingview, followed by the addition of $ 3,000 within an hour of sudden upward surge of 1 October BTC / USD was followed eerily quiet. The classic “short squeeze” didn’t see a significant return for the weekend as Bitcoin held its levels above the August close. For analyst Michaël van de Poppe, the question of what shape a consolidation period might take in the coming days was now a question mark.
“If we want to take any corrective action, I think you don’t want to see it go that low,” the analyst warned in an October 1 YouTube update. Poppe noted:
I think the deepest level you want to see going is around $45,000 this level.
However, Van de Poppe added that he prefers a continuation of the uptrend as a result of the short-term price action, rather than a deeper dip towards the levels at the beginning of the week. Meanwhile, a look at the trading levels on major exchange Binance shows increasing resistance starting at $48,000.
“Extreme fear precedes financial opportunities”
Equally optimistic, trader and analyst Rekt Capital noted that BTC/USD has been hitting higher lows for four months, each time seeing strong buyer support despite rising prices.
#BTC has been forming Monthly Higher Lows for 4 months straight now
— Rekt Capital (@rektcapital) October 2, 2021
Referring to the Crypto Fear and Greed Index sentiment indicator, he noted that overall fear has once again left the market thanks to the price action on Oct. Rekt Capital summarized the situation with the following sentence:
- Following BTC’s fantastic breakout yesterday… Investors are no longer afraid of Bitcoin.
The Fear and Greed Index weakened in the “extreme fear” region as recently as September 30, its score being defined as “neutral” emotion since it rose from 20/100 to its current level of 54/100.