General uncertainty means an unusual end to the Q4 bull market for Bitcoin this year, but a price floor may be closer than many think, according to crypto analyst William Suberg. Bitcoin is starting a new week with analysts looking for a bottom, but he thinks that may not mean $40,000 or lower. This week we took a look at the events that could affect the crypto market, with analysis by William Suberg for Somanews readers.
“$50,000 seems a long way off for bitcoin bulls”
Bitcoin failed to produce any significant moves over the weekend, but now attention is turning to a potentially volatile “bottom” for the market. At $46,000, BTC is firmly settled in a familiar range, with bulls failing to find the momentum for a fresh attack at $50,000.
The buyout is occurring mainly among small individual investors, but lower levels are likely for experienced market participants. For popular trader Pentoshi, these may still avoid a $40,000 retest. In a tweet on Sunday, the major exchange highlighted Bitfinex and its large-volume traders as a possible source of support. Referring to market events at the end of September, Pentoshi shared:
Finex makes highs and lows in BTC. Believe me this is a similar situation where they will only absorb sales at these key levels. Look at the 40.7k footer at the end of September. Now I’m looking for 42-46k sub imo.
Others were more optimistic and other trader Galaxy called for a “green week” led by altcoins. In its latest market update, trading platform Decentrader has brought Bitcoin’s Advanced NVT indicator as a possible springboard to higher price levels: