In the world of cryptocurrency, every move, trend, and forecast is dissected and scrutinized intensely. One such analyst, Jelle, has recently made waves with his outlook on Bitcoin, particularly in the context of the fourth quarter (Q4).
Jelle boldly stated, “Generally speaking, Q4 is Bitcoin’s most bullish quarter of the year — especially when that Q4 happens after a major bottom. Bring on the pump.” It’s a sentiment that resonates with many seasoned crypto enthusiasts who have witnessed significant price surges during this period in previous years.
Jelle’s optimism stems from a technical indicator known as the 3D MACD (Moving Average Convergence Divergence). He highlighted a crucial development: the 3D MACD is crossing bullish, below the zero line.
While some might dismiss bullish MACD crosses above the zero line as less reliable, Jelle points out that bullish crosses below zero tend to have a much better track record of success. This technical signal has added more confluence to what some are calling the “Uptober thesis.”
The $30,000 Question: Will Bitcoin Crash Again?
BTC’s price chart for this year paints a somewhat mixed picture. The cryptocurrency experienced a remarkable 70% gain after bottoming out at around $16,800 in November 2022. This bullish momentum defied concerns over potential interest rate hikes and rode on the growing optimism surrounding the approval of exchange-traded funds (ETFs) linked to Bitcoin.
Yet, recent months have been less kind to Bitcoin bulls, as they struggled to sustain the BTC price above the $30,000 mark. With the “bullish” halving event still over 200 days away, many traders and investors are left wondering whether the Bitcoin price might experience another downturn in the coming months.
Jelle isn’t the only voice in the crypto wilderness. Other Bitcoin analysts have varying opinions on where the BTC price might be headed in the near future. Popular trader Skew, for instance, believes that Bitcoin could reach $30,000 by October. He cites the presence of thin ask liquidity near the $27,000 level as a potential catalyst for a breakout.
Nevertheless, as we approach the crucial Q4 period, the crypto community eagerly watches for signs of a potential Bitcoin rally while remaining mindful of the risks that lie ahead.
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