Bitcoin (BTC), the leading cryptocurrency, has defied expectations of a steep decline to sub-$20,000 levels and has rebounded to the $26,000 mark, registering a 3.5% gain over the past 24 hours.\u00a0<\/p>\n
This resurgence in Bitcoin\u2019s price coincides with the predictions made by Chartered Financial Analyst Timothy Peterson, whose recent social media post <\/a>outlined the probabilities of Bitcoin dropping to $22,600 or rallying to $31,200 within the next 90 days.<\/p>\n Peterson\u2019s analysis indicates an 8% likelihood of Bitcoin experiencing a downward movement to $22,600, while a 71% chance of the cryptocurrency surging to $31,200.\u00a0<\/p>\n According to the chart above, Bitcoin\u2019s price will likely enter a macro consolidation phase over the next 90 days. During this period, the price may fluctuate within the range of its key Moving Averages (MAs).<\/p>\n However, the crucial factor for bullish investors is the low probability of a drop below $22,000. This allows them to regain control of the 50-day and 200-day MAs in the short term, currently positioned at $27,200 and $27,000, respectively.<\/p>\n The recent recovery of Bitcoin to the $26,000 level has alleviated concerns among market participants who were apprehensive about a potential downward spiral. The cryptocurrency\u2019s ability to bounce back has instilled renewed confidence among investors.<\/p>\n Nevertheless, Bitcoin faces a series of resistance levels that could pose challenges. In the immediate term, resistance at $26,454 has temporarily halted the cryptocurrency\u2019s upward momentum.<\/p>\n As mentioned earlier, Bitcoin lost its key MAs in August, resulting in additional obstacles on its journey back to $30,000. However, if these resistance levels are surpassed, there remains only one more hurdle before the cryptocurrency can surpass its annual high zone.\u00a0<\/p>\n This final resistance stands at $29,800, which has historically proven to be a formidable barrier whenever Bitcoin has aimed to achieve new highs.<\/p>\n As the market approaches the final weeks of Q3 and edges closer to the new year, QCP Capital, an analysis firm, has been closely monitoring the market using two critical blueprints: the supermoon cycle and the Elliot Wave count. According <\/a>to their analysis, an imminent final decline is expected to close the quarter at its lows.<\/p>\n The chart above illustrates the projected decline, aligning with QCP Capital\u2019s blueprints. The firm believes that the crypto and macro events calendar also supports this view, with a concentration of upcoming bearish events expected to transition to a neutral stance from mid-October onwards.<\/p>\n Notable future events include tomorrow\u2019s likely higher-than-expected CPI (Consumer Price Index) data and a more hawkish-than-expected Federal Open Market Committee (FOMC) meeting next week.\u00a0<\/p>\n Additionally, asset sales of FTX tokens and the conclusion of the Mt. Gox proceedings over the next month contribute to the bearish sentiment.<\/p>\n Although QCP Capital\u2019s theory suggests a potential bottom soon after the supermoon early next month, they anticipate the true bottom to materialize in mid-late October when the negative news cycle has run its course. They expect the market to stabilize during this time and potentially reverse its downward trend.<\/p>\n Despite the short-term challenges, QCP Capital remains bullish on the overall outlook. They anticipate a positive trajectory from mid-late October, extending into year-end and Q1 of the following year.<\/p>\n BTC is currently trading at $26,100, reflecting a 3.5% increase over the past 24 hours and a gain of over 1.5% in the past seven days.<\/p>\n Featured image from iStock, chart from TradingView.com <\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin (BTC), the leading cryptocurrency, has defied expectations of a steep decline to sub-$20,000 levels and has rebounded to the $26,000 mark, registering a 3.5% gain over the past 24 hours.\u00a0<\/p>\nBitcoin Price Analysis, 8% Chance Of Drop To $22,600<\/h2>\n
Imminent Final Decline Expected?<\/h2>\n