Analyst Sykodelic predicts significant Bitcoin moves well ahead of the traditionally expected Q4 low, as market participants grow bored during a period of low volatility. They entered a short position after breaking the $65,300 level and expects a drop to $60,500 before a rebound toward the mid-$70,000s. The analyst describes the current environment as compression that can only end in massive moves. Other analysts including Ali Martinez, Michaël van de Poppe, and Merlijn The Trader also point to signs of a completed correction, citing a rare monthly TD Sequential buy signal. Bitcoin was trading near $65,000, down approximately 45% over the past year.
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