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BTC Price Is Heading to $6K Region? Traders Expect The Bottom In October

  • Vera Yurina
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     Bitcoin is very likely to hit $6K bottom in October. Why so? Read the BTC price prediction from TradingView

BTC Price Is Heading to $6K Region? Traders Expect The Bottom In October
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

 

Bitcoin doesn’t hurry to recover from the bearish period that started a few weeks ago. Instead, it touched the $7.8K level recently and stayed around $8K. What to expect from BTC in October? This BTC price prediction from TradingView will help you understand.

Bitcoin is entering the buy zone
Bitcoin (BTC) price chart by TradingView

We can see Bitcoin entering the Buy Zone of the Parabolic Channel, which is a potential Buy Signal near $6,500 relative to the price action of the 2016 Bull Cycle. Now, let’s focus on the more recent price action and what is more relevant than comparing the current bearish channel to the 2018 bear market. The comparison alone can only offer us a certain degree of reliability as the current one is only a pullback within the new 2019/2020 Bull Market while the former is a whole Bear Market of its own. However, in combination with the previous BTC analysis on $6500, it provides us a very useful insight.

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Let’s see what the outlined patterns have in common:

  • Strong rejection from the 1D MA50.

  • First time crossing below the MA200 (after a multi-month period)

  • Lower Highs forming a bearish channel.

  • Ichimoku Cloud indicating there is one last dip to expect.

  • Both completed a full (0) retrace on their Fibonacci scale with that MA pull back.

If the current one ends up as the 2018 bear cycle, we should see the entire sequence on a -0.5 Fibonacci extension. That places the potential bottom at $6,400 which is currently in the middle of the long term Buy Zone of the Parabolic Growth Curve.

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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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