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Bitcoin price is moving further below $28,000 as the excitement around the approval of Ethereum futures exchange-traded funds (ETFs) in the US on Friday last week followed by the live trading on Monday.
Although investors anticipated a bigger pump to $30,000, a correction ensued amid increased profit-taking activities. BTC will likely extend the downtrend to retest $27,000, where bulls will collect more liquidity to rebuild the uptrend.
Bitcoin Price Flaunts Profitable Pre-Halving Dips
Bitcoin price is expected to undergo a halving process in April 2024, where miner rewards will be slashed in half from 6.25 to 3.125 BTC. The halving event is coded in the Bitcoin algorithm to control inflation by reducing the circulating supply of the largest cryptocurrency.
History has shown that this reduction in supply enables Bitcoin to rally following the halving as supply and demand dynamics change. Investors tend to buy before the halving to capitalize on the post-halving rally.
Crypto trader @rektcapital has called upon investors to “make the most of any pre-halving downside” which will prepare them to benefit from the “post-halving upside.”
Make the most of any Pre-Halving downside
So that you can fully enjoy the Post-Halving upside$BTC #Crypto #Bitcoin pic.twitter.com/k3a5UNy3ZM
— Rekt Capital (@rektcapital) October 4, 2023
Altcoin Sherpa, an anonymous trader and analyst recently said that Bitcoin price “is probably short-term bottomed.” Based on the chart he shared on X (Twitter), Bitcoin still looks bullish on the four-hour chart despite the pullback below $28,000.
$BTC: wick in late August tagged, price is probably short term bottomed.
EMAs all still look bullish on the 4h, I still think this looks ok. Would love to see price chop and then retest the 28ks again. #Bitcoin pic.twitter.com/5ryVpprdde
— Altcoin Sherpa (@AltcoinSherpa) October 3, 2023
“I still think that 27k is going to come… interesting level w. lots of confluence,” Altcoin Sherpa said in another post on X. Another sweep at $27,000 would mean that Bitcoin is more attractive to already sidelined investors, who may have missed the sudden pump above $28,000 earlier in the week.
$BTC: I still think that 27k is going to come….interesting level w. lots of confluence. Should see a bounce around there. Look how all the EMAs on the 4h and 1D are all lined up there. #Bitcoin pic.twitter.com/ffvXY6Dkii
— Altcoin Sherpa (@AltcoinSherpa) October 4, 2023
Bitcoin Price Prediction: Can Bull Market EMAs Save The Uptrend?
Bitcoin price briefly stepped above all the major bull market moving averages, including the 21-week Exponential Moving Average (EMA) (red), the 100-week EMA (blue), and the 200-week EMA (purple).
However, BTC has retreated below the 100-week EMA, which could complicate the bullish situation. The 21-week EMA is still holding in place at $27,281 but if lost, a sell-off may brew for Bitcoin price to back-test the next major support at the 200-week EMA at $25,645 ahead of the next major climb.
The Moving Average Convergence Divergence (MACD) indicator although holding above the neutral 0.000 area, dons a sell signal implying that sellers should not be underestimated.
That said, traders should be on the lookout for how Bitcoin reacts to support around $27,000 which will likely determine the extent of the next rebound toward $30,000 or a retest of support at $25,645 or $20,000 – a level some analysts believe could mark the beginning of the next bull run.
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