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Bitcoin Price Prediction: Will BTC Keep Steady Amid Key Seasonality Pattern?

Bitcoin price dips below $29k but shows signs of a potential recovery above $30k as whale and shark stablecoin addresses accumulate.
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Bitcoin Price Prediction: Will BTC Keep Steady Amid Key Seasonality Pattern?

Bitcoin price is back in the red as retail investors feel the pinch of keeping their positions open. Despite reclaiming highs above $29,500 during the Asian business hours on Monday, Bitcoin is down 1.8% to $28,878 on Tuesday.

According to Callie Cox, an analyst at eToro US Investment, the current market lull can be attributed to the now evident seasonality patterns.

“The seasonal patterns we see show that bitcoin prices have been a little bit weaker in August and September,” Cox said on CoinDesk TV’s “First Mover’ show. “People are going off to the beach; they’re not looking at their portfolios or trading their portfolios.”

Amid the narrowed trading range and liquidity crunch, Bitcoin price rolled back to $28,489 on Tuesday. If investors embrace the drop to gain more exposure to BTC, they are likely to build momentum for the anticipated breakout above the psychological price level at $30,000.

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Bitcoin Bull Run in the Offing?

According to an analysis shared by Captain Faibik, a popular trader, Bitcoin has formed “another monthly candle… closed below $30,000.” Faibik believes while BTC is heading into a bull run, currently, it is still in accumulation.

Insights from on-chain analytics firm Santiment affirms that notion by revealing that “key whale and shark stablecoin wallets appear to be loading up during Bitcoin’s visit below $30,000 here at the end of the month.”

Accumulation of stablecoins often suggests an incoming major breakout in prominent digital assets like Bitcoin and Ethereum, as they allow investors to prepare to take their positions.

“#Tether, USDCoin, #BinanceUSD, & #Dai are all seeing supply shifting into these key wallets,” Santiment added.

Bitcoin whale and shark addresses | Tradingview
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Where to From Here?

Bulls must keep working around the clock to fight the impact of a sell signal that was recently confirmed by the Moving Average Convergence Divergence (MACD) indicator on the four-hour chart.

The call to traders to sell BTC coupled with the indicator’s rejection from the mean line (0.00) implies that bears hold substantial influence on the direction Bitcoin price may take in the short term.

BTC/USD four-hour chart | Tradingview

Based on the Bollinger bands, a knee-jerk reaction is expected as the price recoils back into the bands. That said, it is possible that Bitcoin price will close the day above $29,000, with bulls pushing for a return above $29,500.

Until Bitcoin price breaks above $30,000 and sustains an uptrend, it would be prudent for investors to start acclimatizing to frequent dips to $28,000 support. Declines may intensify to $25,000 if they overshoot the $28,000 buyer congestion area.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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