Bitcoin must stay above this level or ‘it’s goodnight to the bull’

Although Bitcoin (BTC), along with the rest of the cryptocurrency market, has opened the week on a very positive note, the gains are starting to slow down, and the battle between bulls and bears intensifies, focused specifically on one key price territory.

As it happens, the flagship decentralized finance (DeFi) asset needs to preserve its bull market support level at $24,900. Otherwise, “it’s goodnight to the bull,” as observed by pseudonymous cryptocurrency expert CoinsKid on a 4-hour Bitcoin chart shared in an X post on October 3.

Bitcoin price action analysis and prediction. Source: CoinsKid

According to the expert’s observations, should the maiden cryptocurrency indeed succeed in holding this key support level, its next move could take it towards and beyond the psychologically significant $30,000 level.

Bitcoin price analysis

Meanwhile, Bitcoin was at press time changing hands at the price of $27,593, which represents a decline of 2.7% in the last 24 hours while still recording increases of 5.02% across the previous seven days and a 6.34% gain on its monthly chart, as per the most recent data.

Bitcoin 7-day price chart. Source: Finbold

Meanwhile, another pseudonymous crypto trading analyst, Cryptoinsightuk, noted that the chart patterns of Bitcoin’s weekly relative strength index (RSI) indicated the possibility of a 1,100% move “in the right circumstance with a supply squeeze” and the introduction of a spot Bitcoin exchange-traded fund (ETF).

That said, popular crypto expert Michaël van de Poppe is not as bullish although still highly optimistic, predicting a return of enthusiasm among investors in the fourth quarter of 2023, primarily due to the potential spot BTC ETF approval and the traditional pre-halving price surge, looking at a possible $40,000, as Finbold reported on October 2.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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