Cheeky Crypto’s Nick delves into Bitcoin’s (BTC) price movements, employing technical analysis to decipher potential short and long-term scenarios.
In a recent video, Cheeky Crypto’s Nick welcomes viewers to an insightful discussion on Bitcoin’s price trajectory. Starting with the recent performance, Nick highlights the uneventful days in the last 24-48 hours, attributing it to low volume and less interest during a bear market.
He explains the dynamics of supply and demand, emphasizing that decreasing demand and available supply can lead to a downward price movement. Nick anticipates further downside in Bitcoin’s price, with a target range of 26,180 to 26,400.
Despite the expected downward movement, Nick foresees a substantial bounce to the upside after reaching around 26,400. He anticipates a significant upward move, possibly exceeding 27,000, after the completion of a fifth wave to the downside.
Nick maintains a positive long-term outlook, foreseeing a healthy three-wave pattern to the upside later in October. He expects a potential surge to the upside in the latter part of October, acknowledging the influence of macroeconomic factors like the Fed’s pivot and interest rates.
However, Nick also describes a potential bearish scenario where Bitcoin falls to the range of $22,000 to $23,000, leading to a more extended bear market. He emphasizes the importance of Bitcoin rallying above $28,000 to invalidate this bearish pattern.
Looking ahead, Nick expresses hope for a strong bull market in 2024, possibly after the Fed pivot. He expects an initial downturn followed by a market recovery, highlighting the importance of timing and support levels during the pivot.
Analyzing the weekly chart, Nick expects a retest of the $20,000 to $21,000 range, emphasizing the significance of Bitcoin’s reaction in this range for future market performance.
Nick concludes by inviting viewers to share their thoughts and encourages likes, subscriptions, and joining their Discord community.