Bitcoin breaking new highs in Q4 will temporarily turn alts to dust Analyst – Cointelegraph

Bitcoin (BTC) was busy losing its overnight gains on Sept. 27 as resistance continued to prove too much for bulls.

Data from Cointelegraph Markets Pro and TradingViewshowed BTC/USD dropping to around $1,000 below overnight highs of $44,400 on Bitstamp on Sept. 27.

The move constitutes a rejection at a critical zone to break, Cointelegraph contributor Michal van de Poppe explained, with $42,000 now the key level to hold for a higher low.

Bitcoinis acting in an increasingly narrow range, he summarized in his latest YouTube update.

Right now, were stuck, he said, pointing to $47,000 as next should the $44,600 zone be reclaimed.

On the downside, the zone between $38,000 and $40,000 remains valid for a bounce, while a complete failure of the range as support would then send BTC/USD toward its 2021 opening price, around $28,000.

If $42,000 is lost, I think were going to have into the lows here and take the liquidity beneath the low before were going to have an actual reversal at this stage, van de Poppe concluded about short-term price action.

As Cointelegraph reported, volatility was broadly anticipated thanks to the imminent vote on the United States governments infrastructure bill, which could come as soon as Sept. 27.

Combined with residual fears over Chinas latest ban on crypto transactions, the bad-news narratives continued to hold major sway into the new week.

Altcoins mimicked Bitcoins lack of general direction on the day, with most of the top 10 cryptocurrencies flat over the past 24 hours.

Related:China fear is now infrastructure bill fear 5 things to watch in Bitcoin this week

Only Solana (SOL) managed to put in a convincing move, up 6.5% to $145 at the time of writing.

Despite being uninspiring throughout September, altcoins are nonetheless due for a major resurgence, popular trader Pentoshi forecast.

This, he said, should take a similar form in Q4 2021 as the same time last year part of a general expectation that Bitcoin will shoot higher before the year is out.

Few understand. Q4 last year alts were at [all-time lows] vs BTC, he reasoned.

While September is tipped to end on an average note for the markets, October could bring about the start of the Bitcoin renaissance first, with a worst case scenarioclosing price of $63,000.

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Bitcoin breaking new highs in Q4 will temporarily turn alts to dust Analyst - Cointelegraph