On Wednesday, September 15, Swiss forex bank Dukascopy addressed the next Bitcoin (BTC) price prediction and technical analysis for October 2021 based on its hourly, daily, and weekly charts.
In a technical analysis-focused video, Jean-Francois Owczarczak, director of FinGraphs, suggested that the Nasdaq is related to cryptocurrency and that both their weekly and daily graphs show a total uptrend. However, he noted that the Nasdaq’s risk index on both the weekly and daily graphs is getting overbought.
Hence, this might lead to some correction in the Nasdaq and growth trades, which may result in some regression in Bitcoin and other cryptocurrencies in the next few weeks; that said, the uptrends are still in place, and we would expect further upside into next spring on both Bitcoin and Ethereum (ETH).
Looking at Bitcoin in detail, Owczarczak noted it:
“Is still in an uptrend here on our weekly graph we’ve had a strong correction into early summer and then a nice recovery since then we believe this consolidation range is still working its way and that at some point into mid-late October perhaps November it should find support to move higher and attest the highs it did this spring. The risk index is still quite low, so that does leave some leeway to the upside.”
Bitcoin is now retracing
Looking at the daily graph, Bitcoin is still in an uptrend; it has had a good correction up since July, and now Owczarczak believes it is now retracing; and that we may see some more negative re-testing here, but certainly not new lows.
“Our view is that we could probably make it back below $40,000 perhaps towards $35,000 over the next month or so, maybe the next few weeks, and then gradually build the base into late October-November and then accelerate up into next spring. Our view is that we could indeed make new highs by then.”
Finally, looking at the hourly graph, Bitcoin has been correcting for about a week; he says he could see that it made it below our corrective targets to the downside, so below support and our impulsive targets to the downside are now pointing to between $39,000 and $35,000 so that would be the support points we would be awaiting into early-mid October.
Currently, Bitcoin is trading at $48,126, up 2.11% in the last 24 hours and up 3.68% in the last week with a total market dominance of 41.4%, according to CoinMarketCap.com.