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Bitcoin Price Analysis: BTC slowly retraces from $44,000, looks to set higher low?

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  • Bitcoin price analysis is bullish today.
  • BTC/USD declined from $44,000 resistance.
  • Bitcoin to set higher low today.

Bitcoin price analysis is bullish today as a retracement from the $44,000 resistance was seen over the last 24 hours as bears look to set a higher low. Therefore, we expect reversal for BTC/USD and a push to set a higher high over the remainder of this week.

Bitcoin Price Analysis: BTC slowly retraces from $44,000, looks to set higher low? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours, with the market leader, Bitcoin declining by 2.9 percent. Ethereum has seen even worse performance as it lost 4.55 percent, while the rest of the top altcoins follow ETH`s performance.

Bitcoin price movement in the last 24 hours: Bitcoin retraces to set higher low

BTC/USD traded in a range of $41,576.13 – $44,027.24, indicating mild volatility over the last 24 hours. Trading volume has increased by 8.67 percent and totals $31.75 billion, while the total market cap trades around $797.8 billion, resulting in market dominance of 42.47 percent.

BTC/USD 4-hour chart: BTC set to reverse later today?

On the 4-hour chart, we can see the Bitcoin price action looking to establish a higher low as bears are likely exhausted again.

Bitcoin Price Analysis: BTC retraces from $44,000, market looks to set higher low?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen more downside over the second half of September. After a strong spike lower on the 21st of September, support was found around $41,000. 

From there, Bitcoin saw a correction to $45,000, with bears immediately putting on more selling pressure last Friday, resulting in another test of the $41,000 support.

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What followed was another test of the $41,000 with rejection after some consolidation. After Bitcoin price action set a slightly higher high at $44,000, another retracement began yesterday. However, considering the overall market development, we expect bears to be exhausted, and reversal should follow later this week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as market price has approached previous support at $41,000 after another 24-hour retracement. Therefore, we are likely to see BTC/USD set a higher low and move further over the week.

While waiting for Bitcoin to move further, read our guides on NFT Games, CoinJar, as well as Exodus wallet review.

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The Cycle Started, Mike Novogratz Says – Bitcoin Boom Is Here; Jack Dorsey Boosts BTC’s Price

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Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.

Check out what he had to share with his followers and Twitter fans:

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Someone hopped in the comments section and said this; ‘Anyone who has not yet embarked on the crypto band wagon is a simple minded idiot who knows nothing about markets, freedom or wealth creation.’

Jack Dorsey boosts the price of BTC

It’s been also revealed that Jack Dorse said that Square could build a BTC mining system – this obviously triggered a more massive price race for the king coin.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,118.15.

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CNBC online publication just noted that Square CEO Jack Dorsey said late on Friday the company is considering jumping into BTC mining business.

Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”

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Dorsey’s goal would be to make crypto mining more accessible. We suggest that you check out the complete thread that Dorsey shared on his social media account in order to learn all the available details.

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Pantera Capital’s Dan Morehead: Bitcoin (BTC) Already Up 100% in This Bull Run

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How big is median increase in Bitcoin (BTC) price in bullish market phases?

As Bitcoin (BTC) reclaims $62,000 level, Dan Morehead, CEO of the first-ever cryptocurrency-focused VC firm in the U.S., shares the comprehensive statistics of the last six bull runs for Bitcoin.

Bitcoin (BTC) price doubled in 87 days: Bull Run 2021

According to the latest tweet by Mr. Morehead, the Bitcoin (BTC) price witnessed a 2x increase in the first 87 days of the ongoing bullish wave.

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Unlike many other experts, Mr. Morehead identifies two separate “bull run” phases in 2020-2021. During the previous one, between March 16, 2020, and April 14, 2021, it took 394 days for Bitcoin (BTC) to increase its price 13x and print a new all-time high.

According to his infographic, the most impressive rally ended with a 106x increase of the orange coin’s price in 2015-2017.

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That said, the median Bitcoin (BTC) price bull run lasted for 300 days and increased the “king coin’s price” by 15x.

Will Bitcoin ETF mark the top of the BTC cycle?

At the same time, according to “The Next Price Era” letter issued by Pantera Capital on Oct. 6, 2021, the hotly-anticipated approval of Bitcoin (BTC) ETFs is listed amidst the possible “sell the news” events.

Mr. Morehead noticed that the launch of CME Bitcoin Futures and Coinbase direct listing triggered painful bear markets:

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Will someone please remind the day before the bitcoin ETF officially launches?  I might want to take some chips off the table.

As covered by U.Today previously, similar statements were made by CNBC’s Jim Cramer.

The seasoned analyst also revealed his plans to “cash out” 50% of his Ethereum (ETH) bags.

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Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead

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The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.

In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT

“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”

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Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.

“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.

At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.

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That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”

At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.

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