As the pullback in Bitcoin (BTC) price creates a cautious atmosphere in the market, cryptocurrency analyst Colin Talks Crypto has assessed multiple indicators that he argues point to a possible bullish reversal towards mid-November.
According to the analyst, a potential recovery in Bitcoin is supported by several technical and macro factors, saying:
Colin Talks Crypto predicts the 50-day simple moving average (SMA) and the 200-day SMA will cross around mid-November. He noted that in past cycles, this crossover has often signaled local bottoms, suggesting this technical signal carries a strong possibility of a reversal.
According to the analyst, gold’s price action is a leading indicator for Bitcoin. He stated that the upward trend in gold could create similar upward momentum for BTC.
Colin Talks Crypto argued that even as Bitcoin surged to $126,000, classic cyclical indicators showed no signs of “overheating” or overly optimistic market sentiment, suggesting the bullish cycle may not have peaked yet.
Fed Chair Jerome Powell’s announcement that the balance sheet contraction program (QT) will end on December 1st strengthens the possibility of a new period of liquidity, according to analysts. This could create a positive macro environment for Bitcoin.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/when-will-bitcoin-btc-price-recover-analyst-gives-date/