After panic of $ 110,000, will the bitcoin mark of $ 160,000 reach? Market check

Despite the fall below $ 110,000 in September, the price of bitcoin again tries to return to $ 120,000. September ended positively for BTC with 5%rising. And if BTC takes into account its seasonality, it can continue growth in October, as it is a bull month. BTC has closed October in plus for the last six years, and during this month it increases by an average of 20%.

But are the conditions still in favor of buyers? In the “Market Checking” section we will look at the bitcoin situation and try Find out if it still has a good chance of growth in the coming weeks. Let’s move on to the essence!

Bitcoin supports the average purchase price for short -term owners From 2023, the beginning of the cycle, the fall of bitcoin below the average purchase price of short -term owners It was opportunities . Last week price bitcoin fell below $ 110,000 but the threshold in the blockchain again restrained. Bitcoin price is increasing again Above the average purchase price of short -term owners (Orange curve):

A schedule showing the implemented price of short -term bitcoin owners. Source: Bitcoin Magazine Pro

While the bitcoin stays above the orange line we can hope for Further growth and ath . Indeed we often see Bull volatility when bitcoin exceeds the threshold in blockchain. On the other hand if The price is exhausted and will fall below $ 111,000 (orange line), among the owners may occur panic in the short term. Therefore buyers must continue protect $ 111,000 .

Bitcoin recovers around 128-day sliding average The king of cryptocurrencies managed to recover around the average purchase price for short -term owners. He has also recovered to 128-day sliding average at about $ 112,000 :

Different sliding medium used to Bitcoin. Source: Checkonchain

Buyers twice defended this technical level and Ath above $ 125,000 seems possible. 128-day and 200-day sliding average are significantly located above 365-day sliding average Since 2023. These conditions describe Bull situation at the technical level and a recent fall below $ 110,000 is far from enough to challenge this impulse.

After fear, the index of fear and greed cryptocurrency returns to the neutral zone. In accordance with the cryptostrakh and greed index (CFGI), after falling below the psychological threshold of $ 110,000 cryptocurrency market plunged into a state of fear (Orange). But with a return above $ 110,000 and Crossing 115,000 dollars CFGI recovers and returns to neutral zone (yellow):

Graph of cryptocurrency indicators and greed. Source: Glassnode

Since the beginning of the cycle price bitcoin has tended to reach the bottom when CFGI demonstrates excessive bear mood (fear or extreme fear). According to this indicator, bitcoin potentially builds a new market minimum . In addition, we note that returning to areas of extreme euphoria (blue color) often leads to Impulse loss for the king of cryptocurrencies.

Bitcoin Bull indicator: ASopr The cryptocurrency market swept fear since the price of BTC has fallen below the $ 110,000 mark. However, according to Glassnode, the indicator ASOPR (adjusted profit ratio) The network is still far from the bear trend:

ASOPR and Bitcoin price since 2020. Source: Glassnode

Simply put, that’s how to read ASOPR :

• development after 1 : the indicator is bull and bitcoin tends to growth (Bull Trend)
• below 1 : The indicator is a bear and bitcoin tends to Volatility of the bear market.

Since 2023 ASopr has been trading significantly above the horizontal line at 1 level. According to the blockchain indicator above, the king of cryptocurrency is still on bovine market and a new bull phase is possible.

According to extreme OS Bitcoin cycle cycle, bull trend is still ongoing Bitcoin cycle of cycle – is an indicator that is very effective for over 10 years. Indeed, an indicator from Checkonchain’s website for several years signals periods of excessive bull and bear trends As for the King of Cryptocurrency:

Bitcoin’s extreme oscillators indicator. Source: Checkonchain

This indicator Analyzes several indicators to determine whether close BTC to the top of the bull trend (beige), or is he builds the bottom of the market (blue). Examples are SOPR or Puell’s index. At the moment, and although Bitcoin has grown on 700% since the start of the cycle Bitcoin’s extreme oscillators have not yet become beige. If I’m not mistaken, Bitcoin can reach the peaks of the market above $ 125,000 .

On the way to a bull blast up to $ 160,000 for BTC? Traders worried that bitcoin would return to $ 100,000 and after all he headed up to $ 120,000. So now there is nothing negative about reporting. In addition, the price bitcoin can potentially reach 1.6 times a 350-day sliding average (green):

Gold -section factor indicator. Source: Bitcoin Magazine Pro

This technical level has been reached several times since 2023. Buyers seem to want protect $ 110,000 so we can hope for Ath and grow up to a green curve . It is close $ 160,000. If buyers are unable to force sellers who are at the level $ 120,000 yield, BTC can weaken. And if this scenario happens, a fall to the 350-day sliding average which is close $ 100,000 .

Key points to remember The technical and online elements analyzed today indicate that bitcoin still has the potential to surprise investors by reaching a new ATH. For example, ASOPR is still bull, and Bitcoin Cycle Extreme Oscillators have not yet sent a bear signal. If BTC can rise above $ 120,000, it can fly up to $ 130,000, but can also return to 1.6 times a 350-day moving average, which is $ 160,000. Is the closure of the US will break the cryptocurrency market?

Source: Journalducoin.com