Bitcoin Weekly Forecast: Can BTC bears challenge crypto’s 2023 bull rally?
Bitcoin (BTC) price is at a critical juncture in the weekly time frame, where bulls and bears are battling for control. However, a multi-time-frame analysis shows that BTC is bullish daily and is likely to rally higher.
Bitcoin (BTC) price, on the weekly time frame, has produced multiple higher highs and higher lows in 2023, showcasing its bull run. This uptrending market faces a challenge as BTC attempted to breach June’s key low at $25,941. Although there was a weekly candlestick close below this level, bears failed to follow through, which is why this move was a failed breakout. As a result of the bears’ no-show, BTC bulls took control and produced a potential local top at $28,592.
G20 nations rally for implementation of crypto roadmap proposed by IMF
Finance Ministers and Central Bank Governors (FMCBG) from G20 countries endorsed the G20 Roadmap on Crypto Assets under the Indian presidency on Friday. The framework intends to unify the divergent approaches seen in different countries when regulating crypto, which goes from outright bans to more flexible approaches towards welcoming digital assets.
India's Ministry of Finance noted in a tweet on X that G20 FMCBG adopted a joint communique in the fourth and final meeting held in Morocco.
# ́ # # … pic.twitter.com/RwyfzLo8aB
— Ministry of Finance (@FinMinIndia) October 13, 2023
Bitcoin could be an alternative to US-listed companies but not in the short term
Bitcoin has dipped below $27,000, adding to the subdued cryptocurrency market sentiment. While short-term price concerns persist, analysts predict a rebound based on historical figures. At the same time, the number of US-listed firms that are unprofitable has increased, based on a report by Goldman Sachs. This could prompt investors to explore Bitcoin as an alternative investment.
Bitcoin's price dip below $27,000 has added more negativity to the lukewarm cryptocurrency market. At the time of writing, Bitcoin (BTC) is trading at around $26,790, with a daily trading volume of $10.4 billion. Over the past seven days, the king coin has experienced a 3% loss, based on CoinGecko figures.
At this very same point in the cycle (less than 190 days before the Halving)… #BTC retraced -25% in 2015
— Rekt Capital (@rektcapital) October 12, 2023
And retraced -38% in 2019
Something to really think about$BTC #Crypto #Bitcoin pic.twitter.com/iDloPVp8j7
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Bitcoin: Can BTC bears challenge crypto’s 2023 bull rally?
Bitcoin (BTC) price is at a critical juncture in the weekly time frame, where bulls and bears are battling for control. However, a multi-time-frame analysis shows that BTC is bullish daily and is likely to rally higher.