Bitcoin (BTC) consolidated higher on September 15 as analysis described recent BTC price behavior as “textbook.”
BTC/USD 1-hour chart. Source: TradingView
Bitcoin analyst: “September is not September”
Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency concentrated at $26,600 – below a key breakout level.
Bitcoin ignored the latest U.S. macroeconomic data reports the day before, joining traditional markets that moved higher despite signs that inflation was more stubborn than expected.
Amid renewed bullish sentiment, Michaël van de Poppe, founder and CEO of trading firm Eight, expressed confidence that BTC/USD would avoid new lows.
“Bitcoin could potentially trigger a possible bullish breakout, although we need to ensure it does not retest the lows,” he wrote in a special post on X (formerly Twitter) on September 14th.
Van de Poppe pointed to the news that Germany’s largest lender, Deutsche Bank, had applied for a crypto custody license and considered $25,000 to be a level from which bulls could hold the market back.
“We saw a breakout at $25,000 and should stay at higher numbers. In this case, we should stay at $25,600-$25,900 as there are a lot of stops that need to be activated below that before we can actually see some moves,” he suggested.
BTC/USD 1-week chart with 200EMA. Source: TradingView
Although it remains below a group of key moving averages (MAs), the 200-week exponential moving average (EMA) continues to act as support – it was reclaimed in March and is an important feature at the start of any bull market.
“I think the likelihood of a bottom in this cycle has increased. Why? Well, we are holding above the 200-week EMA again and will most likely close above it again this time,” Van de Poppe continued.
“September isn’t exactly September and it seems we’ll have a sequel from here.”
Annotated BTC/USD chart. Source: Michael van de Poppe/X
He cited $26,800 – the previous day’s high – as the line in the sand that needs to be broken.
Wyckoff reveals the classic BTC price recovery
Meanwhile, trading resource Stockmoney Lizards, with an optimistic long-term view, also concluded that another BTC price rise is likely to come next.
Related: Bitcoin Price May Reach $46,000 by Halving in 2024 – Interview with Filbfilb
The X analysis compared the price movement over the past year with a longer “accumulation phase” using the Wyckoff method.
This describes price cycles of an asset, and correctly identifying the trigger after a swing low, known to Wyckoff as a “spring,” can reveal the start of a new uptrend or a return to a previous higher trading range.
Spring came for Stockmoney Lizards after BTC/USD bottomed in late 2022.
“We experienced the spring in January, the outbreak at the end of March and now the second setback. “Textbook Wyckoff behavior,” it says.
BTC/USD comparison chart. Source: Stockmoney Lizards/X
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