Pseudonymous cryptocurrency analyst @pakpakchicken on X (formerly Twitter) is one of the analysts who was able to correctly determine the market bottom during the Bitcoin price decline in early September. With the predictions coming true as expected, the cryptocurrency analyst has once again taken to the social media platform to inform Bitcoin investors on what they should do next as the price continues to rise.
Bitcoin may continue to rise
At the beginning of September, a cryptocurrency analyst common liquidation heat map which showed that most Bitcoin traders suffered huge losses. The falls below $57,000 liquidated most of the positions, driving liquidations to recent highs. At the time, a cryptocurrency analyst encouraged investors to get into Bitcoin because a price crash was the time to get into the cryptocurrency.
As the analyst explained, the periods when investors make the most money are when they actually buy during market declines. Finally he explained that The Federal Reserve would lower interest rateswhich would cause the price of Bitcoin to enhance. As expected, the Fed cut interest rates last week, pushing Bitcoin and the cryptocurrency market into the green.
Now, as the price of Bitcoin continues to rise, cryptocurrency analyst explained that it’s time to change strategy. While it can be tempting to take profits in times like these, he urges investors to hold off and wait for better prices. Generally, the advice is for investors to hold out until 2025.
“We have been programmed to profit from hacking markets, we forget what it is like in markets that are trending,” said a cryptocurrency analyst. “Change your strategy. It’s time. Don’t take profits too early. Be more tolerant of declines. For now, I see a clear path to mid-2025.”
Entering a bullish quarter
Bitcoin is on the verge of recording its value the most bullish month September, which suggests that the next few months will be very bullish for the cryptocurrency price. So far, according to data from Coinglass, the price of Bitcoin has already increased by 7.28%, breaking the September 2016 record of 6.04%.
However, what is most fascinating about the month of September closing in green has happened in the years in which this month has closed in green. Every time September ended in green, the months of October, November and December also ended in green.
That being said, if Bitcoin price were to close September in the green, then it is expected that the fourth quarter of the year will continue the recovery. In this case, the BTC price could actually reach a recent all-time high before the end of 2024.
Featured image created with Dall.E, chart from Tradingview.com
