Market Analysis

BTC price loses $42K after fresh rejection puts focus on ‘worst case’ Bitcoin monthly close

Bitcoin (BTC) fell below $42,000 on Sept. 28 as the largest cryptocurrency worsened overnight losses.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC bulls run out of steam at $44,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching local lows of $41,670 on Bitstamp.

The fall followed a $1,000 hourly loss late Monday, which firmly halted any bullish hopes from the weekend’s high of $44,400.

The turnaround was broadly expected. As Cointelegraph reported, analysts were already eyeing levels even below $40,000 as potential floors.

On Monday, one trader likewise refused to believe Bitcoin’s strength going into the new week, arguing that levels above $44,000 were simply a liquidity grab before heading lower again.

With two days left until the monthly close, meanwhile, attention was on $43,000 as the “worst case scenario” for BTC/USD to finish September.

PlanB, the analyst who correctly predicted the $47,000 “worst case” for August, likewise envisages October closing on at least $63,000.

Trader — “Wise to bet” on Q4 rebound

He is not alone, with an increasing number of market participants firmly convinced that Q4 will form a turnaround point in the Bitcoin bull run.

Related: China fear is now infrastructure bill fear — 5 things to watch in Bitcoin this week

Among them was popular trader TechDev, who argues that historical precedent alone demands credence be given to a fresh BTC price surge.

“Investing is a game of probability,” he summarized against a chart showing Bitcoin in 2013 and 2021.

“When history has proven prophetic for the first 3 quarters, I think it’s wise to bet on it for the 4th.”

BTC/USD comparison. Source: TechDev/ Twitter

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