Bitcoin Price Analysis: Metrics Point to ‘Major Move’ in Q4 – Can BTC Soar to $100,000?

Bitcoin price has faced continuous downward pressure, staying below the critical $60,250 level and hitting an intra-day low of $60,087. The general cryptocurrency market has become uneasy due to the rising geopolitical tensions between Israel and Iran, which are primarily to blame for this decline.

Although Bitcoin strengthened in September, it has struggled to hold its value above $65,000 amid mounting selling pressure.

Additionally, recent Bitcoin ETF outflows surged to $242 million, breaking an eight-day inflow streak and adding to bearish sentiment. With weakening U.S. PMI data signalling a slowing economy, analysts are cautious about Bitcoin’s short-term outlook.

Many suggest that the cryptocurrency may not revisit its all-time high until mid-November, as global uncertainties continue to weigh on its price.

Bitcoin Eyes Q4 Rebound Amid Undervaluation and Liquidity Boost, Short-Term Risks Remain

Bitcoin’s recent downtrend has reset key metrics, setting it up for a potential Q4 rebound. Despite trading 7% below its recent high of $66,508, analysts believe Bitcoin may be undervalued. The market value to realized value (MVRV) Z-score indicates room for growth, while high open interest in futures shows strong market sentiment.

Increased global liquidity could further support Bitcoin’s recovery. However, uncertainties like the U.S. elections may create short-term volatility, as Bitcoin often struggles during election years due to market instability.

Key Insights:

Undervaluation Signal: MVRV Z-score suggests potential upside.
Liquidity Impact: Rising global liquidity could push prices higher.
Election-Year Risk: Political uncertainty may cause temporary dips.

Recent geopolitical tensions have also added to price instability. Long-term analysts, such as Willy Woo, remain optimistic, expecting Bitcoin to regain its all-time high but note possible sideways trading in October.

While Bitcoin could see a significant Q4 rebound, short-term risks from geopolitical events and the U.S. elections may impact its performance in the near term.

Bitcoin Struggles Near $60,700 Amid Key Resistance Levels

Bitcoin is trading near $60,710, reflecting a slight decline of 0.29% as it hovers close to the psychological support level of $60,130. The asset has faced downward pressure, struggling to break above the 50-day Exponential Moving Average (EMA) at $62,110.

Immediate resistance is seen at $60,980, aligning with recent price action. A break above this level could target the $61,640 mark. On the downside, any dip below $60,130 could extend losses towards the $59,530 support level.

The Relative Strength Index (RSI) is 42, indicating bearish momentum and potential consolidation. Overall, traders should closely monitor these levels as Bitcoin’s direction remains uncertain amid market volatility.

Conclusion: Bitcoin faces strong resistance around $60,980 and $62,110. A break above these levels is necessary to signal bullish momentum.

Traders should remain cautious if support at $60,130 fails, as it could lead to deeper corrections.

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