While the leading cryptocurrency Bitcoin has been continuing its horizontal movements at $ 26.00 for a while, investors are wondering what the direction of BTC will be.
At this point, while investors who want to make more profits are hesitating about whether the bottom has come, Glassnode co-founder Yann Allemann shared a post about possible scenarios in BTC.
Sharing medium-term and short-term scenarios for Bitcoin, Yann Allemann evaluated this issue in terms of risk/reward ratio.
Pointing out that the medium-term outlook for BTC is positive, Allemann said that the short-term outlook is uncertain and this uncertainty continues between $ 25,800 and $ 26,800.
However, Allemann stated that there is an upward trend in the RSI and the volatility is decreasing, and argued that these are positive for the BTC price and indicate that Bitcoin may be in a bottom position.
Allemann said that the $ 23,800-24,800 level could be tested due to the short-term uncertainty in Bitcoin and shared the appropriate BTC buying levels for investors.
“While the medium-term outlook for Bitcoin looks positive in terms of risk-reward ratio, uncertainty continues in the short term. (Between $25,800 – $26,800)
While the possibility of a decline continues due to the ongoing uncertainty in the short term, BTC may be tested between $23,800 and $24,800.
However, on the other hand, the rising trend in the RSI and the decrease in volatility are bottom signs for BTC.
As a result, investors can buy Bitcoin at a point between $23,800-$24,800 if there is a decline. Or they could buy if BTC holds the $26,800 level and breaks the downtrend.”
BTC continues to trade at $25,716 at the time of writing.
Mid-term outlook: Favorable risk/reward, but short-term, uncertain ($25.8k – $26.8k).
⁃ Possible downside ($23.8k – $24.8k) due to bearish trend.
⁃ Signs of bottoming: RSI bullish divergence, fading volatility.
Consider buying after dip or solid $26.8k hold to break the… pic.twitter.com/uZ55CyOU9u
— ??????????? (@Negentropic_) September 5, 2023
*This is not investment advice.