According to a recent analysis, Bitcoin’s price is currently in a descending wedge pattern, which is considered a bullish signal. This has led to speculation about whether Q4 2023 will be favorable for the cryptocurrency.
Despite some bullish metrics, Bitcoin’s open interest has declined, and its price has become less volatile, which has demotivated investors. However, there are indications that Bitcoin may soon break out of its declining-broadening wedge pattern and rise in the last quarter of 2023.
The Awesome Oscillator metric has crossed into the cycle bottom zone, suggesting a potential market bottom and a subsequent price increase. A popular crypto analyst also pointed out a bullish descending wedge pattern on Bitcoin’s chart, with a technical target between $70,000 and $80,000.
On-chain performance indicators, such as decreasing exchange reserves and positive Coinbase Premium and funding rates, also suggest a favorable outlook for Bitcoin. However, it’s worth noting that the drop in open interest could be seen as a bearish signal. Overall, the future direction of Bitcoin in Q4 2023 remains uncertain, but there are indications of potential upward movement.
Source: AMB CRYPTO
