Today, on Tuesday, September 28, Bitcoin dropped below $42,000, worsening its overnight losses. Late on Monday, there was a fall of $1,000 in just an hour, putting an end to hopes for a bull run after the flagship crypto peaked at $44,400 over the weekend. Experts had forecast levels even below $40,000 as a new low. With just two days left until the end of the month, the projected worst case scenario was around $43,000 on the last day of the third quarter’s final month.
However, all hope is not lost. PlanB, whose prediction for the $47,000 “worst case” last month was correct, forecasts that October will close at well above $63,000.
Rebound expected in fourth quarter
PlanB aren’t alone in expecting a rebound in the fourth quarter. A high number of market players are certain the last quarter of 2021 will mark a transformation. One of them is popular trader TechDev, who anticipates a Bitcoin price surge due to historical precedent. Against a chart comparing Bitcoin in 2013 to Bitcoin today, he summarized:
“Investing is a game of probability. When history has proven prophetic for the first 3 quarters, I think it’s wise to bet on it for the 4th.”
China fear morphs into fear of the US infrastructure bill
This week, we’re likely to see a final vote on the United States’ infrastructure bill, which threatens to shake up cryptocurrency stakeholders. At the same time, on-chain metrics and fundamentals remain as bullish as ever. The bill has been amended 539 times so far. However, it won’t matter very much to seasoned investors who have bought large amounts of Bitcoin.
Bitcoin expected in the green
It cost $41,728.87 to buy one Bitcoin at the time of writing. This signifies the beginning of a resistance level. Ultimately, this was rejected after Bitcoin briefly passed $45,000 last week. Regardless, the latest progress sparks hope, especially compared to predictions of a return to $35,000 or so in the near future.
In related news, Bitcoin network fundamentals are doing really well. A sixth consecutive difficulty increase is anticipated. Last week, we observed the fifth increase in a row, which was a feat in itself. Data shows that in about a week, the flagship crypto will increase yet again. That would make it six increases in a row after seven in 2019. The hash rate is just 23 EH/s away from all-time highs at around 145 exahashes per second (EH/s).
