Bitcoin's Q4 Bearish Outlook Questioned, Technicals Favor Bulls

ITC Crypto founder Benjamin Cowen questions the bearish outlook for Bitcoin in Q4, believing that the current market trend favors bulls. The price of BTC is less than 1% away from its May peak, making it difficult to draw conclusions about the future market before entering the fourth quarter. Cowen points out that historically, BTC tends to rise by 20% to 30% within 1 to 2 weeks after breaking above the 50-week moving average. However, the current trend is relatively mild, possibly influenced by seasonal factors and rising U.S. Treasury yields, while Bitcoin has shown resilience, necessitating a reevaluation of the bearish judgment for Bitcoin in the fourth quarter.

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