Is Bitcoin ‘Uptober’ About To Begin?


In this episode of NewsBTC’s Daily Technical Analysis VideosIn this article, we review a variety of technical and fundamental signals on the monthly Bitcoin price chart to see if we are approaching the bottom of the cryptocurrency.

See the video below:

Video: Bitcoin Price Analysis (BTCUSD): October 3, 2022

Bitcoin Beta’s Bearish Momentum Begins to Fade…Maybe

The monthly October candle opened in pink on the LMACD chart. This signal in the past put bear markets back into hibernation for at least a year or more, and sIt suggests a significant shift in momentum. But October should close the upside to confirm and pin the change in color on the Bitcoin monthly chart.

monthly RSI It is still the lowest level in Bitcoin history, but is grinding along the bottom of the downward sloping channel. The same bearish slope connects the previous RSI peaks.

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Bitcoin bearish momentum might be weakening | Source: BTCUSD on TradingView.com

Bitcoin Investors Can Overcome Their Loss

The kobuk curve It finally fell at the same level as the previous bear market bottoms. The time-cycle tools also indicate that there may be some rhythmic behavior of Bitcoin about to emerge.

The Coppock Curve was created by ESC Coppock, who was asked by his church to identify long-term buying opportunities for investors. It is based on the idea that it takes between 11 and 14 months for a bear market to end, as that is roughly the time it takes a human to overcome mourning for a major loss.

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Did Satoshi call the bottom in cryptography?

Another possible bottom signal is not technical, but fundamental. Bitcoin price is now in the lower cost-of-production range around the same time period as the bottom of the 2018 bear market.

This is noteworthy, because in commodities, prices fall close to the cost of production. Even the creator of bitcoin, Satoshi Nakamoto Talk about this.

“The price of any good tends to gravitate towards the cost of production. If price is less than cost, production slows down. If price is higher than cost, profit can be made by generating and selling more. At the same time, overproduction will increase difficulty, which drives Generation cost towards price.”

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