Pseudonymous crypto analyst @pakpakchicken, active on X (formerly Twitter), was one of the few forecasters who accurately predicted the market bottom during the Bitcoin price downturn that began in early September. With that prediction coming true, the analyst has returned to social media to guide Bitcoin investors on their next steps as the cryptocurrency embarks on its recovery journey.
Bitcoin’s Potential for Further Gains
In early September, the crypto analyst posted a liquidation heatmap, illustrating the severe losses sustained by the majority of Bitcoin traders. The drop below $57,000 resulted in the liquidation of most positions, hitting unprecedented highs. During that time, the analyst encouraged investors to seize the opportunity and invest in Bitcoin, viewing the price plunge as a buying opportunity.
The analyst noted that the most profitable moments for traders often occur when they make purchases during market downturns. He further pointed out that the Federal Reserve’s decision to cut rates would likely lead to an increase in Bitcoin prices. As anticipated, the Fed did reduce rates last week, helping to shift Bitcoin and the wider crypto market into positive territory.
Now that Bitcoin prices are rising, the crypto analyst stated that it is essential to adjust strategies. While the temptation to take profits can be strong, he advises investors to hold their positions and wait for even more favorable prices, particularly suggesting that they retain their investments until 2025.
“We’ve been programmed to take profit for chopping markets, we forget how is it like during trending markets,” the crypto analyst said. “Switch your strategy. It’s time. Don’t take profit too early. Be more tolerant to dips. For now, I see a clear path to mid 2025.”
Entering a Bullish Period
Bitcoin is on track to experience its most bullish September to date, indicating that the upcoming months may be very favorable for the cryptocurrency’s price. As of now, according to data from Coinglass, Bitcoin’s value has risen by 7.28%, surpassing its September 2016 high of 6.04%.
Interestingly, past trends reveal that any September which closes positively has historically been followed by additional gains in October, November, and December.
If Bitcoin wraps up September positively, it is anticipated that the fourth quarter will also continue on this recovery path, suggesting that BTC could potentially reach a new all-time high by the end of 2024.
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