Bitcoin Rebound: Analyst Claims Local Bottom Likely Set
The recent rebound of Bitcoin from the low of $107,200 has reignited discussions about whether the market has already established its local bottom. Independent analyst Astronomer (@astronomer_zero) asserts that there is over a 90% probability that the low has been set, supported by both price structure and his so-called “FOMC reversal confluence” framework.
Key Points
- Astronomer believes the bottom for Bitcoin is likely around $110,000.
- He cites historical data indicating that FOMC meetings often influence Bitcoin's price trends.
- The recent market rebound has exceeded expectations, contradicting many analysts’ pessimistic views of a “red September.”
- Astronomer emphasizes the importance of risk management, maintaining confidence without going all-in.
- Bitcoin's current price has surpassed $115,000, indicating potential for further gains.
In-Depth Analysis
In his analysis, Astronomer elaborates on the historical relationship between Bitcoin's price and FOMC meetings. He notes that FOMC meetings typically serve as market turning points, with market participants often positioning themselves ahead of time, leading to strong price movements before and after these events. In the recent market, the downward trend from $123,000 to $110,000 seems to have exhausted itself, suggesting that downward pressure may have been released ahead of schedule.More importantly, Astronomer's analysis starkly contrasts with many market commentators who continue to predict a bearish outcome. He calls such views “utter nonsense,” arguing that most analysts underestimate the potential for market rebounds. His research indicates that historically, Bitcoin's price often begins to rebound before FOMC meetings, showcasing the market's forward-looking nature.
Market Impact
If Astronomer's analysis holds true, Bitcoin may be set for a sustained upward trend following the upcoming FOMC meeting. This would not only positively impact investor confidence but also attract new participants into the market. In this context, choosing a reliable trading platform becomes crucial.Register through Binance registration link, or simply enter the code YAOQING88888 to enjoy a permanent 20% trading fee rebate and other benefits.