On Wednesday, Swiss forex bank Dukascopy predicted Bitcoin’s short-term price target based on its hourly, daily, and weekly charts.
In a technical analysis video, the director of FinGraphs Jean-Francois Owczarczak opined that NASDAQ is related to cryptocurrency and both their weekly and daily graphs show a total uptrend. However, he highlighted that the NASDAQ’s risk index on both the weekly and daily graphs is getting overbought.
This might lead to some price correction in the NASDAQ and growth trades that can in turn result in some regression in Bitcoin and other cryptocurrencies in the coming weeks. As of now, the uptrend is still in place, and it is expected that it will stay that way until next spring for both Bitcoin and Ethereum.
Owczarczak gave an in-depth opinion on Bitcoin saying it:
[It] is still in an uptrend here on our weekly graph we’ve had a strong correction into early summer and then a nice recovery since then we believe this consolidation range is still working its way and that at some point into mid-late October perhaps November it should find support to move higher and attest the highs it did this spring. The risk index is still quite low, so that does leave some leeway to the upside.
According to the daily graph, Bitcoin is still in an uptrend. It has been bullish since July. Owczarczak believes it is now retracing and we may see some more negative re-testing here, but certainly not new lows. He added:
Our view is that we could probably make it back below $40,000 perhaps towards $35,000 over the next month or so, maybe the next few weeks and then gradually build the base into late October-November and then accelerate up into next spring. Our view is that we could indeed make new highs by then.
As of press time, Bitcoin was exchanging hands at $48,126, up by 2.11% in the last 24 hours and 3.68% in the past week, according to CoinMarketCap.com.
Despite Bitcoin’s fall from its all-time high of nearly $65,000, Ark Invest’s Cathie Wood is quite confident that the flagship cryptocurrency could hit $500,000 within the next five years.