Bitcoin price drops 0.7% from ‘Uptober’, hopes to eventually push $20k

Bitcoin (Bitcoin) failed to hold on to $20,000 at the September monthly close as one trader saw an eventual rally ahead of a fresh dip.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingView

Trader’s $20,500 upside target remains

data from Cointelegraph Market Pro and Transaction view Shows BTC/USD holding around $19,400 after the month ended.

According to data from on-chain data resources, the monthly chart failed to rebound by 3% on October 1, and so far, BTC/USD in “Uptober” has fallen by another 0.7% coin glass.

BTC/USD monthly returns chart (screenshot). Source: Coinglass

Dismal financial data from macro markets has led to a lack of interest in risk assets, while the outlook remains bleak among cryptocurrency traders.

Returns above $20,000 are still possible on the day for the popular Twitter account Il Capo of Crypto, but a dive will follow much lower.

One Additional positions Noting steady buying at $192,000 worth of exchange FTX, he thinks this could help short-term gains.

Although at the time of writing, BTC/USD looks volatile at the weekly close, as tighten Bollinger Bands on the lower time frame.

BTC/USD 1-hour candle with Bollinger Bands (Bitstamp). Source: TradingView

Nonetheless, as highlighted by Caleb Franzen, senior market analyst at Cubic Analytics, Bitcoin’s September close continued on a losing streak and now rivals the 2018 bear market.

“Bitcoin has officially produced 10 consecutive red monthly Heikin Ashi candles, closing September,” he disclose.

“This is the longest such streak since the 2018 bear market, which produced 14 red candles from February 2018 to March 2019. Each bear market has been longer than the last…”

BTC/USD 1-month Heikin Ashi candlestick (Bitstamp). Source: TradingView

Big banks sound the alarm among analysts

With the current macro story revolving around the major global banks, there are worrying signs from Credit Suisse.

related: Bitcoin’s 2021 bull buyers “surrender”, lose 50%, data shows

Shares in the Swiss bank have all but tumbled since 2021, with fears now spreading to institutions like Deutsche Bank, UniCredit and even Bank of China.

Alistair Macleod, head of research at Goldmoney: respondand upload a comparison chart of the market-to-book ratio of each bank.

“The failure of one of them could put the survival of the others in question.”

in the memo lead Credit Suisse Chief Executive Ulrich Koerner warned investors not to “confuse our day-to-day share price performance with the bank’s strong capital base and liquidity position,” Reuters reported on Oct. 2.

These events follow the Bank of England’s resumption of quantitative easing (QE) last week Unprecedented U-turn Inflation is at its highest level in four decades.

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