BTC price loses $42K after fresh rejection puts focus on ‘worst case’ Bitcoin monthly close

As the largest cryptocurrency, Bitcoin (BTC), suffered overnight losses of $42,000 on Sept. 28, it fell below $42,000.

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

BTC bulls lose steam at $44,000

Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD reached local lows at $41,670 on Bitstamp.

This was after a $1,000 hourly loss on Monday that firmly ended any bullish hopes of the weekend’s high at $44,400.

It was widely expected that the turnaround would occur. Cointelegraph reported that analysts had already begun to consider levels below $40,000 as possible floors.

One trader also refused to believe Bitcoin’s strength heading into Monday, arguing that levels above 44,000 were simply a liquidity grab, before going lower again.

#bitcoin Perhaps flushing out the shorts before the next leg down. If it creates a bullish market structure, the idea will be invalidated above 45.2k pic.twitter.com/9ofwkkD8lP
— cevo (@cryptocevo) September 26, 2021

Two days remain before the monthly close. Meanwhile, attention was focused on $43,000 as the “worst-case scenario” for BTC/USD in September.

PlanB, an analyst who correctly predicted August’s $47,000 “worst-case” scenario, also envisages October closing at least $63,000.

Trader — “Wise To Bet” on Q4 rebound

He’s not the only one, as a growing number of market participants are convinced that Q4 will be a turning point in the Bitcoin bullish.

Related: China fear has now become infrastructure fear — 5 things you should be watching in Bitcoin this week

TechDev, a popular trader, said that the historical precedent demands that a new BTC price rise be considered.

He said that investing is a game with probability. A chart showing Bitcoin’s growth in 2013 and 2021 was his summary.

“When history has proved prophetic in the first three quarters, it’s wise for me to place a bet for the fourth.”

BTC/USD Comparison. Source: TechDev/ Twitter

https://cointelegraph.com/news/btc-price-loses-42k-after-fresh-rejection-puts-focus-on-worst-case-bitcoin-monthly-close