Will BTC Reach $40,000 by Year's End?

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The Bitcoin price has seen strong fluctuations over the last two days, and while the price would recover after every drop, the overall trend appears to be slightly bearish.

Each drop the coin has seen in the last three days is more profound than the previous one, and each peak reached during new recoveries is lower than the last one.

Of course, for the most part, the price is still successfully managing to stay above $27,000, and even when it dips below this level, it quickly bounces back up.

This suggests the bearish wave is trying to break the support at $27k. The support is holding for now, but whether or not it will remain strong has yet to be seen.

Meanwhile, the most vigorous resistance limiting the coin from heading further up is at $27.25, although BTC did manage to breach it a few times on September 19, even going to $27,437 on one occasion, thus making a weekly high.

When writing, the price slightly dipped to $26,922, suggesting that the selling pressure is increasing. The big question now is whether BTC will bounce back up or if the support at $27k is finally broken.

Experts are also looking at the coin’s chart, with one of them suggesting that the BTC price will soon reach $28k due to solid volatility, which is making it bounce up and down, as seen in the previous few days.

On the plus side, September and Q3 2023 will end over a week. Typically, this is the worst period for crypto prices, while Q4 is usually much more bullish. While there is no guarantee that this pattern will hold, many are looking forward to entering the final quarter. Not only that, but the most optimistic predictions believe that BTC might recover to $40k by year’s end.

US Fed Made its Decision: Bitcoin’s Reaction

Yesterday was a big day for the financial industry, as the US Federal Reserve announced that the benchmark interest rates in the US would remain unchanged at 5.25%-5.5%. This outcome was what many had expected, so there was no drastic change in Bitcoin’s price as a response.

If anything, the price just dipped by about 1%, although it may recover from it and go back above $27,000.

On the other hand, Fed Chair Jerome Powell noted that there might be another interest hike before the year ends. He did not guarantee it, but he left the possibility open, depending on what will happen as the world moves in the year’s final months.

Bitcoin Sentiment Enters Neutral Territory

One notable change regarding Bitcoin was noticed in the fear and greed index, a popular indicator that suggests the general sentiment of the coin’s community. According to the metric, Bitcoin has surged from a bearish view to neutral for the first time this month.

The index measures volatility, volume, market momentum, market cap dominance, social media sentiment, and even Google Trends. By being between fear and greed, the index shows that the market is neither bullish nor bearish. It is waiting to see what will happen, which is valid for most traders.

Bitcoin BSC Hits Soft Cap

Bitcoin BSC (BTCBSC) has hit a huge milestone today by reaching its soft cap of $3.96 million.

The new BEP-20 token — a cryptocurrency based on Binance Smart Chain — reached this achievement in under two weeks, showing great popularity.

While there were presales that ended much faster, they typically took place during much more favorable market conditions.

As of the time of writing, the token has raised a total of $3.99 million, and the presale will now continue until the supply dedicated to the presale is sold off in its entirety, which is $6.06 worth of BTCBSC.

The token holds the value of $0.99, as it does not represent Bitcoin as it is right now, but the way it was in 2011.

You can buy it with BNB, USDT, or ETH, and once it goes live, it will offer staking services, releasing rewards every 10 minutes, similar to how the Bitcoin network handles mining rewards.

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