Swiss forex bank predicted Bitcoin’s price target based on its daily, weekly, and hourly charts on September 16, 2021. In the analysis video, Jean-Francois Owczarczak, director of FanGraphs, stated that NASDAQ is related to Bitcoins and their daily and weekly graphs witnessed a total upward. Moreover, Owczarczak adds that the NASDAQ’s risk on both daily and weekly graphs is acquiring overbought.
Therefore, the NASDAQ’s overbought in the risk index might lead to price correction in the growth and NASDAQ trades. Also, that can result in some regression in other digital currencies and Bitcoin. However, the upward graphs still hold the place and are expected to stay uptrend until mid-November for Ethereum and Bitcoin.
Jean-Francois Owczrczak’s Statement
Owczarczak stated that the graph is still in an uptrend on they had a substantial correction into early summer. Then a recovery since then, they believe this consolidation range is working its way. So it should find assistance to move higher and attest the highs did this spring at some point into mid-November. He also adds that the risk index is still relatively low, letting some leeway to the upside. According to CoinMarketCap, Bitcoin exchange hands at $48,126 by 2.11% in the last 24 hours and by past week 3.68%. Although Bitcoin fell from its high of nearly $65,000, Ark Invest is quite confident that the cryptocurrency and other digital assets could hit $500,000 within the upcoming five years.
Crypto Community Sentiment Stays Bullish on the current Market.
Despite Bitcoin surged past the significant $50,000 mark for the first time in three months and dropped to $46,000; still, the crypto community Sentiment is bullish. However, Bitcoin fell toward $48,000 on September 19, as crypto consumers reacted to short-term oversold situations. Moreover, BTC was down by 3% on September 18 and 19. Also, in the same period, market cap, the second-largest crypto down by 5% in Ethereum. Nevertheless, this poor performance doesn’t affect the crypto community’s optimism.