First of all, let me say this nobody knows exactly what is going to happen in the crypto market, we are all speculating due to the information available to us, also the crypto market has always been unpredictable and there are always going to be things like an important news event or events that will happen around the world that could or would affects the price of Bitcoin short term due to the fact that peoples positive or negative sentiments affect and move the crypto market more and anything else that you can think of.
Now talking about events today is the last day of the month and most people are looking at the upcoming monthly candle close in a few hours times to form their own narrative and sentiment about Bitcoin and what will happen next in the market, the major questions I have been seeing on Crypto Twitter have Bitcoin bottomed out? and is the upcoming September monthly candle going to close above $20k?
And lastly, the recent Quantitative easing announcement made by the Bank of England could either pump the crypto market or dump it further depending on which side the sentiment in the market lean towards, my advice is to buy with dollar cost averaging (DCA), which is what I have been doing for some time now and please do not trade with huge leverage if you know your account can not handle a drawdown or if you know you can not take the loss when and if it happens.
Now back to the question of Bitcoin's upcoming monthly candle close above $20k or if it has bottomed out, I am no expert but in my opinion Bitcoin might have already bottomed out and would never retest $17K again since it has dipped to $18k a lot and everyone thought it will go below $18k but it didn't and has not done that yet, currently Bitcoin is trading around $20k, so it is possible that it will to stay at $20K or pump over it, thereby closing the September monthly candle above $20k, and the pump could continue in October until the bull run or market starts again. Bitcoin would need a huge catalyst to get it below $17k at the point, since the Russian and Ukrainian war, high inflation, and interest rate hikes could not do it. But then again nothing is 100% sure, so time will tell.
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