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These Crypto Analysts Failed to Time Bitcoin in September

2 mins
Updated by Ryan Boltman
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In Brief

  • Tradermayne's deviation and reclaim of the range lows failed to lead to a significant increase. Rather, the BTC price was rejected by a descending resistance trendline.
  • TheTradingHubb unsuccessfully used a corrective count to predict that the price will fall below its September 11 lows. However, Bitcoin created a higher low instead.
  • The Bitcoin price movement in September has been fairly neutral. Whether the price breaks out from its descending resistance trendline can determine the future trend.
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These two crypto analysts failed to accurately predict the crypto market in September, particularly regarding the Bitcoin (BTC) price.

It can be difficult to time or predict the correct movements in the market. Even some of the best in the business get it wrong. BeInCrypto looks at crypto analysts who were unfortunately incorrect in their analysis of Bitcoin in September.

Deviation and Reclaim Do Not Lead to BTC Price Increase

On September 15, well-known cryptocurrency trader @Tradermayne tweeted a Bitcoin chart showing the price deviating below the $25,250 area before reclaiming it.

This was expected to lead to a significant price increase, especially when combined with the bullish signs in the monthly and weekly timeframes.

Empower your investments with price predictions: Bitcoin (BTC) Price Prediction

Initially, the reclaim did initiate an upward movement. However, the increase did not cause a breakout from a descending resistance trendline. Rather, the price was rejected on September 19 (red icon) and has fallen since.

So, the trend is considered bearish in the short term until the price breaks out from this trendline.

Bitcoin Price Prediction
BTC/USD Daily Chart. Source: TradingView

The closest support at $25,500 is 3% below the current price. The next closest resistance is at $29,000, which is 10% above the current price.

Corrective Bitcoin Count Proves Invalid

Well-known crypto analyst @TheTradingHubb used Elliott Wave theory to predict that the price will decrease in the middle of September after reaching a high near $26,200.

Technical analysts utilize the Elliott Wave theory to ascertain the trend’s direction by studying recurring long-term price patterns and investor psychology.

According to the proposed count, BTC would fall below its September 11 lows after reaching a local top at $26,200.

Bitcoin (BTC) Price Prediction
BTC/USD 4-Hour Chart. Source: TradingView

However, the BTC price reached a high of $27,230 instead. Then, it fell and validated the $26,000 horizontal support area.

This movement invalidated the possibility that the previous structure (highlighted) was an A-B-C corrective structure (black). If so, the price began a new upward movement on September 12 (green icon).

Whether the price breaks down below the $26,000 area, continues its ascent, and breaks out from the previously outlined descending resistance trendline will determine the correct outlook.

For BeInCrypto’s latest crypto market analysis, click here.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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