Bitcoin prices could be bottoming, looking at price charts, and this might be one more opportunity for the savvy to accumulate before prices rip higher, according to one optimistic analyst. Taking to X, the analyst, Cryptocon_, said the “Ultimate Oscillator” indicator suggests that Bitcoin is at a “cyclical bottom,” adding that for the “first time,” the indicator has crossed into the cycle bottom zone in the two-week time frame.
Bitcoin Likely Bottoming: Here’s Why
Whether this prognosis is accurate depends on how Bitcoin prices pan out in the next few trading sessions. However, Bitcoin prices have since added roughly 4% since Cryptocon_ first laid out the analysis.
Bitcoin is changing hands at around $28,000, up 12% from September lows. Following the sharp expansion on October 1 lifted BTC above September 2023 highs, a strong start for Q4 2023.
The Ultimate Oscillator is a momentum indicator built on moving averages. Technically, the indicator is based on the idea that
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