Pseudonymous crypto analyst @pakpakchicken on X (formerly Twitter) is one of the analysts who were able to correctly call the market bottom during the Bitcoin price decline back at the start of September. With the prediction playing out as expected, the crypto analyst has once again taken to the social media platform to inform Bitcoin investors of what they should do next as the price continues its recovery.

Bitcoin Could Keep Going Up

Back in early September, the crypto analyst shared a liquidation heatmap that showed that the majority of Bitcoin traders had suffered massive losses. The decline below $57,000 wiped out the majority of positions, propelling liquidations to new highs. At the time, the crypto analyst encouraged investors to get into Bitcoin as the price crash was the time to get into the cryptocurrency.

As the analyst explained, the times when traders make the most money are when they actually buy during times when the market is down. Then to top it off, he explained that the Federal Reserve would be cutting rates, which would propel the Bitcoin price higher. As expected, the Fed did cut rates last week, pushing Bitcoin and the crypto market into the green.

Now that the Bitcoin price is on the up and up, the crypto analyst explained that it is time to switch strategies. While profit-taking may be enticing during times like this, he urges investors to hold on and wait for better prices. Mainly, the advice is that the investors hold into 2025.

“We’ve been programmed to take profit for chopping markets, we forget how is it like during trending markets,” the crypto analyst said. “Switch your strategy. It’s time. Don’t take profit too early. Be more tolerant to dips. For now, I see a clear path to mid 2025.”

Entering A Bullish Quarter

Bitcoin is on the verge of recording its most bullish month of September so far, suggesting that the next few months will be very bullish for the cryptocurrency’s price. So far, according to data from the Coinglass website, the Bitcoin price is already up 7.28%, beatings its September 2016 record of 6.04%.

However, what is most interesting about the month of September closing in the green is what has has occurred during the years when this month has closed in the green. Any time September has ended in green, the months of October, November, and December have also ended in green.

Given this, if the Bitcoin price were to close out the month of September in the green, then it is expected that the fourth quarter of the year will continue the recovery. In this case, the BTC price could end up actually reaching a new all-time high before the year 2024 is over.

Featured image created with Dall.E, chart from Tradingview.com

The Bitcoin price movement has been a point of contention among many crypto analysts, but almost everyone can agree that the way forward is up. One of these is a recent conversation regarding Bitcoin’s price pattern on social media platform X, with legendary trader Peter Brandt eventually providing his expertise to clear up the matter. According to Brandt, Bitcoin’s current price pattern is not that of a bull flag, which signals the continuation of an uptrend, but the crypto remains in a largely bullish sentiment.

Bitcoin Bull Flag Pattern?

Despite the various opinions, most analysts seem to agree that the long-term outlook for Bitcoin remains positive, with many believing that a surge is coming soon. Recently, a Bitcoin trader known as SilkoSpots on social media platform X shared a Bitcoin chart highlighting a bull flag pattern on BTC’s price action.

According to the trader, Bitcoin’s price formation has been that of a bull flag pattern since the beginning of the year. Particularly, the pole of the started in October 2023, and the flag has been in formation since Bitcoin’s all-time high in March 2024. As such, the crypto is only going through an extended period of consolidation, which is typical of a bull flag, before resuming the leg up. 

However, not everyone agrees with this interpretation. Another crypto analyst, ColinTCrypto, raised concerns about the validity of this bull flag pattern. He referenced veteran trader Peter Brandt, who has been a long-standing authority in the field of technical analysis. Brandt’s key critique is that a bull flag cannot take such an extended period to develop.

According to Investopedia, bull flags usually resolve one way or the other in less than three weeks. If the price action drags on for longer, it often transforms into a different pattern, such as a rectangle or triangle. 

Peter Brandt, echoing his previous insights, reaffirmed that a legitimate bull flag pattern cannot extend over such a long period. Nevertheless, Brandt noted that “a bear channel, once violated, could resume a longer-term bull trend.” Consequently, it would seem Brandt also believes Bitcoin is on its way to starting another uptrend.

What’s Next For BTC?

Bitcoin appears to be experiencing a temporary hiatus after a significant rally that saw its price climb 22% from a low of $52,825 on September 6 to $64630 on September 25. According to a chart analysis by Peter Brandt, BTC has largely been in an expanding triangle for the past six months with a series of lower highs and lower lows. 

On a long-term basis, Bitcoin needs to close above the July high of $70,162 in order to complete this pattern and resume a full-blown uptrend. At the time of writing, BTC is trading at $63,780, around 10% away from this price point. 

Featured image created with Dall.E, chart from Tradingview.com

The Google searches for the Bitcoin keyword have crashed, indicating a lack of interest among internet users in the flagship crypto. However, crypto analyst Ali Martinez has stated that this is bullish for the Bitcoin price. 

Why The Crash In Bitcoin Google Searches Is Bullish

In an X post, Martinez revealed that nobody is searching for Bitcoin (BTC) according to Google trends. He added that this is bullish, meaning that this is a good thing for the BTC price. Typically, a surge in the search for the BTC keyword indicates a massive interest among retail investors. 

However, the lack of interest based on Google trends indicates that retail investors have yet to come en masse into the crypto space for this bull run. Therefore, it is bullish, as there is still more room for Bitcoin and other cryptocurrencies to rise to the upside following an influx of these retail investors. 

The on-chain analytics platform Santiment also provided insights into why a lack of interest in Bitcoin is usually bullish. They suggested that the flagship crypto will likely hit a new all-time high (ATH) when expectations are low, or there is a lack of interest among crypto enthusiasts. 

The platform revealed there are currently 1.8 bullish posts toward BTC for every bearish post. According to Santiment, the market historically moves opposite to the crowd’s expectations. This essentially means that Bitcoin turns out to be most bullish when market participants and even non-crypto natives are bearish. 

Santiment reaffirmed this stance in a more recent X post. The platform stated that the crowd’s sentiment toward Bitcoin had been particularly bullish, indicating a high top probability for crypto markets. With BTC retracing below $65,000 on September 30, they expect that there will be some panic sells. Santiment added that if FOMO turns to FUD, the bull market will resume quickly. 

How BTC Price Could Move In The Coming Weeks

Martinez has also provided insights into what to expect from the Bitcoin price in the coming weeks. He claimed that the best thing would be for the flagship crypto to drop to $60,000, rebound to $66,000, retrace back to $57,000, and finally break out to a new ATH at $78,000.

The analyst again alluded to this price thesis in a recent X post, suggesting that he is confident this will happen. However, historical trends indicate that BTC could reach a new ATH this month. October is one of Bitcoin’s best months, with the flagship crypto recording double-digit monthly returns most of the time. Therefore, the crypto could reach new highs as the ‘Uptober’ rally begins.  

At the time of writing, Bitcoin is trading at around $63,800, down in the last 24 hours, according to data from CoinMarketCap. 

Featured image created with Dall.E, chart from Tradingview.com