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Swiss Bank Dukascopy Sees Bitcoin Reaching “New High” by Late October

cryptoknowmics.com 17 September 2021 03:30, UTC

Swiss forex bank Dukascopy has made a new prediction about Bitcoin’s price activity in October. In a technical analysis shared on its YouTube channel, the bank indicated that Bitcoin could reach “new highs” between late October and November, with further acceleration into spring.

Swiss Bank Dukascopy Predicts “New Highs” for BTC by Late October

On September 15, Jean-Francois Owczarczak, the director of FinGraphs, presented a technical analysis for Bitcoin on Dukascopy’s Youtube channel. He stated that Nasdaq, which is related to the cryptocurrency, is currently on an uptrend for both daily and weekly graphs. However, Nasdaq’s risk index on daily and weekly graphs is getting overbought.

This development could result in a price correction in the Nasdaq and growth trades, which in turn could lead to a regression in Bitcoin and other cryptocurrencies in the forthcoming weeks.

Nonetheless, the uptrends are still in place and they are expected to continue until spring for both Bitcoin and Ethereum.

Focusing his analysis on Bitcoin, Owczarczak highlighted:

“[It] is still in an uptrend here on our weekly graph we’ve had a strong correction into early summer and then a nice recovery since then we believe this consolidation range is still working its way and that at some point into mid-late October perhaps November it should find support to move higher and attest the highs it did this spring. The risk index is still quite low, so that does leave some leeway to the upside.”

Bitcoin to Have Some More Negative Retesting

Taking note of the daily graphs, Owczarczak said that Bitcoin is still in an uptrend. The flagship crypto has been on an upswing since July but it is now retracing and could see more negative retesting, although that wouldn’t lead to new lows:

“Our view is that we could probably make it back below $40,000 perhaps towards $35,000 over the next month or so, maybe the next few weeks, and then gradually build the base into late October-November and then accelerate up into next spring. Our view is that we could indeed make new highs by then.”

Towards the end, Owczarczak looked at hourly graphs that showed Bitcoin’s correction over the last week. He said that the currency has dropped below the bank’s corrective targets and the next downside targets point to a support price between $39,000 and $35,000.

At the time of writing, Bitcoin is changing hands at $48,002.74, with a loss of 0.77% in the last 24 hours and 3.3% in the past week, according to Coingecko.com.

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