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Hello and welcome to News BTC’s Market Outlook September 22.
Bitcoin went sideways again during the session on Thursday, as we continue to see the $4000 level offer a bit of noise. Ultimately, I believe that eventually the markets will continue to go higher, as we have been in an uptrend for some time, I think that we may be trying to build up a base first. This makes a lot of sense though, because Bitcoin was essentially attacked by the Chinese government. Ultimately, this shows that the markets believe in Bitcoin going forward, so I think that the buyers will return given enough time. A break above the $4000 level would be a bullish sign.
Bitcoin is also very quiet against the Japanese yen, but again this is a very good sign. Stability after that type of volatility always should be thought of as a good thing, because it gives you the ability to catch her breath and build up a larger position. I think that if the market can break above the ¥450,000 level, the market should continue to go higher, perhaps reaching for the 500,000 level.
Thanks for watching, I’ll be back tomorrow.