Bitcoin: Assessing the odds of BTC living up to its history of a profitable Q4

ambcrypto.com:

Bitcoin [BTC] current escapade with trading below $20,000 may be in its final stage as some analysts believed that respite was not far away. According to BaroVirtual, a CryptoQuant analyst, BTC shared much correlation with the stock market. Because of this relationship, there could be a return above $21,000. If possible, BTC could trade high as $24,500.

In his post released on 2 October, BaroVirtual mentioned that the Volume Depth Oscillator seemed to have overcome the bearish divergence. And as such, there should be a bullish rebound.

Source: CryptoQuant

Interestingly, BaroVirtual may have raised some valid points, especially as signals from the exchange reserves indicated a similar stance. However, it seemed that there was more to the projection than met the eye. The exchange data showed that more BTC investors resolved that the current $19,262 was the bottom. This position was evident in the exchange data revealed by Santiment.

According to the on-chain analytic platform, there were 63,900 BTC inflows at press time. This was an improvement from the data on 1 and 2 October. However, the exchange outflow has not been able to match up at 61,200 BTC.

Source: Santiment

If BTC maintains its position, bulls could grab back the market power. Even as there has been a 30% volume increase in the last 24 hours, there were other things to note. On 2 October, Santiment reported that 34,723 BTC were moved from exchanges. Usually, this would result in a price uptick. It was noteworthy that the current happening correlated with the rally in June 2022.

Source: Santiment

So, the question revolving around investors’ minds would be if BTC would replicate the June form. 

While the data mentioned above could have translated into sheer excitement, a