Bitcoin (BTC<\/a>) hit new weekly lows into Sep. 28 as risk asset drawdown continued overnight.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD falling to $18,461 on Bitstamp, down almost $2,000 versus the previous day\u2019s high. <\/p>\n The change of direction came in lock step with stocks, which turned red after initially heading marginally higher<\/a> at the Wall Street open.<\/p>\n The S&P 500 and Nasdaq Composite Index ultimately finished the day down 0.25% and up 0.25%, respectively. <\/p>\n Cypto, however, failed to recoup its losses, and while hopes were for Q4 to bring about a more solid recovery, traders were betting on the pain continuing first.<\/p>\n Popular Twitter account Il Capo of Crypto appeared to confirm<\/a> that he favored October copying last year\u2019s performance \u2014 something which earned it<\/a> the nickname \u201cUptober.\u201d<\/p>\n In comments, he added that he was \u201cexpecting bullish Q4. But first new lows.\u201d<\/p>\n Fellow trader and analyst Rekt Capital meanwhile drew attention to the hurdles Bitcoin needed to overcome on monthly timeframes.<\/p>\n \u201cAlready a sharp BTC rejection at the green ~$19800 level,\u201d he wrote<\/a> in a tweet about the upcoming monthly candle close. <\/p>\n \u201cContinued see-sawing in and around this level is to be expected as $BTC approaches its Monthly Close. Most important will be how the Monthly Candle actually closes relative to the green Range Low.\u201d<\/p><\/blockquote>\n Rekt Capital added<\/a> that a close below that green line would mean an exit from the monthly range in place since late 2020.<\/p>\n Discussing when the bear market of 2022 could end, opinions differed over the use of data from previous halving cycles.<\/p>\n Related:\u00a0More ancient Bitcoin leaves its wallet after 10-year hibernation<\/a><\/em><\/strong><\/p>\n Uploading a comparative chart, Luke Martin, host of the STACKS Podcast,\u00a0noted<\/a> that it had been 322 days since Bitcoin\u2019s last all-time high of $69,000.<\/p>\n After the 2017 prior all-time high, BTC\/USD spent 364 days in a bear market, suggesting that the end could be due if history were to repeat itself.<\/p>\n \u201cCycle timing here is optimal,\u201d Charles Edwards, creator of crypto asset manager Capriole, reacted.<\/p>\n Others were less convinced, with tedtalksmacro drawing attention to the fact that the macro environment was nothing like it was in 2018, something Martin acknowledged.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/9ab8a8f6-dc5f-4d69-ac6c-f376fb583bbe.png\")
Trader: “First new lows” before Q4 recovery<\/h2>\n
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Betting on bears bowing out<\/h2>\n
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