This past week the positive news dominated the crypto market. On Tuesday, September 28th, the president of El Salvador Nayib Bukele mentioned that the country was preparing to launch the first Bitcoin mining facility using volcanic energy:Source: TwitterThree days later, on October 1st, Bukele tweeted that they had already started mining Bitcoin by using geothermal energy:Source: TwitterGood news came from the U.S. as well. Fed Chairman Jerome Powell said that the U.S. is not going to ban Bitcoin and cryptocurrency:Source: TwitterThe positive news and events have intensified the bullish sentiment in the crypto community. Bullish forecasts on the price of Bitcoin have started to pop up one after another. PlanB, a well-known Bitcoin bull, published his BTC price predictions. He expects Bitcoin to surpass $63K in October, $98K in November, and $135K in December:Source: TwitterJack Mallers, the CEO of Strike, the company bringing Bitcoin to El Salvador, mentioned in an interview on CNN that he expects BTC \u2018to go well into the six figures this year\u2019:Source: TwitterThe change in market sentiment reverted the price correction this past week, and most of the major cryptocurrencies recorded decent price rebounds. Now, the Monday market starts with small consolidation. According to Coin360.com, one Bitcoin costs \u20ac41,068.76 (-0.33%), one Ethereum \u2014 \u20ac2,888.89 (-1.30%), one DOGE \u2014 \u20ac0.1832 (-1.18%), and one UNI \u2014 \u20ac21.77 (-1.28%):Source: Coin360.com (Daily crypto market performance)Now, let us look at the price charts of the leading cryptocurrencies against the euro in the most noteworthy time frames.BTC\/EURIn the weekly time frame (1W), BTC\/EUR has formed a Bullish Engulfing (common trend reversal pattern):According to the Technical Analysis theory, a Bullish Engulfing is a candlestick formation occurring at the bottom of a correction. That is why it seems that the buying pressure is starting to increase, and the bulls are trying to regain control\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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