Take noted the below is not an investment advise, bet at your own risk. I am solely not responsible for any of your loses in money or assets.
The Current Bitcoin price is USDT26221.12 as of 26 September 2023.
The Bitcoin have potential to drop to USDT24292.54 range in the coming 1.5 months before the Fed's FOMC in November 2023.
The price will hover between USDT24292.54 to about USDT29240.33 within this period.
Potential strong tailwind is the pause of US Fed's rate hike this coming November 2023. This will drive and test the resistance level at USDT29240.33. If there is a breakout then the next level of stronger resistance based on the dynamic resistance will be at USDT31334.78. If there is a breakout at USD31K plus then the next power strong 1 week resistance at USDT63665.58
Potential strong headwind will drive the market to around USDT24292.54 because of higher rate for longer by Fed's US. If next 1.5 months down the road if there is other or fews strong headwinds appears then the price might breakout from USDT24292.54 and head lower to a super stronger support of 1 month chart at USDT14576.47. This is highly unlikely to happen withing next few months as the Fed's is data dependent and also depend of the next 6 months' data to say that they will maintain the Fed's funds rate for longer. Still I think is not clear at the moment that the Fed's need higher for longer for 2 years.
USDT14576.47 is a very strong support level based on the 1-month chart of Bitcoin. I would only start buying a little at USDT24292.54 and reassess for 2 to 3 weeks before buying more. If by the time Bitcoin reach USDT24292.54 and the S&P most likely have no reach 3900. The Bitcoin might go lower following the S&P 500 going to 3900.
Based on current market condition it is highly unlikely to get a low that surpasses last year October 2022 bottom. However, the future for a US recession is unclear currently as there is both camp of soft landing and a recession.