After $2,000 is taken off the BTC spot price, no more losses can happen, and the price hasn't gone back up yet.

Bitcoin (BTC) hit new lows for the week on September 28 as risk assets continued to lose value overnight.

"First new lows" before the Q4 recovery, a trader said
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell to $18,461 on Bitstamp, which was almost $2,000 less than the day's high.

The change in direction happened at the same time that stocks went from going slightly up at the start of the day on Wall Street to going down.

At the end of the day, the S&P 500 was down 0.25 percent and the Nasdaq Composite Index was up 0.25 percent.

Crypto, on the other hand, didn't make up for its losses, and while traders hoped that Q4 would bring a more solid recovery, they were betting that the pain would keep going first.

Il Capo of Crypto, who has a popular Twitter account, seemed to confirm that he liked how October copied last year's performance, which gave it the nickname "Uptober."

He said in comments that he was "expecting Q4 to be bullish." First, though, new lows."

Analyst and trader Rekt Capital, on the other hand, pointed out the problems Bitcoin had to solve on a monthly basis.

In a tweet about the upcoming monthly candle close, he said, "Already a sharp BTC rejection at the green $19800 level."

"As $BTC gets closer to its Monthly Close, the price is likely to keep going up and down around this level." The most important thing will be how the Monthly Candle closes in comparison to the green Range Low.

Rekt Capital also said that the monthly range that has been in place since late 2020 would end if that green line was closed below.

Putting money on bears giving up

When people talked about when the bear market of 2022 might end, they had different ideas about how to use data from past halving cycles.

Related: An even older Bitcoin comes out of hibernation after 10 years

Luke Martin, host of the STACKS Podcast, put up a comparison chart that showed it had been 322 days since Bitcoin's last all-time high of $69,000.

After the previous all-time high in 2017, BTC/USD was in a bear market for 364 days. If history repeats itself, this could mean that the end is near.

Charles Edwards, who made the crypto asset manager Capriole, said, "The cycle timing here is perfect."

Others weren't as sure, and tedtalksmacro pointed out that the macro environment wasn't the same as it was in 2018, which Martin agreed with.

According to Cointelegraph, the US Federal Reserve has not promised to stop the interest rate hikes that are putting pressure on risky assets like crypto this year.