Crypto analysts have shared their latest charts after the decline following the $67,000 test. New evaluations regarding the markets can assist traders in understanding the current situation. Different analysts provide opportunities to view the market from various perspectives. Ultimately, traders should conduct their own research to develop strategies based on their decisions.
Bullish Sentiments on Altcoins
Michael Poppe has shared a chart showing the total market value of altcoins, indicating a potential bottom formation. Despite a challenging week, he believes that a general upward trend in altcoins will begin following the recent declines. As previously noted, the first week of October historically tends to exhibit downward movements distinct from the rest of the month.
If Poppe’s predictions hold true, the market value of altcoins may reach targets of $781 billion and $1.2 trillion, similar to 2021. Additionally, since peaks rise higher in each bull market, it is likely that altcoins will appreciate even further in this cycle.
Crypto Rover highlights the upcoming FTX repayments. The net inflows for the BTC ETF reached $18.3 billion, causing a significant rally. Additionally, the MT GOX sales, amounting to $8.8 billion, have caused concern among investors for years. With $3.6 billion in sales pressuring the markets, FTX is set to refund nearly $16 billion, which is comparable to all BTC ETF inflows.
Furthermore, the refunds occurring over the weeks will provide substantial cash for traders to invest in altcoins. If users on the FTX exchange have not completely turned away from cryptocurrencies, we may witness billions in purchases.
An analyst stated, “FTX will begin distributing $16 billion to its creditors in Q4 2024. How can people still believe in a downturn?”
Bitcoin Analysis
Ali Martinez mentioned that a new attempt at $63,000 would result in the liquidation of a $112 million short position. Since spot markets tend to follow speculative movements in futures, this massive liquidation potential could create an appetite for upward movement. Daan Crypto Trades noted a strong chart for short and medium-term momentum.
“Bitcoin 
$63,638 has held the 200MA as support on the 4-hour chart. Currently, it is consolidating between this and the 4H 200EMA. These are good indicators for short- and medium-term momentum and strength.”
“You can see how they were tested and rejected several times during the declines in August/September.”
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