Bitcoin (BTC) and Ethereum (ETH) have experienced limited price movements in the past 24 hours due to factors such as the absence of triggering news flow in both spot and futures markets and declining volume. Although the price of Bitcoin moved towards $27,000 on September 27th, it reversed downward again with the new decline in US markets. Amidst the uncertainty in the cryptocurrency market, Alex Kuptsikevich, a market analyst at FxPro, made a noteworthy comment that the market is expecting chaos in order to rise.
Alex Kuptsikevich, a market analyst at FxPro, stated in his daily note to CoinDesk that there has been an increase in purchases in cryptocurrencies, while stock markets have been under pressure due to the momentum gained by the US dollar. Despite the temporary price increases, Kuptsikevich warned of a downturn.
Kuptsikevich said, “Limited increases promise to remain a bull trap and offer opportunities to sell on upward movements.” A bull trap refers to a situation where investors are misled as prices start to fall unexpectedly while being thought to be in an upward trend.
The analyst made a noteworthy comment that in order for the cryptocurrency market to sustain its upward momentum, there may be a need for uncertainties regarding banking problems or government payment capabilities to increase. Kuptsikevich emphasized that a financial chaos is needed for Bitcoin and altcoins to rise, stating, “The recent movements in the bond markets indicate that such a thing is approaching.”
Bitcoin Cash (BCH) saw an 8% increase in price on a daily timeframe, while the price of DeFi protocol Maker (MKR) rose by 7%, placing them at the top of the list of altcoins moving upward in the altcoin market. The rise in MKR’s price is particularly linked to the increase in MKR balances in exchange wallets.
The CoinDesk Market Index (CMI), which holds the title of being the broadest index of hundreds of cryptocurrencies, indicates a relative movement in the altcoin market with a 0.95% increase in the last 24 hours.