Bitcoin started the week at $26,000 with a decline supported by the negative sentiment surrounding Evergrande, and it is holding at this level. Losing the critical $26,520 is a significant downside. The decline in US markets also negatively impacted the possibility of a price recovery. Let’s take a look at what is important this week and discuss the market expectations of experts.
Bitcoin Expert Analyst Predictions
The king of crypto is still trading near its two-week low. Popular crypto analyst Rekt Capital suggests that it could be a repetition of previous BTC price behavior. The analyst, who previously made a similar prediction, is reiterating his view. According to him, we could be in the middle of a repeat of the 2019 period.
“Bitcoin may further decline within this macro range by following the same 2019 fractal.”
The target in the chart shared by the popular crypto commentator is $20,000. However, this scenario means massive losses for most cryptocurrencies that are already approaching their all-time lows.
Keith Alan, the co-founder of Material Indicators, drew attention to the “death cross” intersection on the weekly chart. This is formed when the falling 21-week simple moving average (SMA) crosses below the rising 200-week moving average. It is called the death cross because it has historically led to major declines.
If BTC can see closures above $26,500, this bearish outlook could reverse for Keith.
Credible Crypto has been more optimistic these days. According to the analyst, a return to $27,000 would not be surprising.
“A clear, visible, and confirmed accumulation has occurred in the green box. This recent decline and upward expansion look like manipulation. We will soon be at $27,000.”
What Does Uptober Mean for Crypto?
It is one of the standard agendas of every October. Crypto investors are already starting to hope for the so-called “Uptober” in October. The past performance of the rise gave this label to the month in crypto. Poppe made the first Uptober post of 2023 today.
“I think it’s only a matter of time before we surpass this. Ethereum ETF Futures may be approved, and Uptober will likely start in 1-2 weeks.”
According to him, we will see that the beginning of next month exceeds the 200-week exponential moving average of the total crypto market value.
Historical performance of October
The macro movements experienced last week did not cause a major fluctuation in cryptocurrencies. Maybe the government shutdown expected to start on October 1st will create some movement? During the debt ceiling agreement, cryptocurrencies came under significant pressure in the past, and if the same result occurs this week, crypto investors will not be happy.
Very interested
I’m proud of Bitcoin