Crypto Market Expectations for October: Bitcoin Cash, Chainlink, and Maker Analysis - COINTURK NEWS
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Crypto Market Expectations for October: Bitcoin Cash, Chainlink, and Maker Analysis

10:03 am (65 days ago)
October 1, 2023

October has begun and investors have high expectations for this month, especially since September is preparing for a positive closing. We are entering a critical period where we may experience either Uptober or OctoBear. Just as historical data indicates a decline in September, it also supports an increase in October.

Crypto Market Expectations for October

Although a decline was expected for September, it seems that for the first time since 2016, we will close the month in green. But what if October becomes an exception and hosts a decline? Historical data suggests a high possibility of double-digit growth in October. Especially with September ending on a positive note, there are high expectations for October and November. In the past 10 years, only 3 Octobers have seen a decline.

So, what are the expectations for altcoins in October? Let’s take a look at three popular cryptocurrencies.

Bitcoin Cash (BCH)

Bulls managed to push the price above $245 by surpassing the 20-day EMA. However, due to the volatility in BTC price and concerns in altcoins, the price pulled back to support. If it stays above the price range, buyers can gather strength for a new test. The next resistance level for BCH price will be targeted at $266. If this critical zone is surpassed, the psychological threshold of $300 can be exceeded.

Chainlink (LINK) Price Analysis

In September, LINK Coin showed an impressive performance. It is trying to reverse the downward trend by surpassing $8 in recent days. Bulls find support amidst news related to Swift and other global partners.

LINK Coin is a favorite of many experts and holds a monopoly position in the field of blockchain-based oracle solutions. As the price holds above $8.1, the job becomes easier for the bulls. A successful break above the upward trend line can target $8.8. If the price falls below the trend line, early profit-taking may have started. In this scenario, closing below $7.8 can continue down to $6.9.

Maker (MKR) Analysis

The Maker team drew the wrath of Vitalik Buterin as they announced their intention to launch their own network with the Solana code. However, the price is strong and an important threshold has been surpassed. Maker (MKR) experienced a jump from $1,433, which is the value of the 20-day EMA, today.

As long as the 50-day EMA is maintained, the price increase can continue. The potential target for the rally is $1,696 and $2,000. However, if the price falls below $1,369 in October, the critical zone of $1,200 may be tested.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making transactions.

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