Bitcoin price seems to be tackling resistance above the $48k level on Oct. 2 as price dipped from highs of $48,359 to as low as $47,671 within a matter of minutes.
After a lackluster September, Bitcoin pushed higher to touch the $48,500 mark on Oct. 1 raising investors’ hopes for a stellar rally in October. Till now, it remains unclear what exactly triggered the sudden rally, most analysts allude it to an ”oversold bounce”.
On-chain analytics notes along these lines ”Crypto markets have taken off to kick off October. Price spikes for Bitcoin (back above $47k) and Ethereum (back above $3.2k) came immediately following crowd discussions related to shorting. As always, markets follow the crowd’s least expectations”.
Courtesy: Santiment
The majority of Altcoins tagged along in Bitcoin price action posting impressive gains in the last 24 hours. Axie Infinity (AXS), a blockchain-based play-to-earn battling game that allows players to collect, breed, raise, battle, and trade token-based creatures known as Axies, and earn an income in the process subsequently rose to all-time highs of $120.80 on October 2.
Ren (REN) is a complex platform with multiple use cases, but it is ultimately designed to overcome barriers to entry and investment for DeFi projects. REN has ticked the last 2 days in the green, rallying to highs of $1.23 on October 2.
Presearch (PRE), a blockchain-based decentralized search protocol, registered a 24% gain in the past 24 hours, touching highs of $0.36 in its USDT pairing after marking the last five days in the green.
Reputed as the ”trust layer of the internet” Hedera Hashgraph (HBAR) bulls resumed the positive climb from lows of $0.29 on Sept. 29 to reach highs of $0.416 today. The latest rise comes amid new exchange listings, network upgrades, and recent partnerships. On Sept. 28, SKUx, an innovative fintech company announced its partnership with Hedera Hashgraph to bring trust, transparency, and fraud-free transactions to consumer offers and settlements.
Here Is What Analysts Say
Yesterday’s climb saw a switch in market sentiment from “fear” to presently ”neutral” suggestive of consolidation with Bitcoin preserving levels above the September close.
Crypto Fear and Greed Index: Alternative.me
Crypto analyst, Michael van de Poppe says it now stands what form a consolidation period could take in the coming days. He believes further upside may be in store for the lead asset, on the contrary — “If we want to get any corrective move at all, I think you don’t want to see it go that far down… I think the deepest you want to see it go is this level around $45,000.”
Raoul Pal, the Founder/CEO of Global Macro Investor sees Bitcoin’s consolidation resulting in a powerful upside move, although the journey may not be a smooth ride.
“The Bitcoin long-term log chart looks pretty luscious. Who knows if the wedge breaks on the first attempt, but a consolidation pattern of this magnitude usually leads to a very, very powerful upside move”.
Based on historical context, October is known for painting aggressive bullish reversals. Bitcoin has closed October in gain seven out of nine times since 2013, raising hopes that it will be able to post a fractal bull run in the next 31 days.
At a monthly close of $43,824 in September, Bitcoin price action exactly conforms to PlanB’s predictions for a second time, and if the predictions rhyme again, BTC/USD should target $63,000 by October. Stock to flow creator PlanB stated this at the start of October:
”Aug>47k… Sep>43k… Next targets: Oct>63k, Nov>98k, Dec>135k”
Image Credit: Santiment. Alternative.me, Shutterstock
