Cryptocurrency markets are affected by the ongoing Gaza conflict. It also went through a turbulent turn in response to a significant Ethereum (ETH) sale by the Ethereum Foundation. The fallout from these events affected the Bitcoin and altcoin market. It caused over $100 million of futures positions to evaporate and a 2% decline in the overall market. Here are the details…
What’s next for Bitcoin?
Bitcoin’s price action has caught the attention of market watchers. Some experts believe that Bitcoin’s current sideways movement could turn upward as early as November. It also draws parallels with previous cycles that led to a halving event. Crypto analyst Miles Deutscher noted that recent price patterns for Bitcoin are similar to those seen in previous pre-halving years. He pointed out that Bitcoin usually experiences sideways price movements from the 2nd quarter to the 4th quarter before making a significant upward move. Historically, November 21st has been a crucial date for Bitcoin’s price to begin trending upwards as it approaches the next halving.
Notably, another analyst, “Mags,” made a similar observation, highlighting that Bitcoin is currently trading around 60% below its all-time high, similar to conditions in 2015 and 2019. Adding to this analysis, Galaxy Trading suggested that a similar cycle could lead to a Bitcoin “dump” or bottom around November 10-15. The next Bitcoin halving will occur approximately six months later, in late April or early May, depending on the countdown timer used. Markus Thielen, research director of crypto financial services firm Matrixport, suggested that Bitcoin’s price increase could be affected by macroeconomic factors, similar to the FED’s halt of interest rate increases in 2019, which led to a significant increase in Bitcoin prices.
https://twitter.com/thescalpingpro/status/1711288124066988300
2022-2023 bottom
We had (for now) bottom at 9th November 2022
If we see similar cycle we might have the dump – bottom for 2023 around 10-15th November this year. https://t.co/iNikAekfjq pic.twitter.com/6SmTs5mIVB
— GalaxyTrading (@GalaxyTrading_) October 9, 2023
ETH traders experienced liquidation
BTC has shown relative stability, losing only 1% in the last 24 hours. Today, it managed to stay above the important $27,500 support level. Traders are closely watching riskier assets such as technology stocks and Bitcoin as global oil prices rise. Analysts at trading firm FxPro highlighted the $28,000 level as a critical point for Bitcoin. They noted that while Bitcoin continued to remain in an uptrend, it encountered resistance at its 200-day moving average over the weekend. Now everyone is wondering whether BTCUSD can successfully consolidate above $28,000. He is also considering whether it could potentially pave the way for a rapid rise to $29,500.
Meanwhile, as Kriptokoin.com reported, Ethereum (ETH) experienced a 3% decline after the Ethereum Foundation sold $2.7 million worth of tokens on Monday. This move sparked concerns among traders and had a notable impact on ETH futures markets. It resulted in losses of over $30 million for bullish Ether traders, the highest loss among all cryptocurrency traders on Monday. There were additional declines in the broader cryptocurrency market, with Solana falling nearly 5%, XRP falling 3.7%, and Cardano falling 3.4%.
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