A crypto analyst predicts a major breakout in Bitcoin and altcoins by October 19. The analyst notes that the altcoin market capitalization is still curling within the four-month terminal pattern, indicative of a breakout. Bitcoin and altcoins are gearing up for a week of volatility next week. However, it seems that the quiet period for cryptocurrencies is about to end.
Big crypto boom expected mid-week in Bitcoin (BTC)
As you can follow on Kriptokoin.com, the US CPI data came in above expectations. However, Bitcoin remained above $19,000 after CPI data and US FOMC minutes. Therefore, the Bitcoin price trend is unstable. Analysts are looking at the total altcoin market cap to identify a breakout in crypto next week.
Justin Bennett, a crypto trader and analyst, evaluates the total altcoin market capitalization. The analyst predicts a breakout in cryptocurrencies by the middle of the week. Accordingly, Bennett notes that altcoin market capitalization has curled into a four-month terminal pattern, following Thursday’s recovery.
As early as Wednesday, an explosive breakout in either direction is possible in the crypto market. Bennett has accurately predicted Bitcoin, Ethereum and altcoins in the past. Therefore, this prediction of a breakout means that Bitcoin could witness an increase in dominance or a decline after losing its key support at $19,000.
Total altcoin market cap“The quiet period for the crypto market is about to end”
According to Bennett, the quiet era for cryptocurrencies is about to end. Therefore, traders need to prepare for the volatility next week. Bennett discussed his setup and advice in his latest tweet. The analyst made the following statement:
Looks like some of you think I’m a lot more bull than I am. I am not a permabull or permabear. I am a trader. That’s why I respect graphics. The period is important. It is possible for Bitcoin to rise or fall. Or it is possible that it will continue to go sideways. However, there will be opportunities no matter what.
Bitcoin correction wave detected by analyst
TechDev_52, a crypto analyst and trader, has spotted a 14-18 month BTC correction wave that continues to evolve. The analyst identified the wave as a result of his investigations. Thus, it has determined that the Bitcoin price is poised for a correction in the short term. According to the analyst, the leading cryptocurrency continues to show a bearish trend.
BTC price ready to correct
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