2022 has been a tough year for the cryptocurrency market so far. Bitcoin and Ethereum have lost most of their value since the beginning of 2022. Now we will enter the last quarter of 2022 with the month of October. What will happen in October, November and December as BTC and ETH continue their sideways price movements?
Cryptocurrency market in fear
According to the latest weekly report from Arcane Research, the crypto market has been in fear for 171 days since April of this year. The Fear&Greed Index, which has killed the market sentiment, has seen a small increase recently due to Ethereum Merge. However, this increase in greed did not last long. As we reported as Kriptokoin.com, investors saw Merge as a “sell the news” event. Therefore, the feeling turned to fear again. The value of the indicator is currently 22, which indicates extreme fear.
What’s in October and Q4 for Bitcoin price?
At the time of writing, Bitcoin price is down 5% in the past seven days, hovering around $19.2k. Last month, the leading cryptocurrency lost 10% of its value. However, October and the rest of 2022 are positive for BTC, according to popular crypto analyst Michael van de Poppe. In fact, the analyst is telling his 627,700 Twitter followers to accumulate BTC by next year. According to him, BTC price action is uncertain at the moment but there are some levels to watch for bullishness.
Van de Poppe claims that the leading cryptocurrency, which was trading at $19,200, needs to retrace $19,000 to maintain its bullish momentum. He also predicts that the price direction will emerge clearly in the coming days. Poppe adds that he prefers to stay long in the BTC and general crypto markets rather than waiting for a potential lower drop. Finally, he states that despite the Fed’s rate hike, the metrics for Bitcoin price are positive.
Will Ethereum price rise in the coming period?
Ethereum price dropped 21% in 7 days after the much anticipated Merge upgrade. However, recent data shows that ETH price is witnessing a positive price increase. It rallied after a dip near $1,243. It is currently trading between $1,221 and $1,323. Multiple indicators are also showing a strengthening bullish momentum. RSI values are up, suggesting that investor confidence has recovered after a gruesome few days.
But will the new changes offset the effects of the current 0.75 percent rate hike? The cryptocurrency market closely reflects the broader financial environment. Therefore, it is possible that recent bullish moves are temporary. Wall Street’s indexes have dropped a few points as of this writing. This drop seems to have a significant impact on the cryptocurrency market. As the 3rd quarter of 2022 draws to a close, it is still possible for Ethereum to experience a slow but gradual return.
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