10x ResearchBitcoin $63,882He reported that the volatile correction that the has been going on since March may end and that the $65,000 level is a critical threshold. Exceeding this level may increase the possibility of Bitcoin moving towards $70,000 and above again. It is also predicted that this situation may lead to a strong rally in the altcoin market.
Bitcoin’s Reversal Signal from Downtrend
BitcoinIt had been on a downtrend since March, recording four lower highs. However, according to 10x Research, a break of the $65,000 level could be a strong sign that the downtrend is over.
The largest cryptocurrency has entered the overbought territory in the short term after a brief rally in early September. However, recovery signals seen in medium-term indicators suggest that the downtrend is over and a potential upward move may begin.
Analysts, BTCHe states that if it exceeds this critical level, it could reach new highs above $70,000 and reach a new record level in the fourth quarter of the year. The expected increase in investors’ interest in risky and high-yielding assets could support this price movement.
Strong Rally Expected in Altcoins Too
Besides Bitcoin altcoinThe ‘s also look set for a strong rally in the fourth quarter. 10x Research predicts that altcoins with high beta could benefit greatly from this uptrend supported by Bitcoin. TAO, ENNA, SEI, APT, SUI, NEAR And GRT Investors are attracted to altcoins with low market caps, such as . It is stated that these altcoins can make huge profits with a potential decentralized finance rally.
Ethereum 
$2,629 also exhibits a similar technical outlook and draws attention with recovery signals in medium-term indicators. Although fundamental dynamics remain weak, recovery signals in technical indicators indicate that Ethereum may also experience a significant price increase. However, analysts added that Ethereum is not expected to exceed its historical peaks, but it may still make a strong upward movement.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
