Cryptocurrency analysts He shared his current charts with the decline following the $ 67,000 test. New assessments of the markets can help investors understand the current situation. The opinions of different analysts are useful as they give the opportunity to look at the market from different perspectives. Of course, investors should make their own decisions by doing their own research.
Cryptocurrency Bull
Michael Poppe shared the total market value chart of altcoins and wrote that the bottom was formed here. Even though it has been a challenging week, he thinks that altcoins will start to rise in general after the recent declines. As stated before, the first week of October has historically had a downward trend unlike the rest of the month.
If Poppe is right, the market value of altcoins will reach the targets of 781 billion and 1.2 trillion dollars again, just like in 2021. Moreover, as the tops are moved higher in every bull market, altcoins are likely to rise further in this cycle.
Crypto Rover draws attention to the FTX refunds that will start soon. BTC ETF Their net inflow was $18.3 billion, causing a massive rally. MT GOX sales were $8.8 billion and worried investors for years. German sales, which suppressed the markets for weeks, were $3.6 billion. But the FTX exchange will return close to $16 billion in cash to the markets, which is almost as much as the entire BTC ETF inflow.
Moreover, the refund to be made within weeks will provide traders with a large amount of cash to enter altcoins. If all the users on the FTX exchange are not offended by cryptocurrencies, we could see billions of dollars in purchases.
The analyst exactlyFTX“, will start distributing $16 billion to its creditors in the 4th quarter of 2024, how can people still believe in the decline?” he said.
Bitcoin Comment
Ali Martinez wrote that a $112 million short position will be liquidated with a new attempt at $63,000. As spot markets follow speculative movements in futures transactions, this huge liquidation potential may create appetite for upward movement. Daan Crypto Trades says it sees a strong chart for short- and medium-term momentum.
“Bitcoin
$61,635 It held the 200MA on the 4-hour chart as support. It currently stands consolidated between this and the 4H 200EMA. These are a good indicator of short- and medium-term momentum and strength.
“You can see how they were tested and rejected a few times during the August/September slump.”
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
