Bitcoin (BTC) faces uncertainty and fear in the market as it struggles to recover from a 10% crash, with short-term holders experiencing increasing unrealized losses and on-chain transactions setting multiyear highs. Traders are cautious about the outlook, but historical patterns and upcoming events, such as the Jackson Hole Economic Symposium, may provide opportunities for recovery.
Former Goldman Sachs executive Raoul Pal predicts that the stock market will soon hit a bottom, with the S&P 500 entering oversold territory, and expects institutional buyers to step in and establish a market bottom; he also suggests that Bitcoin and Ethereum are showing bullish signs on certain indicators.
Bitcoin may experience a period of stagnation before turning bullish again, according to crypto analyst Jason Pizzino, who believes that the cryptocurrency could remain in its current pattern for the next couple of months before potentially surging in late 2021 or early 2024.
Altcoins in the top 100 are struggling to recover, but three undervalued cryptocurrencies (AUCTION, LINA, and SRM) offer traders a buying opportunity, according to on-chain analysts at Santiment.
Following Bitcoin's recent price fluctuations and failure to meet short-term bullish expectations, the altcoin market is expected to have a substantial recovery rally in the coming week, with Ethereum, Litecoin, and Shiba Inu potentially leading the way.
Crypto analyst Michaël van de Poppe suggests that altcoins, including Ethereum, are following a historical pattern before Bitcoin halving events, indicating a potential bullish move in the market.
Crypto analyst Nicholas Merten warns that the altcoin market could lose $60 billion, with Ethereum failing to break above $2,000, indicating a bearish pattern, and he plans to short Bitcoin as well.
Bitcoin is likely to experience a deep corrective move in September, with a potential drop of over 10% from current levels, according to crypto strategist Benjamin Cowen, who also suggests that the altcoin markets may see a resurgence next year due to a confluence of macro tailwinds.
A deep-pocketed investor caused a price collapse of an Ethereum-based altcoin by selling off their token holdings, while another whale bought up a large amount of Ethereum, helping it to form a bottom.
Bitcoin and other cryptocurrencies have rebounded from recent lows, but facing downside momentum and September worries, it may be difficult for them to maintain their recovery.
Altcoins are expected to struggle for the rest of 2023 based on historical patterns, according to crypto analyst Benjamin Cowen, who also warns that Bitcoin may close the month in the red as it did in 2019.
Bitcoin and other cryptocurrencies are experiencing a decline in prices due to a strengthening dollar and risk-aversion, but there is hope for a rebound.
Bitcoin and Ether fell below key price levels as cryptocurrency markets retreated following the US Federal Reserve's hawkish stance on interest rates, with more downward movement expected for Bitcoin as it fails to break its 50-day moving average, while Ether's failure to rally above the $1,650 support level could have significant implications for altcoin sentiment.
Several altcoins, including Cardano (ADA), XRP, and Binance Coin (BNB), may experience significant market corrections due to declining liquidity, warns crypto analyst Nicholas Merten. He predicts that BNB could decline by over 38%, XRP could collapse by 70%, and Cardano could drop by more than 37%.
Crypto analytics firm Santiment reports that the prices of eight altcoins are poised to rise, as the supplies of their native tokens on exchanges decrease and transactions by whales increase, while Bitcoin's social dominance has fallen to a three-month low.
The recent rallies in Bitcoin and altcoins could reverse abruptly, according to trader DonAlt, who believes that the market is rallying based on anticipation of Ethereum-based ETFs but warns that these catalysts may not be strong enough to sustain the rallies, especially considering the historical bearishness of crypto futures products.
Bitcoin's price has fallen in the third quarter of 2023, but a positive monthly close in September suggests a potential recovery, and altcoins are also showing signs of strength, with Bitcoin's relief rally potentially reaching $28,000.
Crypto strategist Altcoin Sherpa predicts that a surge in altcoin trading could occur in the coming months, particularly in December and January, with Ethereum expected to lead the way after a 5% decline against Bitcoin.
Bitcoin registered a loss of 11.1% in the third quarter of the year, defying recent positive developments in the crypto space, but there is hope for a recovery in the historically strong fourth quarter.
Bitcoin price stabilizes after a brief dip, while altcoins face selling pressure and potential short opportunities.
Crypto strategist Benjamin Cowen predicts that Bitcoin could fall by at least 8%, which could have a negative impact on altcoins and potentially lead to a significant decline in the altcoin market.
Crypto analyst Jason Pizzino warns that a further decline in Bitcoin could lead to a significant correction for altcoins, prompting investors to transfer their investments to BTC and minimizing its downtrend.
The crypto market experienced a significant downturn this week, with Ethereum being hit particularly hard, trading at its lowest point since March. Other major coins and tokens, including Toncoin, Solana, Ripple, Polygon, and Bitcoin Cash, also suffered losses. Only Bitcoin saw a relatively smaller decline.
Most altcoins are currently experiencing severe declines and may never reach their all-time highs again, according to crypto analyst Benjamin Cowen, who also warns that if Bitcoin were to decline, it would have a significant negative impact on altcoins as well.
Bitcoin is poised for a significant move, with Bloomberg analyst Mike McGlone suggesting that it is more likely to collapse rather than rally, as it remains stuck between its 50- and 100-week moving averages.
