Key Bitcoin (BTC) Predictions Post-Crash: Are New Heights Ahead?
Analysts weigh in on Bitcoin's potential rebound and the impact of recent market fluctuations.
Uptober’s recent legacy faced scrutiny when US President Donald Trump warned against imposing a hefty 100% tariff on vital Chinese tech goods. Following this declaration, the cryptocurrency market plummeted, with Bitcoin (BTC) momentarily dropping to approximately $101,000.
However, in subsequent days, the market saw a rebound, and questions now arise about the cryptocurrency’s ability to reach another all-time high.
Room for Further Growth?
As of the latest figures, Bitcoin trades above $115,000, a 3.5% daily increase, marking a significant recovery from recent lows. Some analysts, including Alex Becker, posit that the market could be on the verge of entering a bull phase starting from this latest event.
Becker noted that past market behavior has often proven to be an overreaction, suggesting that BTC might achieve a new peak as soon as this coming week, warning against selling at current levels: “selling right now could be the stupidest thing you could ever do.”
Additionally, veteran trader Peter Brandt affirmed that Bitcoin and leading altcoins like ETH, XRP, and XLM could be set to break through toward fresh highs.
On the other hand, user Ted informed his 213,000 followers that Bitcoin could achieve a new ATH if it reestablishes itself above the significant resistance point around $117,500.
Key Indicators to Consider
Numerous critical metrics, like Bitcoin’s exchange reserve, reinforce the bullish outlook. Data from CryptoQuant shows that the BTC held on exchanges recently plummeted to a seven-year low of about 2.43 million assets.
Moreover, the widely used Fear & Greed Index, which gauges overall market sentiment, fell to a low of 24 on October 12, its worst value since April, although it has since ticked upwards to 38, still indicating fear in the marketplace.
This trend suggests that many investors are experiencing anxiety and skepticism.
Nonetheless, the cryptocurrency market is known for defying collective expectations, making Warren Buffett’s wisdom to be greedy when others are fearful increasingly relevant.
