Isn’t the Bitcoin Uptober market coming?
Will the Uptober market that the currency circle is looking forward to come in October?
On October 2, analyst Willy Woo, who has over one million followers on The high ($73,777) may take more time to reach.
Woo believes that the medium-term trend structure of Bitcoin is still in a downward trend, moving towards a neutral market and attempting to turn into an upward trend.
(CryptoCity) Previously reported that many foreign media believed that after Iran launched missiles towards Israel, Bitcoin fell rapidly due to concerns about soaring oil prices, hedging demand for a possible rebound in U.S. inflation, and the phenomenon of market squeeze. As of the time of writing today (3rd), Bitcoin is quoted at $61,104, down approximately 4% from October 1st, and has fallen 4.72% cumulatively in the past seven days.
At the same time, the Cryptocurrency Fear and Greed Index slipped to 37, entering the "fear" level, after returning to the "greed" level last week, with a maximum value of 64.
Further reading: What is the Cryptocurrency Fear and Greed Index? Real-time inquiry and trading timing guidance
Analyst: October will continue to be sideways
Willy Woo pointed out that Bitcoin’s current structure shows that the market will be in a cooling-off period for the next one to three weeks before a bullish breakout attempt from the sideways trend occurs.
"I don't think there will be an Uptober (October rally) and a laser-eye party in November and December, but the longer term is still bullish," he said.
Senior trader Peter Brandt also pointed out that Bitcoin’s recent rally has not broken the downward trend of “lower highs and lows.”
He said that only a close above $71,000 and confirmation of a run to new highs would prove that the bull trend from the November 2022 lows is still ongoing.
Note: In the currency circle, laser eyes are a meme and symbol. If you change your avatar to a laser eye, it means that you are optimistic or bullish about Bitcoin or other cryptocurrencies.
Source: X Senior trader Peter Brandt talks about the subsequent trend of Bitcoin
Bitcoin’s new whale doesn’t have enough profits to sell?
Analysts think there may not be a big rally in October, so will there be a big crash?
Ki Young Ju, founder of CryptoQuant, pointed out that judging from the unrealized profit margins of new and old Bitcoin whales, Bitcoin whales have not yet made enough profits to make a profit.
According to the analysis, new Bitcoin whales who have held their assets for 5 months or less would only realize a 1% profit if they sold at current prices. Old Whale fared slightly better, with its unrealized margin reaching about 1.27 on September 30, while New Whale's was just 0.01.
Ki Young Ju concluded that until retail investors officially enter the market (injecting liquidity) to push the price up and provide whales with an opportunity to exit, they are unlikely to sell easily. In other words, large-scale selling pressure in the short term may not come from these "big players."
Image source: CryptoQuant Bitcoin’s new and old whales’ unrealized profit margins
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice. There are huge risks in investing in meme coins, and the principal invested may return to zero. Users should consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances. Invest accordingly and do so at your own risk.
