Expert analyst Benjamin Cowen is taking a negative view as Bitcoin (BTC) has seen a single-digit correction over the past week at $62,048. Cowen notes that if Bitcoin fails to break above the upper trendline at its current level, the price could drop by around 32 percent.

Price Critical Levels
Cowen stated in the video he shared on YouTube that if Bitcoin fails to break through the upper trend line created by the series of lower peaks that have been forming on the weekly time frame since March, the downtrend will continue. He suggested that the decline from the current level to this trend line could end at around $42,000.

These are exactly the kinds of things that altcoins need for a strong entry into the cryptocurrency bull market. Steps such as the creation of large funds, ETF applications, and trust issuance help altcoins to positively differentiate in the process. Bitcoin exceeded $62,000 at the time of writing at $62,073, while good news came on the ALGO Coin front.
ALGO Coin News
With the latest news, the altcoin, which targets $ 0.13, has not yet started a massive rally as expected. According to the announcement made by Algorand and CoinDesk, SkyBridge Capital, founded by Anthony Scaramucci, raised $ 100 million for the new Algorand fund. The upper limit was set at $ 250 million.

Today, there will be an important development in the Bitcoin (BTC) $61,337 and Ethereum (ETH) $2,378 markets. Accordingly, 17,500 BTC options will expire with a total notional value of $10.7 billion. The maximum pain point of these options was determined as $63,000. In addition, 119,000 ETH options will expire today. The maximum pain point of these options is $2,500. These developments in the cryptocurrency market are closely followed by investors.

OKX cryptocurrency exchange has expanded its portfolio of investment products by adding the ETH/BTC pair to its Dual Investment product. In addition, MOODENG, NEIRO, PYUSD and EIGEN altcoins were listed. Thus, investors have the opportunity to invest in more cryptocurrencies.

The chances of the US Congress passing a stablecoin bill or the Senate approving the FIT21 crypto asset regulatory framework appear slim. This is due to Congress not having the required quorum and shifting priorities amidst the busy agenda. The sudden escalation of tensions in the Middle East this week has politicians very busy ahead of the US elections.
Rising Tensions in the Middle East
Over the past two days, Israel and Lebanon have erupted in clashes on the border. The two groups are in a state unlike any other, with the potential to escalate beyond border violations into a full-scale war. On Tuesday, Iran fired 180 missiles at Israel, several of which bypassed Israel’s “Iron Dome” missile defense system and reached the central and southern parts of the country.

The largest memecoin, Dogecoin $0.106196 (DOGE), has retreated 18 percent since its peak last Saturday. However, according to on-chain data compiled by Santiment, whales’ bullish momentum on the altcoin is not over yet. Although large investors took profits just before the peak, their activity on the network is still quite high.
Whale Transactions and Address Activity Reach Record Levels in Dogecoin

Spot Bitcoin $61,664 and Ethereum $2,480 ETFs in the US turned negative after 9 days due to the escalation of Iran-Israel tensions. This trend reveals investor sentiment in the cryptocurrency market and their risk perception. As a result, there was a large outflow of money from spot ETFs, while the only company that invested in the fund during this period was the world's largest asset management company, BlackRock.
Spot Bitcoin ETFs See $242 Million Outflow

October, dubbed “Uptober” for Bitcoin (BTC) at $63,708, has historically been a positive month for the cryptocurrency market. In its latest market commentary, Singapore-based trading firm QCP Capital reported that Bitcoin’s average October return was 22.9 percent based on historical data. This trend has been repeated in a similar manner in 8 of the last 9 years. If the same increase occurs this year, the price of the largest cryptocurrency could reach an all-time high above $78,000.

Robinhood Crypto, the crypto arm of low-fee stock and crypto trading platform Robinhood, has launched its long-awaited crypto transfer service for its customers in Europe. The new feature allows customers to deposit and withdraw over 20 cryptocurrencies, including Bitcoin (BTC) $63,886, Ethereum (ETH) $2,639, Solana (SOL), and USD Coin (USDC), making their cryptocurrencies more flexible and controllable. Robinhood Crypto’s move allows users to more easily store their assets and enter the world of decentralized finance (DeFi).

Crypto trading is a process where various factors that determine the outcome of the investment come together in an impressive and interesting way. A wrong choice can cause the investor to lose all their assets, while the right decision can bring thousands or even millions of dollars in profit. An exemplary investor in this field, by determining the right trends and investing in Moo Deng Memecoin at the right time, increased $ 1.3 thousand to $ 12.45 million in 17 days.

The U.S. Department of Justice has charged two Russian nationals with running a multibillion-dollar cryptocurrency laundering operation in which criminals allegedly used cryptocurrency exchanges to transfer large amounts of money.
Accusations and Allegations
Savet Ivanov and Timur Shakhmametov are accused of running a large-scale cybercrime organization using cryptocurrency exchanges. Ivanov’s Cryptex platform generated $1.15 billion in cryptocurrency through scam rings, ransomware, and darknet drug sales.

Australian analyst Michael Pizzino stated that altcoins are in an uptrend and that an altcoin season may have finally arrived. Pizzino made important inferences by examining the trend changes in the cryptocurrency market in his analyses.
Real Altcoin Market Cap Is At Its Strongest Level In Six Months
Pizzino emphasized that the real altcoin market cap has reached its strongest level in six months, which is a positive sign for the altcoin market. According to his analysis, altcoins that reached their peak in March had subsequently shown a strong downtrend.

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