Bitcoin (BTC), the leading cryptocurrency, has ignited a notable recovery in the broader cryptocurrency market, recording a 5% gain during Wednesday’s trading session to recover the $117,000 0 momentum has positively impacted major altcoins, including Ethereum (ETH), XRP, Solana (SOL), and Binance Coin (BNB), which have seen average increases of around 3% in what may signal the onset of a new altcoin 1 Prices Surge Amidst US Government Shutdown The surge in crypto prices coincided with political developments as the US Senate’s failure to pass a temporary funding bill resulted in a government shutdown shortly after midnight on 2 Reading: Did Bitcoin Top?
Top Trader Warns Of Brutal $98,000 Liquidity Sweep Such uncertainty often leads investors to seek alternatives to the US dollar, and cryptocurrencies are increasingly viewed as a hedge against economic 3 Wednesday, the dollar remained stable against a basket of other currencies, further bolstering the appeal of digital assets. Historically, October has been a favorable month for Bitcoin, with the cryptocurrency finishing in positive territory 10 out of the past 12 4 Kruger from LMAX Group also noted that Q4 has consistently been the strongest seasonal period for cryptocurrencies, adding to the bullish sentiment. However, not all analysts share the same optimistic 5 Bull Cycle For Bitcoin?
Ash Crypto expressed caution, suggesting that the current rally might be a precursor to a more significant downturn, predicting a potential drop that could see Bitcoin retrace to around $106,000 and Ethereum to near $3,800. This anticipated correction, he argues, could liquidate overly optimistic positions, particularly among retail 6 forecasts that this phase of uncertainty could persist until mid-October, potentially leading to a market rebound when bearish sentiment 7 Reading: XRP Flips Green For First Time Since 2017, Pundit Predicts 500% Rally Conversely, Lark Davis has indicated a more bullish long-term perspective, suggesting that the current cycle may extend well into 2026 rather than peaking in the fourth quarter of the year as traditionally 8 general sentiment remains that if the market can navigate through the short-term fluctuations, a substantial rally could occur, potentially driving Bitcoin to prices between $150,000 and $180,000, with Ethereum reaching between $8,000 and $12,000.
According to Davis, such a scenario, in which could result in a major 53% and 200% for BTC and ETH respectively, could catalyze a significant altcoin season, with some assets potentially increasing in value by 10 to 50 times within just a few 9 writing, Bitcoin trades at $117,130, further posting gains of nearly 8% on the monthly time 10 positions the market’s leading cryptocurrency just 5.7% below its all-time high, currently at $124,100, Featured image from DALL-E, chart from 11
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