Published on oktober 1, 2024, 12:35 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin and altcoins are volatile as the month ends, but traders are optimistic for October due to historical Q4 performance. Bitcoin may achieve its best September gains and is expected to have a positive fourth quarter. The upcoming US election could be a bullish factor. Market analysis indicates potential rallies or corrections for various cryptocurrencies like Ethereum, Solana, XRP, Dogecoin, TONCoin, and Cardano in October. Readers are reminded to research before investing due to risks." } ] ```
Bitcoin and altcoins are experiencing volatility as the end of the month approaches. Despite this, traders are optimistic about October, given the historical strong performance of the crypto market in Q4.
Bitcoin (BTC) recently faced selling pressure, dropping below $64,000 on September 30. Nevertheless, it is poised to achieve its best monthly gains for September, surpassing the 6.04% increase in 2016 according to CoinGlass data. Traders anticipate a positive fourth quarter for Bitcoin as October historically boasts an average gain of 22.90% and median gains of 27.70%. If historical trends repeat, reaching a new high in the coming months seems likely.
CK Zheng, chief investment officer at ZX Squared Capital, highlighted that the upcoming United States presidential election could serve as a bullish catalyst for Bitcoin. Both Republican and Democratic parties’ failure to adequately address increasing US debts and deficits during elections might further support Bitcoin.
Looking ahead, traders wonder if Bitcoin and altcoins will rally significantly in October. Analyzing charts shows various price movements and support levels crucial for different cryptocurrencies like Ethereum (ETH), Solana (SOL), XRP, Dogecoin (DOGE), TONCoin (TON), and Cardano (ADA).
Market indicators such as resistance levels, moving averages, and Relative Strength Index (RSI) suggest potential price movements for these cryptocurrencies. The resurgence of DOGE facing resistance at $0.13 or ADA battling at $0.40 demonstrates ongoing market dynamics.
It’s essential to note that investing in cryptocurrencies carries risks and uncertainties; therefore, readers are advised to conduct thorough research before making any investment decisions based on market analyses or price predictions.
In conclusion, while the crypto market faces end-of-month fluctuations with specific cryptocurrencies showing promising signs of rallies or corrections based on technical analysis; the overall sentiment remains cautiously optimistic as investors navigate through market complexities seeking profitable opportunities amidst evolving trends.
Original article posted by Fox News
