Bitcoin at $48,000, Fireworks in ‘Uptober’?
October has kicked off on a positive note as the crypto market turned bullish on Friday when Bitcoin hit $48,000 for an almost 9% gain in 24 hours. Friday’s jump ignited after $240 million in short positions were liquidated.
Sunday morning, second day into the weekend, the market has remained in shape with assets trading in a stable range, preparing itself for a breakthrough on Monday perhaps?
Bitcoin’s resilience has raised investors’ hopes for a stellar surge in October, which popular analysts in the crypto space had already predicted: fireworks in the last quarter of the year.
The bullish sentiment in the crypto community comes after probability of regulatory force on crypto markets seems to be reduced. Whereas on Thursday, Federal Reserve Chairman Jerome Powell told Congress the central bank has “no intention” of banning cryptocurrencies, the previous day, US U.S. Securities and Exchange Commission Chairman Gary Gensler Powell expressed his support for Bitcoin exchange-traded funds (ETF).
Historically, October is a seasonally bullish month, and analysts have already rebranded the month to ‘Uptober’.
Popular on-chain analyst, the pseudonymous PlanB, known for his Stock-To-Flow model (S2F), there are no signs of weakness and we are about to take off on the second leg of the bull-run.
On-chain analyses finished tonight: IMO we are midway, no sign of weakness (red) yet. Note color overlay is not months to halving but an on-chain signal. My guess: this 2nd leg of the bull market will have at least 6 more months to go. pic.twitter.com/HAEMYfQ1pT
— PlanB (@100trillionUSD) October 2, 2021
Feeding into the bullish momentum, Will Clemente’s interpretation of on-chain metrics is pointing to an upcoming supply shock which has the potential to shoot Bitcoin’s price up massively.
Is this impulse the beginning of this bullish divergence finally playing out? pic.twitter.com/ikfGNtod3p
— Will Clemente (@WClementeIII) October 2, 2021
Another popular analyst, Willy Woo, points to his followers that it is hard to see yet a top in the current bull-run.
“The Last Cycle”
What will be this bull cycle top? IMO there is no top.
PAST: *predictable walk* of demand/supply governed by a simple 4yr halvening.
NOW: *unpredictable walk* of demand/supply from a complex ecosystem until we hit saturation. pic.twitter.com/4yyKKViLCg
— Willy Woo (@woonomic) October 2, 2021
At time of writing, Bitcoin is moving hands at $47,855 according to CoinMarketCap data.
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Author: Peter Siu