Key Takeaways
- Crypto experts speculate that BTC and the crypto market will reach new all-time highs, following a total market capitalization of $4.2 trillion.
- The current price action of Bitcoin could see the price trade above $130k to $150k before the end of October.
- The altcoins market capitalization trades above $ 300 billion as the market edges closer to a bullish market rally.
Bitcoin’s (BTC) fierce rally continues to the upside following the buildup from a region of $108,800 to a key high of $118,000, after creating new all-time highs of $124,000. The price of the crypto asset struggled to sustain its momentum.
However, recent price action for BTC over the last couple of weeks has ignited a bullish market rally for the crypto asset, with a strong market close in September. The price has demonstrated bullish price action in the first five days of October, moving towards new all-time highs of $125,500.
Despite the price trading around $123,800, there are strong speculations that its price will rally to potential new highs in the region of $130,000 and above as the crypto market surpasses $4.2 trillion in market capitalization.
Crypto Market Edges Key Breakout
The news of the U.S. government shutdown was a scare for many active traders in the market, with investors and traders developing caution regarding trading, as the news has the potential to send market trading to the downside.
Despite these sentiments surrounding the market, the cryptocurrency market continues to trade higher as prices edge closer to a potential breakout to the upside, trading around $4.2 trillion, as BTC and altcoins continue to enjoy favorable market conditions.
While the price of Bitcoin has continually traded to the upside, with altcoins lagging, on-chain data suggest that higher caps are performing better than altcoins presently; however, this does not exempt altcoins from outperforming BTC in the coming months.
According to MaxCrypto, a crypto expert on X, his technical analysis of altcoins suggests that they are on the verge of a breakout following a bullish pattern. A bullish market cap rally could see altcoins hit the ground running, with all-time highs for many altcoins imminent.
Market price actions and sentiment remain bullish, as BTC is expected to maintain its bullish rally towards new all-time highs and potentially discover new price levels in the coming days.
BTC Price Discovery Outlook
Source – BTC 4H Price Chart from TradingView
The price of Bitcoin has demonstrated intense bullish price action, breaking above previous all-time highs on Sunday, with the price quickly rejected towards $122,500. However, price is currently showing signs of a breakout towards a high of $127,000 to $130,000.
A breakout and close above $126,000 could see the price rally towards new historical highs, as October has always been a bullish month for the crypto market.
FAQs
Which altcoin to buy now?
Several altcoins are expected to perform well in the cryptocurrency market over the next few weeks, including SOL, ASTER, ETH, XRP, DOGE, and others.
What is the total altcoin market?
The altcoin total market cap is trading above $300 billion, indicating that the market could continue to rise to new all-time highs.
What are the hottest altcoins?
The hottest altcoins in the market right now include BNB, SOL, ETH, XRP, DOGE, and ASTER.
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