Key Takeaways
- The cryptocurrency market is experiencing a significant decline, with BTC, ETH, and SOL seeing declines of over 5%, 9%, and 14%, respectively.
- The price of altcoins on the weekly timeframe suggests the price sits around the key demand zone ahead of the October pump.
- Experts remain optimistic about price gains ahead of October, suggesting the bull market is never over.
This week has been a long ride for the crypto market, experiencing huge market crashes and cascading liquidation across DEX platforms and centralized exchanges, as the market witnessed a drop in its valuation from a region of $4.1 trillion to a region of $3.8 trillion, with more speculation of the market’s continuous crash.
With the price of Bitcoin plunging from its all-time high of $124,000 to a weekly low of $108,800, market uncertainties and speculation of a potential further crash toward $98,000 have been raised based on recent price fluctuations.
This triggered a prolonged liquidation, with over $170 billion in long liquidations activated in the last few days of the market crash, sparking widespread speculation among crypto market experts. Following such a market crash, prices are expected to rebound across the market, based on the reactions of crypto experts.
Crypto Expert Market Reactions
Following the recent market crash towards key weekly lows, crypto experts have taken to their X account (formerly Twitter) to suggest that the current market drop is a glimpse of a market reaction similar to the 2017 market cycle, as this dump is expected to be followed by a strong market reaction to the upside.
EmperorBTC on X also suggests that traders and investors pay attention to what is happening in the space and the reaction toward recent market price actions. According to him, traders and investors could buy more into crypto assets if thee are speculation of a bear market, as he believes the market has so much in store to offer in the coming months.
While the current market price action remains uncertain and a worry for many, the altcoin market index remains high ahead of a new month as the market continues to anticipate a bullish market rally ahead of October, as historically, October has been the best trading month for altcoins, with the potential of a 30-45% market rally.
Market Reaction to Dump
Source – Market Reaction to Dump from QuantifyCrypto
The crypto market on the weekly timeframe saw BTC crash by over 5%, with SOL, ETH, and XRP suffering huge declines of 14%, 10%, and 8%, respectively, as prices trade around a key demand zone for many assets.
Attention will be focused on the reaction of BTC in the coming days, as a strong market rally towards the upside of $115,000 could propel the market price towards new highs. October has been speculated to be a bullish period for altcoins.
Overall market sentiment remains bullish despite uncertainties surrounding the recent market crash.
FAQs
Will crypto rise again in 2025?
The market remains bullish, indicating a strong continuation of the market despite the recent dip affecting many altcoins.
Is it bad to buy crypto now?
While the market remains optimistic and anticipates an altcoin season around the corner, it is wise to conduct thorough research before investing in a crypto asset.
Is October a bullish month for crypto?
Historically, October has usually been a good month for the market to rally to the upside.
Is crypto going to rise or fall?
There is strong speculation that the market will rally in October rather than fall, based on past data.
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