Bitcoin’s recent (BTC) correction sent shockwaves throughout the wider cryptocurrency market and pushed many assets to the negative. Bitcoin’s price fell to below $110,000 in the early hours of Tuesday morning, a drop of 12 percent from its previous high. The situation is expected to worsen in October, according to experts.
Crypto Markets’ Imminent Decline
OxPepesso, a market analyst from the United States, took to social media platform X to discuss his decision to sell all of his crypto assets by October. His decision was influenced by key historical factors.
According Many traders, according to the analyst believe the next altcoin seasons will last from six to eight month. OxPepesso analyst’s prediction is that altcoins will start in early to late October.
The author notes that Bitcoin has lost its dominant position, and resurgences of memecoins (memecoins) and increasing momentum within the Ethereum ecosystem (ETH), signal a new market dynamic.
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The technical setups appear to be aligned with macroeconomic trend, indicating that the market may be nearing an “overheating phase.” The peak is a warning to him. “uncontrollable collapse” Altcoins could suffer significant losses if this happens.
Analyst also points out the various ways in which these are used indicatorsExtreme Oscillators measure the overheated or oversold condition of the market. This indicator currently sits between 1-2. While the market is not in an overheated situation, a possible downturn could be imminent.
OxPepesso also uses the MVRV Bands to assess Bitcoin’s ratio between its market value and realized value. This metric is a good indicator of the future value of Bitcoin. crypto market Overheating increases the chance of price drops.
Analysts say that even though today’s levels are still below the critical threshold, there is evidence that the market may be headed in this direction. It could worsen the market’s decline as the deadline for October approaches.
Analysts predict lower Bitcoin prices
OxPepesso’s analysis also includes the Pi Cycle Top indicator. This tracks the crossing of the 350-day and 111-day moving mean. The chart shows the gaps are closing quickly, even though the lines are not yet crossing. market top It could happen soon.
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Onchain Originals Price Models will also be monitored as they are a reflection of investor behavior, and help establish Bitcoin value ranges. They can identify support levels and hotspots that show the current stage of the crypto-cycle.
OxPepesso explains that these indicators indicate the cycle’s final stage. The sentiment expressed is echoed Doctor Profit is a fellow analyst who has recently intensified its bearish position.
He had initially predicted that market leader crypto would reach new highs after reaching the range of $90,000.-$95,000. He now believes that lower prices are possible, and he is not bullish.
Chart by TradingView.com. Image from DALL.E.
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Source: www.newsbtc.com
