Bitcoin and Altcoins Rally Together—But Can It Last?

September, usually dubbed “Slumptember” for its notorious losses, took a surprising turn in 2024 with Bitcoin recording a 10% gain. Historically, October has been bullish, with nine of the past 11 years in the green, and analysts are optimistic for a potential breakout to $70,000. Despite some brief dips, strong on-chain activity suggests we’re still in a bull market.

Bitcoin price action saw a surprising shift in September as the crypto market usually experiences losses during this period, which is why it’s often called “Slumptember.” However, this year, BTC price action saw a 10% gain.

After a turbulent August that saw Bitcoin’s price drop to $56,000, September brought a refreshing change with a 10% rally. This surge was largely driven by optimism over potential rate cuts from both the U.S. and China. However, it's crucial to note that China still heavily restricts cryptocurrency activities.

As we approach October, which has historically been bullish with nine of the past 11 years showing gains, analysts are optimistic about a possible breakout to $70,000. This would align with the seven-week moving average, which has acted as a strong resistance level in the past.

Despite some brief dips, strong on-chain activity suggests that we're still very much in a bull market. The realized price metric, which shows the average price at which all coins last moved on-chain, continues to hover above the spot price, indicating that overall holders are still in profit.

However, it's always essential to trade what you see and stick to your plan. Don't get caught up in the FOMO or the fear of missing out, and always prioritize proper risk management.

With that in mind, let's take a look at some of the trades that stood out for me in the past week.

Being part of a trading community like Empire Crypto Trading is not just about the trades but also about celebrating wins together, and the recent market rally has brought a lot of joy. Last week, I focused on trading volatile coins like RUNE, PEPE, and Bitcoin. I also discovered a new altcoin called LOGX, thanks to one of our head coaches who shared it with the community.

Without being part of Empire, I wouldn't have known about LOGX and would've missed out on the opportunity to snag it at prices lower than early investors. It's moments like these that highlight the value of being in a community where everyone genuinely wants to see each other succeed.

As a chart-focused, technical trader, I was able to lock in $7,500 in under 9 hours last Thursday trading RUNE, PEPE, Bitcoin, and LOGX, which made for a very happy weekend.

If you're curious about the details of these trades, they're available for free on the Empire platform, so be sure to check them out.

When I trade, I keep things simple: I target coins that move rapidly, whether the market is falling for shorts or rising for longs. As we say at Empire: “Bulls climb the stairs, but Bears jump out the window!” Knowing how to profit in both directions has its perks.

The OTHERS chart, which excludes the top 10 cryptos by market cap, is my go-to for gauging the overall altcoin market sentiment. When this chart started breaking out on the smaller timeframes, I immediately shifted my focus to position trades on altcoins like RUNE and PEPE, and I'm keeping a close watch on FTM, GRT, and NEAR. The Empire community had a field day with these trades!

Right now, I'm watching the OTHERS chart closely for a retest of the breakout and the double bottom pattern that emerged last week. With a raft of U.S. economic news and geopolitical tensions on the mounting, I'm expecting a slower week for gains—but I'm ready for any sudden moves!*

As Always—Trade Smart and Stick to Your Plan!

Whether you're trading crypto, stocks, or any other asset, the key to success lies in trading what you see, sticking to your plan, and using proper risk management. Don't get caught up in the hype or the FOMO; instead, focus on making calculated decisions and adjusting your trades as needed.

If you're serious about taking your trading to the next level and want to be part of a community that shares a passion for trading, discovering new opportunities, and helping each other succeed, I highly recommend checking out Empire Crypto Trading. We offer a range of membership options to suit different needs, and our community is always ready to welcome new traders.

We have a lineup of experienced head coaches who share their strategies, morning routines, and trade ideas, and our members get access to exclusive Discord channels, daily morning reports, and much more. In addition, we host regular live Zoom calls to discuss charts, strategies, and everything crypto-related.

Get in the trenches with a bunch of the friendliest and most supportive traders at Empire Crypto Trading—you won't find a better group!

The Matthew Stella Crypto Update is an informative analysis of the cryptocurrency market. Matthew provides his insights on price movements, upcoming events, and hot topics within the crypto sphere