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Cryptocurrency News Articles
These Key Price Indicators Point to ‘Uptober’ Start Date for Kaspa (KAS) and Bitcoin (BTC)
Oct 11, 2024 at 12:30 am
With various data and references from past cycles, many people in the crypto industry have predicted that October will be green from the beginning. This they have tagged “Uptober.”
CryptoSlate has covered the topic of “Uptober” extensively in the past. As we approach the middle of October, many are wondering when—if ever—the market will begin to trend upwards.
In a recent video, crypto YouTuber Tommy Does Crypto shared his thoughts on the matter, discussing Bitcoin and Kaspa price action and potential exchange listings that could impact their respective price trajectories.
The analyst began by discussing Kaspa’s recent price drop from 16 cents to 14 cents, presenting an opportunity for investors to buy at a discount. He highlighted that Kaspa is currently at a critical support level, having reached 14 cents three times in the past five months, suggesting that this level could serve as a local bottom for the token.
Moreover, he mentioned the possibility of Kaspa being listed on Tier 1 exchange Kraken, an event that has been highly anticipated by the community. While this listing has not yet been officially announced, the analyst speculated that Kraken may be waiting for the optimal moment to do so, perhaps once Kaspa’s price surpasses the level at which Kraken was accumulating.
Such a listing could have a domino effect, potentially leading to listings on other major exchanges like Binance. The timing of this event is suggested to be before the end of October, aligning with the anticipated bullish trend for the month.
Shifting focus to Bitcoin, the analyst examined its historical cycles and recent price movements. He noted that BTC experienced a bullish surge at the end of September, driven by announcements from the Federal Reserve regarding interest rates, but this was followed by a healthy correction that brought its price down towards $60,000.
The analyst interpreted this correction as expected since Bitcoin had not yet broken through its major resistance level.
According to the analyst, the current downward trend in Bitcoin may represent a final bear trap before the market enters a bull phase. He anticipates that either October or November could signal the beginning of a significant bull run, potentially leading to a new all-time high for Bitcoin before 2025.
He also highlighted that geopolitical tensions, such as the recent conflict involving Iran and Israel, might create temporary negative impacts on Bitcoin’s price; however, he remained confident that such events will lead to only short-lived market fluctuations.
The analyst backed his bullish outlook for Bitcoin with several indicators, including expectations of lower interest rates and a weakening dollar, both of which would make risk assets like Bitcoin more attractive.
He also noted that the Global Liquidity Index is expected to rise, potentially directing capital into Bitcoin and driving up its price. The analyst believes that once Bitcoin breaks through its resistance level, this could catalyze a bull market for the entire crypto space, with Bitcoin leading the surge.
Finally, the analyst reflected on the four-year Bitcoin cycle, observing that historically, bull markets have often begun in October or November following a halving event. With the most recent Bitcoin halving occurring in April 2024, he projects a bullish period for the crypto market towards the end of 2024 and into early 2025. He expressed optimism that this October or November could mark the start of an aggressive bull run, lasting through 2025.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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