In general, the market is in watch and wait mode, while some regulatory issues in the US are clarified. Specifically, stablecoins are under the spotlight following a request by the US Treasury that they should be regulated by the US Congress as soon as possible to take advantage of their potential, according to a report written by the President’s Working Group on Markets. Financial
Still, analysts do not hide their optimism. Bitcoin tends to gain between 11% and 18% in the fourth quarter, which is one of the reasons why some experts have maintained their bullish outlook on cryptocurrency prices for the rest of the year. It appears that Bitcoin has followed a seasonal pattern with a selloff surge earlier in the year and a volatile September, although the decline was limited as traders entered to buy on dips.
Despite strong price swings, Bitcoin’s long-term uptrend remains intact. And in general, analysts see cryptocurrencies as an early-stage investment. “Cryptocurrencies remain poorly known and there is still a huge knowledge gap,” but the industry is rapidly gaining traction among professional investors, cryptocurrency trading firm QCP Capital wrote, CoinDesk reported.
And all this after a record October for Bitcoin. In addition to the all-time highs at $ 67,000 on October 20, the digital currency has closed for the first time a month above $ 60,000 and ended its third consecutive week above that mark. The monthly rise in the tenth month is about 40%.
Despite last week’s falls, “the last negative days failed to damage the overall structure of the market and the fundamentals further indicate that the long term remains decidedly bullish,” said Alejandro Zala, Bitpanda’s country manager in Spain.
Both Bitcoin and major altcoins are experiencing strong volatility on the intraday chart, which is normal at the all-time highs as we’ve seen lately. “The weekly and monthly charts are still very bullish, suggesting that traders are positive for the rest of the year and expect the bull run to continue.“Zala emphasized. The cryptocurrency fear and greed index for October stands at 76, showing extreme greed, and has risen since Sept. 27.
As for Ethereum, it has hit highs at $ 4,400 in October and is up 39% since the beginning of the month. “Higher time frames are bullish and increased volatility is normal after such a positive move since early October,” Zala concluded.
Source From: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
