Bitcoin Holds $26K Fort, Ethereum, Dogecoin Head Lower As Sharp Sell-Off Hits Equity Markets: Analyst Looks To 'Uptober' For Relief Rally

Major cryptocurrencies experienced a notable decline in value on Wednesday evening. This occurred despite the sharp sell-offs in equity markets.

IntoTheBlock reported that the steady price movement of Bitcoin is particularly noteworthy given the recent stock market decline. The analytics firm highlighted one possible factor contributing to this stability: the correlation between Bitcoin and the Dollar Index (DXY) has dropped to zero, indicating no relationship between the two.

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Currently, the global crypto market capitalization stands at $1.06 trillion, a 0.41% decrease in the last day.

Stock futures showed a minor upward movement in overnight trading on Sunday, signaling the start of the final week of trading in September. Both S&P 500 futures and Nasdaq 100 futures edged up by 0.2%, suggesting a potential recovery after significant losses.

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Analyst Notes

According to crypto analyst Michael Van de Poppe, the total market capitalization for #Crypto is currently testing the resistance level of the 200-week EMA.

 "I think it’s just a matter of time until we flip above it. Probably 1-2 weeks if Ethereum ETF Futures could be approved and Uptober begins," he said.

Crypto Tony predicts a macro outlook for the Bitcoin market. According to his roadmap, he anticipates a drop in Bitcoin’s price to $20,000, which he believes will mark the bottom for altcoins. The rest of his analysis relies on resistance levels and historical patterns from previous cycles and bull markets.

Pseudonymous analyst  Rekt Capital said Historically, the month of October has proven to be very favorable for Bitcoin. However, in the context of the similarities between the current year (2023) and 2019, it is surprising that there has been relatively little attention given to the potential for a price reaction akin to what was observed in October 2019.

The analyst believes that in October 2019, the price of BTC only rallied by 10%. If Bitcoin were to experience a similar 10% rally in October 2023, it would bring the price back to around $29,200.

"In such a scenario, BTC could form a long upside wick beyond the Lower High resistance (yellow) before potentially rejecting once again to confirm this current move as a relief rally."

Photo by Avi Rozen on Shutterstock

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