{"id":645977,"date":"2024-10-03T04:00:54","date_gmt":"2024-10-03T04:00:54","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=645977"},"modified":"2024-10-02T15:34:33","modified_gmt":"2024-10-02T15:34:33","slug":"analysts-unfazed-by-bitcoin-btc-drop-but-should-we-fear-october-5","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/bitcoin-news\/analysts-unfazed-by-bitcoin-btc-drop-but-should-we-fear-october-5\/","title":{"rendered":"Analysts Unfazed By Bitcoin (BTC) Drop, But Should We Fear October 5?"},"content":{"rendered":"

Despite the green September close, Bitcoin (BTC) and the rest of the market faced another bloodbath as October started. The flagship crypto saw a 7% decline, fueling a bearish sentiment among investors. However, most analysts remain optimistic about BTC\u2019s performance in the next three months.<\/p>\n

Related Reading: Bonk \u2018In Prime Position For Turbo Green Week\u2019 As Price Recovers Key Level<\/a><\/div>\n

Is This The \u2018Shakeout Before Breakout\u2019?<\/h2>\n

The market began the month of October, popularly known as \u201cUptober\u201d by the crypto community, with the first shakeout<\/a> of the quarter, losing 6.5% of its market capitalization. Most cryptocurrencies in the top 100 saw a considerable price drop, registering green numbers in the daily and weekly timeframes.<\/p>\n

The bleeding was led by Bitcoin, the largest cryptocurrency by market cap, as its price nosedived below the $61,000 support zone, a range not seen in nearly two weeks. Geopolitical conflicts in the Middle East seemingly fueled the downturn, as the drop followed the news of an Iranian missile strike on Israel.<\/p>\n

The news spiked an investors\u2019 selloff, which ended<\/a> the BTC spot Exchange-Traded Funds (ETFs) 8-day inflow streak and triggered the liquidation of over $526 million in leveraged positions in the last 24 hours.<\/p>\n

Nonetheless, many industry watchers remain unfazed by the market shakeout, noting that the month has just started. In a series of X posts, crypto analyst Jelle pointed<\/a> out that Bitcoin started its second leg higher during October in the past bull years.<\/p>\n

He explained that BTC\u2019s price historically breaks out in the second or third week of the month, so the first week retrace could be the \u201cfinal shakeout before new highs.\u201d Moreover, he highlighted that the flagship crypto recently made the first higher high in 6 months and reclaimed the key resistance level above $60,000.<\/p>\n

Jelle also noted that BTC made a higher low on October 1, holding the $60,000 support zone and retesting its strength above the $61,000 mark. The analyst considers<\/a> that \u201cIt’s time for this descending broadening wedge to start playing out,\u201d reasserting his previous target of $90,000.<\/p>\n

\"Bitcoin,
Bitcoin’s performance in the weekly chart. Source: BTCUSDT on TradingView<\/a><\/figcaption><\/figure>\n

Analyst Warns About Bitcoin \u2018Fifth-Day Plunge\u2019<\/h2>\n

Other analysts also shared their views on the market shakeout. Altcoin Sherpa highlighted<\/a> that \u201cthe last time we saw this much compression with 1d EMAs was September 2023, right before the market skyrocketed.\u201d<\/p>\n

Meanwhile, DonAlt expressed a more cautious approach<\/a>, stating that Bitcoin could look \u201cmuch worse\u201d considering the circumstances, but suggested waiting for the weekly close would be best to conclude.<\/p>\n

Nonetheless, trader Daan Crypto Trades pointed out that Bitcoin has \u201cbottomed\/topped at basically the same time\u201d since June. Per the post, on the fifth day of each month, BTC\u2019s price has registered a massive correction, except for September, when it occurred on the sixth day.<\/p>\n

\"Bitcoin\"
BTC’s monthly “fifth-day plunge”. Source: Daan Crypto Trades On X<\/a><\/figcaption><\/figure>\n
Related Reading: SUI Sees 15% Weekly Surge Ahead Of Token Unlock, Can It Hit New ATH In October?<\/a><\/div>\n

During the Q3 retraces, BTC registered daily red candles ahead of the fifth-day plunge. The price recorded a 16.3%, 25%, and 11% decline in July, August, and September from the beginning of each month until the end of the first-week shakeout.<\/p>\n

If the pattern repeated this month, investors could see BTC\u2019s price dropping<\/a> below the recently reclaimed $60,000 support level and test the strengths of lower key support zones. However, it would also mean that the flagship cryptocurrency would potentially recover by the start of the second week.<\/p>\n

As of this writing, BTC is trading at $61,466, a 2% drop in the last 24 hours.<\/p>\n

Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Despite the green September close, Bitcoin (BTC) and the rest of the market faced another bloodbath as October started. The flagship crypto saw a 7% decline, fueling a bearish sentiment among investors. However, most analysts remain optimistic about BTC\u2019s performance in the next three months. Related Reading: Bonk \u2018In Prime Position For Turbo Green Week\u2019 As Price Recovers Key Level Is This The \u2018Shakeout Before Breakout\u2019? The market began the month of October, popularly known as \u201cUptober\u201d by the crypto community, with the first shakeout of the quarter, losing 6.5% of its market capitalization. Most cryptocurrencies in the top 100 saw a considerable price drop, registering green numbers in the daily and weekly timeframes. The bleeding was led by Bitcoin, the largest cryptocurrency by market cap, as its price nosedived below the $61,000 support zone, a range not seen in nearly two weeks. Geopolitical conflicts in the Middle East seemingly fueled the downturn, as the drop followed the news of an Iranian missile strike on Israel. The news spiked an investors\u2019 selloff, which ended the BTC spot Exchange-Traded Funds (ETFs) 8-day inflow streak and triggered the liquidation of over $526 million in leveraged positions in the last 24 hours. Nonetheless, many industry watchers remain unfazed by the market shakeout, noting that the month has just started. In a series of X posts, crypto analyst Jelle pointed out that Bitcoin started its second leg higher during October in the past bull years. He explained that BTC\u2019s price historically breaks out in the second or third week of the month, so the first week retrace could be the \u201cfinal shakeout before new highs.\u201d Moreover, he highlighted that the flagship crypto recently made the first higher high in 6 months and reclaimed the key resistance level above $60,000. Jelle also noted that BTC made a higher low on October 1, holding the $60,000 support zone and retesting its strength above the $61,000 mark. The analyst considers that \u201cIt’s time for this descending broadening wedge to start playing out,\u201d reasserting his previous target of $90,000. Analyst Warns About Bitcoin \u2018Fifth-Day Plunge\u2019 Other analysts also shared their views on the market shakeout. Altcoin Sherpa highlighted that \u201cthe last time we saw this much compression with 1d EMAs was September 2023, right before the market skyrocketed.\u201d Meanwhile, DonAlt expressed a more cautious approach, stating that Bitcoin could look \u201cmuch worse\u201d considering the circumstances, but suggested waiting for the weekly close would be best to conclude. Nonetheless, trader Daan Crypto Trades pointed out that Bitcoin has \u201cbottomed\/topped at basically the same time\u201d since June. Per the post, on the fifth day of each month, BTC\u2019s price has registered a massive correction, except for September, when it occurred on the sixth day. Related Reading: SUI Sees 15% Weekly Surge Ahead Of Token Unlock, Can It Hit New ATH In October? During the Q3 retraces, BTC registered daily red candles ahead of the fifth-day plunge. The price recorded a 16.3%, 25%, and 11% decline in July, August, and September from the beginning of each month until the end of the first-week shakeout. If the pattern repeated this month, investors could see BTC\u2019s price dropping below the recently reclaimed $60,000 support level and test the strengths of lower key support zones. However, it would also mean that the flagship cryptocurrency would potentially recover by the start of the second week. As of this writing, BTC is trading at $61,466, a 2% drop in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":604954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,11680,89196,1119,78790,26263,93117,93129,89756,87108],"class_list":["post-645977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-bullish-breakout","tag-btc","tag-btcusdt","tag-crypto-analyst","tag-crypto-market-q3","tag-crypto-market-q4","tag-crypto-trader","tag-uptober"],"acf":[],"yoast_head":"\nBitcoin: Analysts Unfazed By Drop, But Should We Fear October 5?<\/title>\n<meta name=\"description\" content=\"Market watchers remain bullish despite Bitcoin dropping below $61,000. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. 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