Uptober Will End As Downtober Analysis of Current Bitcoin Market Trends (October 2024)
Analysis of Current Bitcoin Market Trends (October 2024)
In this analysis, I draw attention to similarities between the Bitcoin price patterns in April and November 2021 and the current market behavior in October 2024.
Historical Comparison:
1. April 2021:
- Started green, with rising prices early in the month.
- By the end of April, bearish sentiment developed, and the session ended in red.
- This marked the end of the bull market, followed by a sharp correction.
2. November 2021:
- Similar to April 2021, November started green, with price increases early in the month.
- However, the month ended in red, signaling the conclusion of the bull market and the beginning of a prolonged bear market.
Current Market (October 2024):
- March 2024 saw Bitcoin reach a new all-time high.
- October 2024 began with a green session, similar to April and November 2021.
- We are currently witnessing a Doji pattern, which could indicate indecision in the market. If this pattern ends in red, it could confirm a major long-term lower high and suggest the continuation of a broader market correction.
- This would likely be the beginning of a bearish impulse within the ongoing correction phase.
Support Levels:
Key support levels to monitor:
- 55K
- 44K
- 36K
While a deeper decline is possible, we must wait for further developments to assess the full impact.
Altcoin Market:
- Bitcoin and major Altcoins, including Ethereum, are showing bearish patterns, with Ethereum's weakness further signaling a bearish trend across the cryptocurrency giants.
- Despite this, smaller and medium-sized Altcoins are experiencing bullish trends, with some seeing gains in the 2-3 digit range.
Conclusion:
- The market is witnessing a flow of capital out of Bitcoin and the major Altcoins, moving into smaller Altcoin projects.
- Investors should pay close attention to the behavior of these smaller assets and the potential for further market corrections.
This analysis is for informational purposes and is not intended as financial advice. Always perform your own research and consult with a financial advisor before making investment decisions.
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