Is Bitcoin Price Correction Over?

With Bitcoin price slowing down around the $61K support level, investors are wondering is the correction is done or if BTC will slide lower?

Bitcoin has dropped nearly 10% in the past four days, leaving investors wondering if the correction is done. Is BTC done sliding lower? This is unlikely, considering the technical and on-chain analytics. Analysts also forecast a further drop in the world's largest crypto by market capitalization.

Is Bitcoin Correction over?

Since the September 27 swing high of $66,498, Bitcoin price has shed 9.50% and trades today at $60.3K. Thursday's Asian trading session saw an uptick, but in the London session, BTC is down 2.05%,

Popular crypto analyst Crypto Capo noted that the crypto market was "looking heavy" and he "wouldn't rule out a final shakeout." Capo expects another 10% to 20% correction for Bitcoin. Considering the current level of $60.2K, this drop would push BTC down to the $48K to $54K range. The analyst ended his analysis by saying that he was "not selling my positions, but hedging. Just in case."

Unlike Capo, Trader Mayne, co-founder of Breakout prop trading firm, believes that there could be a bounce. Mayne adds that he wouldn't mind "bidding" BTC between $60.2K and $58K and expect a run up to $61K to $63K. However, he did warn that a new high time frame low could be on the way unless Bitcoin reclaims the $65K level decisively.

BTC Price Forecast: Now or Never.

If the crypto market outlook has changed and the historical Q4 performance has kicked in, then a Bitcoin bounce should happen around $59.4K, which is the yearly VWAP and also critical support. This move would keep the uptrend intact and provide BTC bulls with a foothold to decisively overcome the $64K to $65K hurdle. However, a failure from bulls here could send BTC down the $57.2K to $57.9K support levels, which is the last chance to keep the bull trend dream alive.

Analyst Predicts Strong Performance for Bonk (BONK) Next Week.

Popular cryptocurrency analyst and strategist Bluntz anticipates that the Solana -based memecoin Bonk (BONK) will exhibit strong performance next week, despite recent corrections. His predictions are based on technical analysis and market trends, reflecting a broader sentiment within the cryptocurrency community regarding memecoin dynamics.

Analyst's BONK Forecast.

In a statement to his followers on the
social media platform X, Bluntz noted
that Bonk is currently in the midst of a
five-wave upward movement. As a
well-known practitioner of the Elliott Wave theory, he explained that an
asset in an upward trend typically
follows a five-wave rally, which adds
to his bullish outlook.

Price Targets and Comparisons.

Bluntz shared a chart predicting that BONK could rise to $0.000033. He also suggested that BONK would outperform PEPE, stating, "There was a quick drop on the weekly, which I believe places BONK in an ideal position for a turbo green week."

At the time of writing, BONK is trading at $0.000024, having risen from a 24- hour low of approximately $0.0000216. This upward movement indicates potential for further gains, aligning with Bluntz's expectations.

Price Targets and Comparisons.

Bluntz shared a chart predicting that BONK could rise to $0.000033. He also suggested that BONK would outperform PEPE, stating, "There was a quick drop on the weekly, which I believe places BONK in an ideal position for a turbo green week."

At the time of writing, BONK is trading at $0.000024, having risen from a 24- hour low of approximately $0.0000216. This upward movement indicates potential for further gains, aligning with Bluntz's expectations.

Bluntz highlighted PEPE in his analysis, stating, "I see this drop as a wave 4, presenting a perfect opportunity for those on the sidelines." According to his chart, PEPE is expected to rise to $0.000013, completing a small five- wave rally. Currently, PEPE is valued at $0.00001.

💰 Quick update on Bitcoin.

💰 Bitcoin broke the trend and the ascending channel since yesterday and reached the support and is currently trading there
⚠️ It is expected to break at any moment due to weak liquidity today

❌ In all cases, if it is broken, the next target will be the green zone
59190-59940

✅ Positivity by returning within the ascending price channel.

I want everyone to register for Blum bot. There is news that it will be priced at $0.03.

Binance invests in BLUM airdrop and project manager confirms it.

You have about a month or less until the drop.

https://t.me/blum/app?startapp=ref_tC7deRR6MG

BlackRock Bitcoin ETF Continues to Buy Dip.

The sudden drop in Bitcoin's price may have scared several Bitcoin ETF investors, but BlackRock's iShares Bitcoin Trust (IBIT) held the floor. A Farside Investors report shows that only the asset manager purchased $40. 8 million worth of BTC among all of its nine counterparts on Oct. 1.

BTC price dips in traditional bullish month.

Noteworthy, October is largely recognized as a traditionally bullish month, earning it the name "Uptober."

This year is different from others, as the crypto industry was hit by liquidation as October began. In the last 24 hours, more than $500 million have been liquidated from several traders. Unfortunately, the flagship crypto asset is leading the liquidation, with about $141 million already removed.

This activity has triggered a price plunge for the cryptocurrency, further threatening investors' confidence. According to CoinMarketCap data, Bitcoin is currently trading at $61,091.47, with a 4.19% drop in the last 24 hours.

On Monday, BTC still traded at around $65,000. The drop in the coin's market value may have forced investors from other asset management firms to sell their holdings.

While BlackRock registered inflows, WisdomTree's BTCW, CoinShare Valkyrie's BRR, Franklin Templeton's EZBC and Invesco's BTCO did not conduct any transactions. On the other hand, VanEck's HODL, Ark's ARKB, Bitwise's BITB and Fidelity's FBTC all sold $15.8 million, $84.3 million, $32.7 million and $144.7 million worth of BTC, respectively.

BlackRock in constant BTC acquisition mode.

This outlook reflects BlackRock's confidence in the future potential of the underlying cryptocurrency. A few days ago, Arkham Intelligence reported that the asset manager purchased more Bitcoin than any ETF issuer has sold in the past few weeks. So far, the hedge fund's total cryptocurrency holdings have grown to more than 362,193 BTC.

Based on the coin's current price, the holding is equivalent to approximately $22 billion.

Balances Changed in Bitcoin! Analysts Said the Decline May Continue in BTC, Announced Their Expectations!

Global stocks and risk assets such as Bitcoin (BTC) took a hit on Tuesday after Iran fired missiles at key Israeli locations and Israel threatened to retaliate in the coming days.

While the tension between Iran and Israel in the Middle East caused Bitcoin to decline to $60,300, Singapore-based cryptocurrency platform QCP Capital announced its latest predictions.

Stating that BTC and altcoins took a much harder hit compared to stocks, QCP said that despite this sharp decline, BTC found support at the 60,000 level.

However, analysts have stated that if tensions in the Middle East continue and rise further, Bitcoin could fall to as low as $55,000.

Stating that the focus of Bitcoin and altcoins in the coming period will be the tension in the Middle East, QCP said that this tension should not overshadow the big picture, that is, the rise.

Analysts stated that Bitcoin and cryptocurrencies will continue to be supported with the support from China and the FED, and said:

"The infusion of liquidity and possible fiscal support from the People's Bank of China (PBOC) will likely support asset prices in China, and bullish sentiment is likely to spill over into risk assets, including cryptocurrencies.

Global asset prices, including Bitcoin and cryptocurrencies, are expected to remain supported heading into 2025 as the world's largest (FED) and third largest (PBOC) central banks begin discount cycles in earnest."

What Will Be the Price If XRP ETF Is Approved in the US? Here Are Comparative Predictions!

While Bitcoin and altcoins have been falling sharply amid tensions between Iran and Israel, the XRP market has been revived by Bitwise Asset Management's Delaware filing.

While this move by Bitwise is seen as the first step for the XRP ETF, if approved, this will be the first XRP ETF for the US market.

While investors are excited about a possible XRP ETF, they are also trying to predict how such approval could affect the XRP price in the future.

At this point, experts state that the XRP price will be greatly affected after the approval of the XRP ETF, especially if it attracts inflows similar to Bitcoin's inflow of over $40 billion.

Sistine Research X shared on her account that if an XRP ETF is approved, the situation will not be the same as BTC and ETH.

It was stated that there will be no Graysacale breakouts and downward pressure resulting from these breakouts in XRP.

At this point, it is evaluated that XRP ETFs may become more attractive to investors, and it is estimated that XRP's price may experience a more sustainable increase due to the lack of Grayscale exit pressure.

Experts predicted that if an XRP ETF is approved, the price of XRP could explode, with a similar inflow exceeding $40 billion potentially driving the price of XRP up by 150%, given the current market cap of $34 billion.

At this point, experts add that the increase in the XRP price could reach up to 300%, while in these scenarios, the XRP price could reach up to $ 1.5 and $ 2.45, respectively.

These prices are just estimates and there is no certainty. Even if the XRP ETF is approved, the XRP price may experience a larger increase or a large decrease in the market conditions at that time. At this point, do not make your investment decisions based on a single estimate, data or signal. These estimates have a margin of error and cannot be said to be 100% accurate.

Discover how a top trader predicts a 44,000% rally for Shiba Inu price if key conditions are met, including an increased token burn rate.

Shiba Inu price has suffered with the rest of the market, losing as much as 10.5% and trading around $0.00001652. The meme coin is still popular in the crypto community for its potential for massive gains. A top trader has predicted that SHIB price has the potential to go on a 44,000% rally, but only if certain conditions are met.

Shiba Inu Price If It Skyrockets 44,000%.

A former member of the IBM blockchain team and crypto analyst has predicted that Shiba Inu may be about to go on a 44,000% bull run. The trader pointed out that the first SHIB price run was also a 44,000% upswing when launched.

This historical performance sets a precedent for what could happen if the price of SHIB breaks out of its current prolonged consolidation zone.

According to the trader, meme coins could lead the crypto market into the last phase of this bull cycle. A 44,000% increase from the current price means SHIB would increase to $0.00726.

Meme Coins Could Lead the Next Cycle.

Meme coins have a unique appeal due to their strong community support and viral nature. For instance, Degen (Base) (DEGEN) secured a potential listing on Coinbase together with their io.net (IO). However, the response from the price of these two crypto projects is telling.

While DEGEN skyrocketed over 100% in less than 24 hours, IO price dropped 14.9%. The difference is community.

The combination of technical patterns and community enthusiasm makes Shiba Inu a coin to watch closely.

Can SHIB Price Reach $0.00726?

Shiba Inu has a current market cap of 9.7 billion. A 44,000% increase in price means the market cap would swell by 440 times. This would bring it to a $4.268 trillion valuation.

SHIB's market cap is only 0.42% of the entire crypto market. For it to swell to over $4 trillion, the total crypto industry value would have to grow to a mammoth $1 quadrillion. Bitcoin's market cap would be $542 trillion, and its price would have soared to roughly $27 million.

Whales Keep Dogecoin Active Despite Price Drop.

Dogecoin (DOGE), the leading memecoi n, recently faced an 18% decrease from its peak last Saturday. However, on-chain data from Santiment indicates that the enthusiasm among major investors remains robust. Despite large holders cashing out just before the price surge, their engagement with the network continues to be remarkably high.

Why Are Whale Transactions Surging?

There has been a notable uptick in wallet addresses on the Dogecoin network, with on-chain activity hitting its highest point in seven months. The activity is largely driven by whales executing transactions exceeding $100,000, showcasing their sustained interest even in light of the recent price decline.

What Does This Mean for Dogecoin's Future?

The high level of whale activity is a strong indicator of potential future price shifts. Although Dogecoin has seen fluctuations, the sustained transactions from large investors suggest that they continue to play a vital role in influencing market trends.

The 3 most important rules if you have them you are a successful trader.

1 Patience.

Be a skilled hunter in choosing the right timing for your deals and be patient in exploiting opportunities))

2 Risk management.

Make a strict decision about dividing your portfolio and managing your deals equally while taking risks based on (1/3)

3 Curb emotions and feelings.

Your emotions while trading are 0% in this case you do not have revenge on the market and your loss percentage will decrease and your profit percentage will increase.

Ethereum (ETH) Skyrockets 230% in Massive Whale Activity.

Ethereum, the second largest cryptocurrency by market capitalization, has seen a massive surge in large transaction volume indicative of whale activity.

According to Into TheBlock data, Ethereum's large transaction volume amounted to $5.69 billion, an increase of 230.12% in the last 24 hours.

Large transactions are those above $100,000, and a surge in these kinds of transactions might signal increased whale activity, either buying or selling.

The broader crypto market has recently drawn favorable sentiment, and Ethereum is no exception.

According to the most recent CoinShares report, digital asset investment products saw $1.2 billion in inflows for the third week in a row, likely due to expectations of dovish monetary policy in the U.S. and positive price momentum. Ethereum broke its five-week negative streak with $87 million inflows, the first since early August.

At the time of writing, Ethereum was down 0.77% in the last 24 hours to $2,613.

Ethereum transfers to be enabled in Europe via Robinhood.

In a recent announcement, retail investing platform Robinhood has announced that it is offering customers in Europe the ability to transfer cryptocurrencies in and out of its app.

As it expands internationally, the company aims to enhance its product offerings in the region.

Robinhood stated that users in the European Union would be able to deposit and withdraw more than 20 digital currencies using its platform, including ethereum, as well as major cryptocurrencies such as Bitcoin, Solana, USD coin and others.

Cardano (ADA) Price Prediction for October 1.

ADA/USD.

The rate of Cardano (ADA) has fallen by 2.12% over the last 24 hours.

On the hourly chart, the price of ADA
has come back to the local support
level of $0.3745. If the daily bar closes
near it, one can expect a breakout,
followed by a move to the $0.37 zone
and below.

On the bigger time frame, sellers' pressure remains relevant. If the breakout of the interim zone of $0.37 happens, traders may witness a more profound drop to the $0.36-$0.3650 area by the end of the week.

From the midterm point of view, bulls could not keep the growth going after the previous bullish candle closure.

If buyers want to get back in the game, they need to restore the rate above the $0.40 range.

ADA is trading at $0.3750 at press time.

Will SEI Become a Leading Altcoin?

Renowned cryptocurrency analyst The Flow Horse has expressed optimism about SEI, a rising competitor in the altcoin space alongside Solana (SOL). Following SEI's breakthrough past the $0.40 barrier, the analyst's confidence has surged as it navigates significant resistance levels.

How is SEI Performing Currently?

The Flow Horse highlighted a favorable trajectory for SEI after it successfully broke through a prolonged resistance point. While SEI once exceeded the $0.50 threshold, it is presently trading at approximately $0.469, reflecting a 4% gain over the past 24 hours.

What is the Analyst's Investment Advice for SEI?

Despite acknowledging a possible dip in trading volumes, The Flow Horse remains bullish on SEI. He pointed out that altcoins like Shiba Inu (SHIB) might pose short-term selling opportunities. "Given that it's the weekend, my trading volumes will be low, but keep an eye on SEI. I feel inclined to be bullish regardless," he stated.

The Flow Horse believes SEI is showing promising signs for investors. He cautioned about potential short positions in assets like SHIB. Despite market volatility, there are continual opportunities in the altcoin sector.

The overall outlook for the altcoin market remains positive, yet The Flow Horse advises investors to exercise caution. He suggests that shorting assets experiencing rapid gains could be a strategic move.

The latest trends in SEI and similar altcoins underscore the ever- changing landscape of the cryptocurrency market. Adopting a vigilant approach by monitoring these shifts can empower investors to make informed choices.

Reawakens After Decade Ancient Bitcoin Whale as Epic Market Cycle Unfolds.

According to on-chain data, an ancient Bitcoin whale has reawakened after more than a decade of dormancy.Blockchain data tracker Whale Alert reported that "a dormant address containing 41 BTC worth $2,611,481 has just been activated after 10.7 years."

The reactivated address is part of a growing trend in which long-dormant Bitcoin wallets adopters or miners often tied to early come back to life. The whale in question had not moved any Bitcoin in over 10 years, a period that saw Bitcoin's massive growth and price advancement.

This sudden awakening aligns with a Bitcoin market cycle unfolding within the broader crypto space.

In a recent tweet, CryptoQuant CEO Ki Young Ju shares insights into the Bitcoin market cycle, which falls into three stages.

The first stage, already underway, is when old whales become new whales. The current trend of activation of Old Bitcoins alludes to this fact. The second stage is when new whales become retail investors; the last and third stage is when these retail investors hodl and thus become old whales.

In another tweet, Ju stated that Bitcoin inflows into exchange user wallets remain normal, unlike during the last bear market.

Bitcoin price action.

Bitcoin retested $64,000 on Oct. 1 as the BTC monthly close achieved a new September record. The September monthly close of $63,300 cemented 7.3% BTC price gains, according to data from CoinGlass, making it Bitcoin's best-ever ninth month of the year.

Bitcoin fell to a low of $62,833 on September's final day before rebounding. At the time of writing, BTC has gained 0.22% in the last 24 hours to $63,991, after reaching intraday highs of $64,106.

In a recent analysis, CryptoQuant indicated that the market might be preparing for the next upward trend. On the chart, CryptoQuant noticed very low Exchange Flow Multiple values before the 2023 rise. The current indicator levels are similarly low, which could signal that the market might be preparing for the next upward trend.

Understanding Eigen 💰💰 $EIGEN Coin.

Eigenlayer (EIGEN) Coin is an innovative cryptocurrency designed to enhance the security of the blockchain and support new applications on the Ethereum network. Launched on the Ethereum blockchain, Eigenlayer introduces a cutting-edge concept called staking. This feature allows users to re-stake their Ethereum that is locked within the consensus layer of the system, providing a unique way to enhance the security of the blockchain.
One of the key advantages of Eigenlayer is its ability to collect and enhance the security of the blockchain through the staking mechanism. This not only enhances the security framework of the Ethereum network, but also promotes the development of new applications, making it an attractive option for developers and investors alike.
Also worth mentioning is Eigenlayer’s market position. Although relatively new, it has quickly gained attention thanks to its innovative approach to blockchain security. Many other exchanges offer Eigenlayer for trading, but CoinUnited.io stands out by offering an impressive 55.0% APY staking reward.

This high return rate makes CoinUnited.io the preferred choice for those looking to maximize their Eigenlayer (EIGEN) staking profits. When users stake on CoinUnited.io, they can rest assured that they are supporting a platform that prioritizes security, innovation, and user incentives.

When investors choose to stake Eigenlayer (EIGEN) on CoinUnited.io, they can benefit from the unique features and strong market presence of Eigenlayer, while enjoying significant returns.

Ice network Here is the fundamental analysis that will help you determine the best time to buy.

Chart analysis of price action:

The price was trading around 0.009812 USDT but has now dropped to around 0.007872 USD, indicating a price correction.

There is a rebound from the bottom at 0.002754 USD, and the price has started to rise again, which could be a positive sign.

Moving Averages (MA)

Moving averages give divergent signals. Short-term averages such as A7 and MA30) indicate a downtrend, which calls for caution in the short term.

Relative Strength Index (RSI).

On the short-term time frame (1st image), we see that the (24) RSI is around 51.7, which means that the market is balanced - neither in an overbought zone nor in an oversold zone.

On the longer-term time frame (2nd image), we see that the (6) RSI is 84.88, which indicates that the price is in an overbought zone, and a correction may occur soon.

MACD Indicator.

The MACD is showing slight bearish signals as it approaches the negative zone, but there is no clear crossover to indicate a strong downtrend.

Volume:

Volume is high, at 166,721.52, indicating that the currency is still seeing interest from traders. If volume decreases, it could be a sign of a trend reversal.

Buy Recommendation:

Short-term Given the neutral RSI and the recent price correction, it may be best to wait for clearer bullish signals, such as a positive MACD crossover or an improvement in price action. If the price holds above the 0.007638 USDT level and starts to show strength, this could be a good entry point.

Long-term: The overall trend shows some potential, especially after the price rebounded from the 0.002754 USDT level. If you are planning to invest for the long term, buying now may make sense, but it is better to buy small amounts to spread
out the average purchase price in case of another pullback.

Not investment advice
The currency is available on all platforms except Binance and Bybit.

How Investors Profit from Bitcoin's Rise?

The cryptocurrency landscape remains enticing for experienced traders, despite facing hurdles such as extreme volatility and swift market fluctuations. In this dynamic climate, a savvy investor managed to turn a $6.2 million stake into an impressive $17.5 million thanks to Bitcoin's soaring prices.

What Factors Contribute to Bitcoin's Price Surge?

As the dominant player within the cryptocurrency sphere, Bitcoin represents nearly 50% of the market's total value. Its strong yearly performance yields significant returns for investors, which played a pivotal role in the recent profits of this particular investor as Bitcoin saw a dramatic price rise.

What Were the Details of This Investor's Journey?

According to insights from Lookonchain, a prominent analysis platform, this investor sold 265.89 BTC for an astounding $17.5 million. While the sale itself drew considerable attention, the duration of the investment was even more striking.

Remarkably, the investor had held onto their Bitcoin for two years. Initially acquired via Bitfinex, the sale resulted in a profit of $11.28 million, translating to a remarkable 181% return on investment (ROI).

What Does Bitcoin's Current Market Situation Look Like?

Contrary to predictions of a downward trend for Bitcoin in September, the cryptocurrency managed to rebound by 10% toward the month's end. Currently priced around $64,000, technical analyses suggest a strong presence of buyers, with increasing demand possibly pushing prices higher, though seller activity may lead to price stabilization. Should Bitcoin surpass the resistance level of $69,033, an upward trajectory could commence.

🚨Blum Coin ($BLUM): The Promising Cryptocurrency of 2024 with an Attractive Launch Price and Distinctive Innovations🚨.

Blum Coin ($BLUM) is gearing up for its anticipated launch on October , 2024, with an initial price of $0.11 per token, which has sparked interest among investors and crypto enthusiasts. But the most important question here is: What makes $BLUM stand out in a crowded cryptocurrency market?
What makes Blum Coin stand out is that it is not just another coin, but rather is backed by real intrinsic value, which is what sets it apart from many other speculative cryptocurrencies. The creators of this coin are focused on its long-term utility and sustainability, with a clear goal of providing real value to its users, which has sparked a wave of optimism in the market.
One of the main reasons why $BLUM is attractive is its great potential for future growth. Analysts are optimistic that the low initial price of $0.11 represents an attractive entry opportunity for both beginners and seasoned crypto investors. This low price, combined with the underlying value of the coin, provides the potential for tangible gains as the market evolves.

The excitement surrounding the launch of $BLUM is not just about its price, but also the widespread adoption and technological innovations it promises. Backed by a strong development team and community, this coin seems poised to make a major impact in the crypto space.

In a market that is seeing many new coins launch and disappear quickly, Blum Coin is being touted as one of the standout cryptocurrencies. With its launch date approaching, $BLUM could be a real investment opportunity that should not be missed.

https://t.me/blum/app?startapp=ref_bfncGaLS9u

Summary of Jerome Powell's remarks
Fed Chairman.

📌 Risks are likely to be to the contrary, so decisions will be meeting by meeting

📌 Our monetary policy will move over time toward a more neutral stance if the economy improves broadly as expected.

📌 The US economy is solid and we are keen to use all our tools to keep it solid

📌 We have made good progress toward restoring price stability without a painful rise in unemployment.

📌 The 50-point rate cut reflects growing confidence in our policy benchmark and that inflation is moving toward the target

📌 Recent data suggest further progress toward a sustainable return to 2%.

📌 My colleagues and I are very confident that inflation is on its way to 2%.

📌 Business conditions are tough, and the labor market is roughly in equilibrium.

📌 There is nothing to suggest that we are heading into a recession.

📌 The Fed is in no rush to cut rates quickly, and will be guided by the data.

📌 If the economy performs as expected in September, we will see two more 25-bp cuts.

Bitcoin Surges in September Defying Norm.

QCP Capital, a leading cryptocurrency
investment firm in Asia, has revealed
that Bitcoin (BTC) has defied expectations by achieving a
remarkable performance in the third quarter. The cryptocurrency surged
over 7% in September alone, marking
one of its most robust showings
during this month historically. This
significant rise has prompted keen
interest in Bitcoin's future trajectory,
with forecasts suggesting that
breaking past $70,000 could ignite
further upward momentum.

What Made September Different for Bitcoin?

Typically, September is a challenging period for the cryptocurrency market, often characterized by weaker performance. However, this year Bitcoin has bucked the trend, much to the delight of investors. The over 7% increase has not only been notable but has also reshaped expectations, fostering optimism across the market.

Is a New Bitcoin Rally on the Horizon?

QCP Capital's insights highlight the potential for further upward movement for Bitcoin. The analysis indicates that BTC might continue to oscillate around current levels, with historical patterns pointing to profit- taking at these points. Nonetheless, the firm remains optimistic about Bitcoin's medium-term prospects.

If Bitcoin manages to surpass the $70,000 mark, a new wave of upward momentum is anticipated, which could potentially lead to a more robust bullish trend. The global appetite for risk also plays a crucial role. Interest in technology stocks is bolstering markets, which in turn may benefit riskier assets like Bitcoin.