Despite a strong start to October, major crypto prices are now in the red as a combination of macroeconomic, regulatory and geopolitical factors have sapped enthusiasm from the market.
While Bitcoin remains range-bound near the $27,500 price mark, altcoin crypto prices are falling sharply, leading to a liquidation of over $100 million worth of long positions. Ethereum, in particular, plummeted to the $1,555 mark yesterday, before bouncing back slightly – yet, the second largest cryptocurrency is down 5% over the past week.
Other major altcoins such as Solana, Polkadot and Bitcoin Cash are showing similar signs of weakness, all down close to 8% in the past 7 days. Even after Ripple’s second victory against the US Security and Exchanges Commission, XRP has corrected below the $0.50 level.
Despite the struggling crypto prices, experts are still bullish on Bitcoin and the rest of the market, predicting a strong end-of-the-year rally. Popular analyst @CryptoJelleNL, who has close to 50k followers on X, is urging investors to continue to hold, while treating the recent bearishness as a “buy the dip” opportunity.
New cryptocurrency projects like Bitcoin Minetrix also continue to attract investors, which we reviewed here.
3 Reasons Why Experts Are Giving Bullish Crypto Price Predictions
The fourth financial quarter has traditionally been the most successful period for the crypto market, with October as its best month. However, factors such as the SEC’s continued anti-crypto agenda, stickier-than-expected inflation levels and the Israel-Palestine conflict have turned investors pessimistic regarding the market’s short-term prospects.
Nevertheless, 3 crucial factors have led investors to believe that crypto prices will experience a significant upswing in this fourth financial quarter.
Resilience Of The Crypto Market
Investors have been particularly impressed by the market’s resilience, with Bitcoin standing out as a prime example. For example, despite most investors fearing a “Rektember” scenario to play out last month, BTC closed September out in the green.
This month, while the largest cryptocurrency has been unable to make any headway beyond the $30k price mark, it has continued to hold the crucial support level at $27,200. Even after the unexpectedly-high Non-farm payroll (NFP) data – which could lead to more monetary tightening – BTC immediately bounced-back after some initial correction.
Over the past two months, crypto prices have also exhibited signs of breaking their inverse correlation with the US Dollar – if the trend continues reliably, it could emerge as a long-term bullish signal.
Analyst @CryptoJelleNL also downplayed the impact that the Israel-Palestine conflict will have on crypto prices. Jelle highlighted that when the market plummeted 8% due to the Russia-Ukraine conflict, the entire move was retraced the very next day.
Michael van de Poppe, the co-founder of MN Trading, reveals that with BTC holding the crucial support at $27,200 and yields showing weakness, Bitcoin could breach back above the $28,000 resistance, eventually leading to $40,000 by the end of the year.
A Dovish Federal Reserve
The Federal Reserve’s monetary policy continues to play a huge role in the direction of crypto prices. The next FOMC meeting is set to take place on the 1st of November, in which the central bank will decide whether or not to hike its benchmark rate.
While the Israel-Palestine conflict could lead to higher inflation rates – forcing the Fed to proceed with another interest rate hike – the CME FedWatch Tool is still showing an 88% probability of the Fed continuing to pause its tightening.
Analyst @DaanCrypto, who has close to 350k followers on X, believes that the Fed’s “Higher for Longer” FUD is being overrated, and that the central bank could already start cutting its benchmark rate by the first quarter of next year.
US Treasury Secretary Janet Yellen has also recently announced that the United States will look to cap the crude oil price at $60 per barrel mark. Soaring crude oil price has been one of the biggest driving forces behind the inflation in global economy and this move could lead the Fed to cut its rates much sooner than expected.
The upcoming CPI data will also play a crucial role in the central bank’s decision.
Crypto Price Will Explode If The SEC Approves Bitcoin ETFs
The US Securities and Exchange Commission has long been an obstacle for the crypto market, with its “regulation by enforcement” strategy hampering the market’s growth. However, the tide has been shifting as of late, with the SEC suffering painful defeats in the courts.
Firstly, Judge Torres ruled that XRP is not a security, a decision which led to XRP trading as high as $0.85. She then reinforced her ruling by denying the SEC’s motion for an interlocutory appeal.
In a separate ruling, the courts ruled that the SEC acted arbitrarily and capriciously while denying Grayscale’s spot Bitcoin ETF application. With even the members of US Congress now pushing the top financial watchdog, market insiders believe that Bitcoin and Ethereum ETFs are only a matter of time.
With TradFi giants such as BlackRock and Fidelity in line, it would not be a surprise to see the global crypto market cap retest the $2 trillion mark after the approval of the ETFs.
Bitcoin Minetrix Approaches $1 Million Milestone In Presale
A new cryptocurrency – Bitcoin Minetrix – is also set to attract a significant portion of the new capital projected to enter the crypto market in the fourth quarter. The robust demand for the token is visible in the presale itself, with $BTCMTX raising $917k in less than two weeks.
Retail investors, in particular, are bullish on Bitcoin Minetrix as its decentralized cloud mining platform is designed to make BTC mining rewards accessible to them once again, something they have been devoid of for a decade.
With all signs pointing to an end of the year Bitcoin bull run, the crypto mining industry is expected to turn extremely profitable, particularly as the value of miners’ BTC reserves and rewards surge. Wealthy corporations are already preparing to take maximum benefit of this upcoming boom – Riot Platforms has already purchased over 33k new miners.
However, the profits of the industry remain out of reach for everyday investors, who simply do not have the technical expertise or the upfront capital investment required to compete with giant corporations. Depending upon geographical locations, a solo miner may need to pay up to $200,000 to mine 1 BTC.
However, Bitcoin Minetrix’s stake-to-mine operation combats this lopsided nature of the industry. Investors purchasing $BTCMTX tokens can stake them into an Ethereum-powered smart contract, receiving ERC-20 mining credits in return. These credits can be burned for a percentage of the yield or cloud mining time, both leading to passive BTC rewards.
Investors can start to earn staking rewards in the presale itself, even before the development of the stake-to-mine app. The Bitcoin Minetrix staking pool is currently offering an APY of over 650%.
This decentralized approach also eliminates the scams and centralization risks that are all too common in the cloud mining sector. Investors are in complete control of their tokens, which they could unstake and sell at any time – no long-term contracts, no cash deposits.
However, interested buyers looking to reap the maximum benefits have no time to lose. The first stage of the presale is set to end in less than 7 days or when its $1.54 million cap is sold out, after which the token price will surge by 17%. Furthermore, the APY offering will continue to decrease as more investors continue to stake their token.
Interested buyers can purchase their tokens at bitcoinminetrix.com through bank cards or by swapping ETH, USDT or BNB.
Visit Bitcoin Minetrix Presale
