May 18, 2024

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The analyst says the October high is a 'small thing' and suggests that Bitcoin and the six cryptocurrencies could rise more than 60% at the 'top of the moon'.

The analyst says the October high is a ‘small thing’ and suggests that Bitcoin and the six cryptocurrencies could rise more than 60% at the ‘top of the moon’.

October can be considered one of the best months in the history of Bitcoin (BTC) Since several positive news made the price higher Cryptocurrency from the market It set a new historical mark at $67,000, and for the first time closed a month above $60,000.

Moreover, optimism with BTC It led the cryptocurrency market to register new historical trademarks on several alternative digital currencies, boosting the market as a whole. That is why this period received the nickname “Uptober”.

But for the analyst Mike Armolife Give change now Who thought October was the best month of the year CryptocurrencyYou’re wrong because the high period can be ‘small’ Close to what should bring a ‘Moonvember’ which could see many cryptocurrencies post gains above 60%.

October became the best month for bitcoin pricing since December 2020, even outperforming the first quarter. BTC posted a 39.9% gain to end at 61,330.0 on the 31st, its first monthly close above the psychological $60,000 limit. Overall, this contributes to the positive outlook for the cryptocurrency market.”

He points out that there is a relatively new and widespread view that bitcoin prices and US stock prices are correlated with each other. Since November has traditionally been the best month for US stocks, The odds are in favor of the stock acting as a catalyst for further bitcoin gains.

“As can be seen from the chart below, there is a positive correlation between the prices of the S&P 500 and BTC at certain time periods. Although the patterns do not completely repeat across the chart, there are definitely some common movements,” he points out.

Bitcoin price

So, according to him, looking at the fundamentals of the Bitcoin network, this will be the eighth week in a row to see a positive difficulty adjustment — something that hasn’t happened since 2018.

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Moreover, it indicates that the hash rate similarly continues to trend towards new highs. Currently, the average hash rate is around 159 EH/s – closer than ever to the April record of 180 EH/s, when we still had China as the world’s largest bitcoin mining hub.

He also notes that according to popular network analyst Willy Woo, the cryptocurrency’s rally could extend into 2022 due to the large number of long-term Bitcoin holders creating pressure to buy BTC.

“We’re at that point where all the new guys that bought in during the first half of this year are now long-term carriers and are at their peak. They provide the lock needed to take us to the six-figure level,” he notes, quoting the analyst.

Ermolaev also highlights an analysis by Matthew Hyland, based on the Bollinger Bands indicator, which states that a significant change in BTC price could occur soon. The same has already happened this year every time the bands narrowed.

“In my opinion, the $65,000 resistance should cap any near-term Bitcoin rally, but a sustained breakout could push Bitcoin to test resistance at $70,000 and beyond,” he says.

Altcoins to monitor the month

As for the altcoin market, the analyst notes that the month will see them as a major player, as the weekly close confirmed the break in the RSI that started in February.

“We are currently at $1.47 trillion in the altcoin market and that market capitalization appears to be about to increase,” he says.

In this scenario, your first mention of the month is Ethereum (ETH), as the world’s second largest cryptocurrency by market capitalization, hit a new high when it soared to over $4,400, a level not seen since May, when it hit the previous record of $4,379.

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In addition, he highlighted that ETH managed to beat Bitcoin, with a monthly gain of 42.93% for the month of October.

He notes that “ETH quickly rebounded from the short-term correction last week, and remains above the $3,969 support level. The psychological $5,000 level.”

Another cryptocurrency in the analyst list is Shiba Inu memecoin (Shiba Inu memecoin).graying), a rare indicator in analysts’ monthly lists due to its high volatility and “weak” usage attractiveness as occurs in cryptocurrencies targeting smart contracts such as Ethereum and Solana (Sol), Cardano (There is), Among others.

But the analyst notes that SHIB’s monthly gain of 828% made it the top-performing cryptocurrency in October and that cannot be ignored.

Moreover, the anticipation of listings on Kraken and Robinhood could have an impact on other exchanges and keep the price of the cryptocurrency on the rise as its value depends on hype and FUD.

Polkadot, Stellar and Sandbox e Descentraland

The analyst also highlights Polkadot (Point), as the Parachine Slot Auctions will begin in November. Parachains allow the Polkadot network to process parallel transactions and achieve scalability while sharing network security.

“Polkadot has grown exclusively recently, and consolidated itself as the eighth largest cryptocurrency by market capitalization. For the month of October, the DOT price is up 49.35% to trade at $49.12 at the time of writing, the highest level of 14.9% this week,” he notes.

Meanwhile, another strong performance came in October from Stellar (XLM) which posted a monthly gain of 33.9%, to close at $0.37328 on Oct.

“November is a good time to follow Stellar closely, and even more so because it recently announced a partnership with MoneyGram, one of the largest money transfer services in the world,” he said.

He also notes that virtual worlds are becoming more and more popular, and for him, cryptocurrency is an ideal payment method in these metrics.

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So your choice of month has a lot to do with Sandbox (sand) where you can also build, own and monetize your gaming experiences and create NFTs like Ethereum-based token, where, from Descentraland that also allows users to create, experiment and monetize content and apps.

Decentraland rose more than 300% in October, hitting an all-time high of $4.69 on October 31. Since the beginning of the year, MANA price has witnessed several bullish moves with each one higher than the previous one.

The SAND gained an impressive 105.8% in October, currently trading at $2.72 per sand, up 64.20% over the past 24 hours.

“Based on ongoing developments in the crypto space and strong technical indicators favoring the upside, the uptrend is likely to continue throughout the year, with BTC price likely to break its biggest high, at least once or more than two or three times.

Altcoins tend to follow in the footsteps of Bitcoin, as bullish momentum in Bitcoin is spurring an upward rally towards other cryptocurrencies. Here’s what we’re seeing today: Ethereum, Polkadot, Solana, Dogecoin, Shiba Inu, and others – all of them are on the verge of walking or have already crossed their cap, he concludes.

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