Today marks a significant day in the financial world with the U.S. markets set to receive earnings reports from Tesla, SAP, and IBM. Additionally, former President Donald Trump is scheduled to meet with the NATO Secretary-General. Meanwhile, Bitcoin (BTC) stands at $108,000, but its performance isn’t as dire as it seems when considering the U.S. market dynamics. This has led many to question who is predicting a $74,500 target for Bitcoin. Analyst Henrik Zeberg’s belief in the continuation of an altcoin bull run adds a compelling layer to the narrative.
Bitcoin Correction Targets
Bitcoin has managed to stay above $100,000 for a considerable period, and despite this, altcoins experienced substantial lows in October. A further 15-20% correction from current BTC levels could severely impact altcoin investors. Analyst Ali Martinez emphasizes the need for Bitcoin to reclaim the $119,750 resistance to avoid potential market downturns.
If Bitcoin fails to quickly regain this critical resistance level, a deeper downturn ranging between $97,130 and $74,500 could emerge. For altcoin investors, with weakened liquidity and over $16 billion of liquidation looming, this scenario could resemble financial catastrophe.
Crypto analyst Mr. Crypto shared the Bitcoin MVRV chart, noting that the MVRV peaks for Bitcoin have been consistently following this downward trend, hinting the zenith for Bitcoin might already have been reached.
Predictions for the Altcoin Bull Run
Following two significant downturn forecasts, Henrik Zeberg’s predictions showcase a contrasting perspective. In June, Zeberg claimed the altcoin bull run began, prompted by changes in the ETHBTC pair, and now suggests we are entering its second phase. He posits that once the second wave surge concludes, Bitcoin’s dominance might diminish in the subsequent phase.
The potential for a Bitcoin downturn actually implies a significant rise for altcoins. As of this writing, Ethereum (ETH) hovers around $3,800, while Bitcoin prepares for impending imminent volatility.
A Democratic minority leader in the U.S. House of Representatives has mentioned the possible end to the market closure before the October conclusion.
Regarding Dogecoin (DOGE), Carl Moon suggested that if the weekly opening is regained, the market could break free from its current stagnation.