October began on a positive note but continued with a series of downturns that heavily impacted altcoins. Although Bitcoin (BTC) has moved away from its all-time high region, it continues to maintain support at $102,800. Analysts suggest that what is needed in the current conditions is a few consecutive green candles. Despite the fear and panic that envelops many, there remains a glimmer of hope in the market.
ENA, XPL, and the Altcoin Landscape
Stablecoins continue to gain popularity, and they are poised for further institutional growth through platforms like GENIUS. Coins like XPL and ENA are well-positioned to highly benefit from this trend. Despite the negative sentiment in the general market, a pseudonymous analyst, DaanCrypto, believes that these coins could offer more than 50% gains if a solid dip is capitalized on.
“Without sudden pullbacks, just a few green candles are enough, and you will see people returning to the coins they once favored. Especially since they are currently ‘discounted’ by 50% to 80% compared to a month ago.”
Some altcoins show resilience during intraday sales as they perform well relative to BTC, indicating a slight reduction in selling pressures. ETH/BTC maintained its upward trend last week.
However, it’s too early to celebrate, as the accelerated sales in October disrupted long-term structures, leading many investors to assert that bear markets began clearly by November’s start. The continued intensity of whale sell-offs also feeds this perception.
Bitcoin (BTC) Insights
DaanCrypto opines that significantly undervalued cryptocurrencies like ENA and XPL can offer profit opportunities, albeit for a few weeks. “At present, the bulls will want to achieve a few consecutive green candles to lift the market from its current state. This would provide some confidence for a larger relief rally. Currently, it’s up one day, down the next. Technically, charts are forming a reasonable base here, but actively trading remains a struggle for most traders.”
Hovering around $104,700, Bitcoin is set to face announcements from Federal Reserve members throughout the day. Waller, Miran, Bostic, and others will provide discussions until 21:00. The official closure will conclude hours later, and we will see U.S. economic reports. Analyst Faibik highlights a descending wedge on the 4-hour chart, suggesting BTC might return to $120,000. However, there is a risk of declining to $97,000 before breaking the wedge, with the close making a significant impact.
Jelle expresses uncertainty, stating he would feel more at ease when BTC stabilizes above $110,000.