10x Research: Bitcoin may end its downward trend if it breaks through $65,000, and altcoins are expected to rebound strongly in the fourth quarter

By: blockbeats|2024/10/22 14:16:34

BlockBeats news, September 25, 10x Research released the latest analysis, saying that since mid-March, Bitcoin has experienced a volatile adjustment characterized by four lower highs. If the $65,000 level is broken, it will mean a reversal of the downward trend, suggesting that Bitcoin may once again aim for levels above $70,000. As our previous report pointed out, Bitcoin is likely to hit new highs in the fourth quarter. The shift in the investment environment has triggered a chase for high-risk, high-return assets.

From a technical perspective, after the rapid rise on September 9, Bitcoin appears to be overbought in the short term. However, unlike the adjustment that began in mid-March, the medium-term reversal indicators are now fully corrected, indicating that the downward trend may have ended. As these indicators show signs of bottoming, the possibility of a breakthrough has increased significantly. If Bitcoin hits a new high, the high-beta altcoins that have been hit hard may see a sharp reversal in their downward trend.

A similar technical formation is unfolding in Ethereum, where there is a similar correction in the medium-term indicators. Despite the weak fundamentals, Ethereum still has the potential for substantial growth. While it is not expected to set new all-time highs, a sharp rebound is possible as these technical indicators are bottoming out. The preference for decentralized finance (DeFi) and high-beta tokens after the Fed's rate cut marks a clear shift in market trends. Altcoins have outperformed and are riding on this momentum to rise further, supported by Bitcoin.

As Bitcoin breaks above $60,000 and aims to break above $65,000, smart traders are starting to accumulate undervalued altcoins including TAO, ENA, SEI, APT, SUI, NEAR, and GRT. Quick-reacting traders are taking the opportunity to buy altcoins in large quantities, expecting a strong rebound in the fourth quarter. As central banks increasingly support their domestic economies, there has been a clear shift in the mindset of traders from focusing on Bitcoin and yield-generating tokens (RWA) to positioning themselves for a potential DeFi recovery.

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