Bitcoin (BTC) neared $49,000 on Coinbase during Oct. 1 trading as a classic “short squeeze” liquidated millions of BTC shorts within an hour. Matthew Dibb of Stack Funds noted at the close of September “We are experiencing some end-of-month buying before the quarter is closed. We may see this continue over the next few days as funds take on new investor subscriptions”.
This is not farfetched as a couple of news/events have helped boost the market sentiment generally. First, El Salvador had its first mining worth 0.00599179 Bitcoin, or about $269, with power harnessed from a volcano. This foray into mining comes just weeks after El Salvador became the first country to declare Bitcoin legal tender.
President Nayib Bukele indicated in his tweet Friday that the mining project was still a work in progress and that they are in the process of “testing and installing” new mining equipment. The latest report puts the number of Bitcoin Chivo Wallet users in El Salvador to be 2.73 million.
According to a recent announcement, Visa’s research team is working on a “Universal Payment Channel” (UPC) initiative, a blockchain interoperability hub connecting multiple blockchain networks and enabling transfers of digital assets from different protocols and wallets. This may be seen as a positive boost for cryptocurrency adoption.
Across the Altcoin space, several tokens were posting gains in excess of 10%, such as Solana (SOL, +14.98%), VeChain (VET, +16.90%), Axie Infinity (AXS, +29.95%) WEMIX (WEMIX, +57.22%), Revain (REV, +25.61%) Celsius (CEL, +16.67%), ICON (ICX, +23.73%), Oasis Network (ROSE, +28.57%), INO Coin (INO, +133.11%).
Chinese crypto influencer, Collin Wu noted that Axie Infinity’s (AXS) recent increase is related to the new staking feature that has just been launched. Investor bullish expectations continue to rise for October referred to as ”uptober”.
Here Are the Bullish Predictions for October!
Raoul Pal, the Founder/CEO of Global Macro Investor sees positivity on Bitcoin’s chart stating “The Bitcoin long term log chart looks pretty luscious. Who knows if the wedge breaks on the first attempt, but a consolidation pattern of this magnitude usually leads to a very, very powerful upside move”.
According to analysts, the recent bout of selling in the Bitcoin market lately had it paint a falling wedge pattern which could act as a bullish reversal indicator. The former Goldman Sachs executive earlier predicted that the remaining months of 2021 will be extraordinary for the crypto markets. Saying:
“Generally speaking, the last quarter of the year is when all the buses come. Everybody’s job is to be on the lookout for those buses. Because… you don’t want to be run over by the bus, and you want to catch the right bus… My bet is that the crypto bus is a rocket ship and not a bus. And this last quarter will be extraordinary.”
Across the Altcoin space, several bullish integrations seem to buoy price action. TokenPocket, the largest decentralized wallet in the Chinese region, announced that it has integrated Solana, and users can access Solana DApp through TokenPocket, as well as store and trade SPL tokens.
Opera also announced that it will support the NEAR Protocol and will integrate NEAR into its native encrypted wallet. Users will be able to transfer money directly within the Opera browser.
Technically, Raoul Pal speaks on upside potential for the Altcoin market “Talking of luscious charts, the ETH/BTC cross has seen a lovely consolidation and should move to near double from here if and when the wedge breaks. #Ethereum”
Chinese Crypto Influencer predicts further growth for DeFi in October, Stating on Sept. 30 ”Starting next month, Koreans which trade more than 1 million won on Upbit, must pass KYC verification. Similar to the situation facing China, this will also cause some users to switch to DeFi”.
Meanwhile, Bitcoin’s inverse correlation with the dollar in September suggests that a weakening dollar could push BTC’s price even higher in the coming sessions. “However, technically speaking, BTC is still trading in the range and has to decisively break the $50K resistance if we are to see higher prices,” Ulrik K. Lykke of ARK36 states.
Image Credit: Shutterstock