The cryptocurrency market is entering a tumultuous period, with prices fluctuating sharply in the past few weeks.Major cryptocurrencies such as Bitcoin, Ethereum, and XRP may experience instability, thereby changing their value
The cryptocurrency market is entering a tumultuous period, with prices fluctuating sharply in the past few weeks.
Major cryptocurrencies such as Bitcoin, Ethereum, and XRP may experience instability, thereby changing their value.
This article will predict the prices of these three cryptocurrencies and introduce a new counterfeit currency that may erupt in October.
Bitcoin faces resistance of $28000, but may rise
Firstly, Bitcoin (BTC), which performed strongly in 2023, has risen by 65% so far this year.
As of the writing of this article, the trading price of Bitcoin is $27.4880, and it appears to have formed higher and lower highs on the daily price chart - indicating a strong upward trend.
However, this upward trend may be challenged when BTC refuses to break through the $28000 resistance zone on October 2nd.
The resistance zone was also tested on August 29th, indicating that it is a significant obstacle to the upward momentum of Bitcoin.
The good news for Bitcoin bulls is that prices have not yet reacted strongly to this level, which means that the current price decline may be temporary.
In the past day, BTC prices have been sideways on the daily chart, but when zoomed in to a 4-hour time range, the bullish trend may continue in a smaller range.
This indicates that Bitcoin may retest the $28000 level in the short term.
According to cryptocurrency experts at Changelly, the average price of Bitcoin in October was $30633, with an estimated minimum price of $26966.
An analyst at BinanceFeed expressed support for this, stating that Bitcoin needs to break through $28500 by the end of this month to reach $30000.
If Bitcoin achieves this goal, it will increase by 8.80% compared to the current price.
Due to downward price pressure on ETH, the launch of Ethereum ETF failed to arouse people's excitement
Due to the recent launch of nine ETH futures ETFs, Ethereum's October may be exciting. These ETFs are tools for institutional investors to safely and effectively participate in the cryptocurrency market.
However, on the first day of trading, these ETFs did not attract much trading volume, but this situation may change as more institutional investors become interested in them.
Unfortunately, the launch of futures ETFs did not have a positive impact on ETH prices, as the token fell by 6% from its Sunday high. This is bad news for ETH supporters as they expect the ETF to bring significant purchasing pressure to the token.
ETH's current trading price is approximately $1647, breaking through the secondary support area of $1650.
Analysts at AMBCrypto previously predicted that the average price of Ethereum in 2023 would be $2190- indicating that if their predictions are correct, Ethereum may have significant upside potential in the coming weeks.
YouTube analyst CryptoWorld reinforced this view by telling his 139000 viewers that if prices rebound from current levels, ETH may return to $1740.
ETH has closed down for two consecutive days, making it difficult to maintain its upward momentum, and this trend may continue.
ETH has still risen 37% so far this year, but trading volume in the past day has decreased by 27%, indicating that investor sentiment towards the token may be weakening. This will affect the outlook for ETH in October, when ETH needs to break through $1740 to resume its upward trend.
The next few weeks will be a decisive moment for ETH as it must demonstrate its resilience and attract more investors.
XRP rebounded after the SEC's disastrous defeat, but the rally will not continue
XRP (XRP) is a noteworthy token for October, as there have been new developments in the legal struggle between RippleLabs and the SEC.
On October 3rd, the SEC requested an appeal against the July ruling in favor of RippleLabs, but it was rejected by Judge Analisa Torres. This is an important victory for RippleLabs as they can continue to operate and develop XRP tokens.
Although there are still many issues to be addressed in the April 2024 experiment, RippleLabs may have more confidence in its future.
The announcement of RippleLabs' legal victory over the US Securities and Exchange Commission (SEC) did not change the price of XRP, and the token only rose by about 7% after the news spread. time
However, XRP took back some of its gains and failed to overcome the resistance level of $0.540.
Even so, many people in the cryptocurrency community still believe in the future potential of XRP.
Cryptocurrency commentator XRPWhale on Twitter asked his followers, "Who is ready to accept $5?" to demonstrate confidence in XRP's upward potential. NCashOfficial also shared this, releasing a YouTube video stating that XRP may reach $25 to $45 in the coming years.
However, these bullish price forecasts may be overly optimistic as XRP is still striving to maintain its upward momentum. XRP lost some of its gains after failing to break through the resistance level of $0.540. For XRP, October may be a quiet month as the token needs to find balance - the most likely target price is $0.065.
What other cryptocurrencies may rise in October?
Although Bitcoin, Ethereum, and Ripple may be the three most popular cryptocurrencies this month, other counterfeit currencies may also see growth.
Bitcoin Minetrix is a counterfeit coin that has received attention in this regard, raising over $540000 in ongoing pre-sales.
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