Crypto Market Rebounds: Can Bitcoin Hold Above $62,000? Is October's Bull Run Continuing?

Crypto Market Rebounds: Can Bitcoin Hold Above $62,000? Is October's Bull Run Continuing?The cryptocurrency market has seen a rebound since the Federal Reserve (Fed) announced a significant 50-basis-point interest rate cut last month. After a dip triggered by geopolitical instability, Bitcoin surged back above $64,000 on Monday (7), reaching a high of $64,466

Crypto Market Rebounds: Can Bitcoin Hold Above $62,000? Is October's Bull Run Continuing?

The cryptocurrency market has seen a rebound since the Federal Reserve (Fed) announced a significant 50-basis-point interest rate cut last month. After a dip triggered by geopolitical instability, Bitcoin surged back above $64,000 on Monday (7), reaching a high of $64,466. However, selling pressure has emerged recently, with Bitcoin repeatedly testing the $62,000 level multiple times after midnight today (9). Whether it can hold this level and continue its upward trajectory remains to be seen.

October is often a good month for the cryptocurrency market, dubbed "Uptober." While past performance cannot predict future performance, I believe the popularity of "Uptober" could influence behavior and lead to Bitcoin performing well in October. The Uptober effect is likely to continue!

It's also worth noting that a whale bought 750 Bitcoin today, worth $46 million. With the Chinese stock market (A-shares) adjusting downwards in the past two days, funds are likely to flow back into the crypto market gradually. The outlook for the second half of October is positive.

As always, my bullish sentiment for October remains unchanged! How far away is Bitcoin from breaking through $80,000? Once it surpasses $80,000, we will definitely see it in the future! However, it's impossible to predict the exact time frame; it could be this wave or the next.

The market is currently in a period of extreme volatility. The main players are aggressively consolidating around the 2021 high and the recent high of over $70,000. The history of cryptocurrencies is replete with unexpected events. Over the past few quarters, Bitcoin previously locked up in bankrupt exchanges like Mt.Gox and government vaults has been released, leading to our current range-bound fluctuations. However, there are no major bearish expectations on the horizon, neither on the macroeconomic level nor within the industry, that warrant a major crash. At least, none that are currently visible. If we can navigate this year-end without any similar shocks, I expect to see new highs and even surpass previous records.

On-chain data is also quite healthy. In August, whale accumulations even exceeded the numbers seen after March 2020. Therefore, I believe the main players' intentions are quite clear: to capitalize on the interest rate cut cycle and complete a large-scale phase-based harvest. Don't let this volatile period demoralize you, and don't doubt the power of the trend just yet.

Since the approval of the Bitcoin ETF on January 1, 2024, funds have been steadily flowing in, reaching a value of $48.587 billion. Compared to the 2020 bull run, the financial power has undergone a qualitative leap. Although altcoins and meme coins have been performing poorly, since the Fed's interest rate cut on September 19, global financial markets have gradually recovered. The rise in US stocks, the surge in gold, the booming A-shares and the upward movement in Hong Kong stocks have all provided answers. As the global financial sector recovers, the crypto market will certainly not be excluded; Bitcoin and other digital assets are reigniting bullish trends, aiming to hit new highs and even surpass them!

A few major events in the near future are likely to cause significant fluctuations:

• 2:00 AM: Release of the Federal Reserve's monetary policy meeting minutes

• 8:30 PM: Release of the US September non-seasonally adjusted CPI annual rate and September seasonally adjusted CPI monthly rate

Be cautious of short-term price fluctuations.

How to Choose Altcoins?

With a major bull market approaching, which mainstream altcoins are worth hoarding?

1. Prioritize altcoins with a circulation rate of 60% or higher. Examples include meme coins and inscriptions, which are fully circulating. The advantage is that such altcoins, having experienced consolidation, offer more transparent market chip costs.

2. Only consider coins with high trading volume, always prioritizing liquidity.

3. Prioritize leading coins in the hottest market sectors with the strongest resilience and rebound potential. Examples include ORDI at the beginning of the year and PEPE in recent months.

4. Ideally, choose coins with a market capitalization ranking between 100 and 200, providing room for growth.

Here are some altcoins I believe are worth hoarding:

BNB: Binance recently announced the listing of Scroll (SCR) on its Launchpool and Pre-Market platforms. Users can lock BNB and FDUSD to receive SCR airdrops within two days. Scroll is an Ethereum zkEVM Layer 2 solution and Binance's first Pre-Market project. SCR has a total supply of 1 billion, with 5.5% allocated for new coin mining rewards. The initial circulating supply upon listing will be 190 million SCR, representing 19% of the total supply.

BNB has been performing steadily, with 19 days of upward movement in the past 30 days, equivalent to 63%, making it relatively liquid considering its market capitalization. According to projections, the price of BNB could rise by 21.22%, potentially reaching $696.57 by November 7, 2024. Current sentiment remains bullish, with the Fear & Greed Index at 49, which is neutral.

APT: Aptos is a Layer 1 blockchain that aims to address significant challenges like high transaction fees and slow processing times, typically encountered on other platforms like Ethereum. Developed by AptosLabs, Aptos seeks to leverage its expertise to enhance blockchain functionality.

Recently, Franklin Templeton collaborated with the Aptos Foundation to launch OnChain US Government Money Market Fund (FOBXX) on the Aptos blockchain. The fund has already surpassed $20 million in subscriptions, indicating a promising convergence of blockchain technology and traditional finance. This collaboration aims to enhance interoperability between real-world assets and treasury-backed assets within the non-EVM blockchain environment.

Furthermore, AptosLabs announced the acquisition of HashPort subsidiary HashPalette, signifying a strategic move into the Japanese blockchain market.

Meanwhile, the APT token has exhibited notable activity in the market. It currently trades at around $9.03. The intraday gain is 1.63%, while the weekly gain stands at 9.51%. Moreover, the coin's trading volume has seen a significant surge, increasing by 52.17% in the past 24 hours.