A crypto analyst predicts a major breakout in Bitcoin and altcoins by October 19. The analyst notes that the altcoin market capitalization is still curling within the four-month terminal pattern, indicative of a breakout. Bitcoin and altcoins are gearing up for a week of volatility next week. However, it seems that the quiet period for cryptocurrencies is about to end.
Big crypto boom expected mid-week in Bitcoin (BTC)
Koindeks.com As you can follow, the US CPI data came above expectations. However, Bitcoin remained above $19,000 following CPI data and US FOMC minutes. Therefore, the Bitcoin price trend is unstable. Analysts are looking at the total altcoin market cap to identify a breakout in crypto next week.
Justin Bennett, a crypto trader and analyst, values the total altcoin market capitalization. The analyst predicts a breakout in cryptocurrencies by the middle of the week. Accordingly, Bennett notes that altcoin market capitalization has spiraled into a four-month terminal pattern following Thursday’s recovery.
As early as Wednesday, an explosive breakout in both directions is possible in the crypto market. Bennett has made real predictions on Bitcoin, Ethereum, and altcoins in the past. Therefore, this is a breakout prediction, meaning that Bitcoin could witness an increase in dominance or a decline after losing its key foothold at $19,000.
“The quiet period for the crypto market is about to end”
According to Bennett, the quiet period for cryptocurrencies is about to end. Therefore, traders need to prepare for the volatility next week. Bennett discussed his setup and advice in his latest tweet. The analyst made the following statement:
Looks like some of you think I’m a lot more bull than I am. I am not a permabull or permabear. I am a trader. That’s why I adore graphics. Period is valuable. It is possible for Bitcoin to rise or fall. Or it is possible that it will continue to go sideways true. However, there will be opportunities no matter what.
Bitcoin correction wave detected by analyst
TechDev_52, a crypto analyst and trader, has spotted a 14-18 month BTC correction wave that continues to evolve. The analyst identified the wave as a result of his investigations. Thus, it has determined that the Bitcoin price is poised for a correction in the short term. According to the analyst, the leading cryptocurrency continues to show a bearish trend.