Crypto Price Analysis 10-1 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, BITTENSOR: TAO, TONCOIN: TON, SHIBA INU: SHIB, INJECTIVE: INJ

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Bitcoin (BTC) sank further, dropping below $64,000 following a drop of 1.22% over the past 24 hours. The drop comes despite positive sentiments around the world’s largest cryptocurrency and an increase in spot Bitcoin ETF inflows. Major altcoins also faced considerable turbulence, with Ethereum (ETH), Solana (SOL), and Ripple (XRP) experiencing significant volatility. 

However, SUI and Bittensor (TAO) emerged as top gainers, defying broader market sentiments. The crypto market cap also declined, dropping by almost 1% to $2.25 trillion. Altcoins such as Celestia (TIA) and Pepe (PEPE) also saw notable declines. 

An Important Week For Crypto 

The current week has some hugely significant events lined up, all of which could substantially influence the market. Federal Reserve Chair Jerome Powel spoke on Monday, followed by the September ISM Manufacturing data set to be released on Tuesday. Tuesday will also see the release of the JOLTs Jobs data, with the ADP Nonfarm Employment data set to be released on Wednesday. The October OPEC meeting is also scheduled for Wednesday, followed by the initial jobless claims on Thursday and the September Jobs Report on Friday. 

These reports, primarily the ISM Manufacturing data and the PMI and employment data, will give market watchers an insight into the health of the US economy and investor sentiment. The crypto markets are currently witnessing significant bullish activity, allowing them to recover from recent lows. However, with market conditions cooling, the crypto market cap has dropped from $2.29 trillion to $2.25 trillion. However, some tokens, such as SUI and Bittensor (TAO), are defying current market trends and have posted a significant recovery. 

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Analyst Predicts Shift Towards Altcoins 

Bitcoin (BTC) posted an impressive 7% increase in September despite a recent decline of 3%, which led to the cryptocurrency ending September lower than expected. According to the analyst, the Federal Reserve’s decision to announce a rate cut has helped BTC rally, with investor sentiment being further boosted thanks to China’s announcement of a stimulus package and potential FTX repayments. The analyst also stated that BTC has shown considerable stability and strength. Still, the risk index has remained zero, signaling bullish price momentum and neutral on-chain fundamentals, highlighting how this made a case for altcoins. 

“This, combined with the price momentum turning bullish, sets the stage for Bitcoin to consolidate as Altcoins break away from its reference and establish their own patterns, signaling a regime shift toward Altcoins.”

On the other hand, Bitfinex analysts offered a different view and urged investors to exercise caution. According to Bitfinex, while October has historically been a strong month for BTC and the broader crypto markets, some indicators suggest that markets may have reached a temporary equilibrium. 

“While Bitcoin has reclaimed key on-chain levels such as the Short-Term Holder Realised Price (currently $62,750), there are warning signs. Spot market buying, which had been aggressive since the September 6th local bottom, has recently flattened.”

Bitfinex also flagged concerns about potential market overheating, although a 5-10% correction could reset OI. The analysts also stated that BTC is currently consolidating and could set a new all-time high by the end of the year. 

“Bitcoin could be poised for a new all-time high by the end of Q4 2024 or early 2025, supported by declining exchange reserves and reduced passive selling pressure.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) registered its best September in over a decade, defying a trend of losses and subdued price movement. According to data from Rekt Capital, BTC reported an increase of 7.75% in September, eclipsing its previous best of 6%, set in 2016. Out of 12 previous Septembers, 8 had ended in the red for the world’s largest cryptocurrency, with the most substantial being in 2014, when it dropped by 19%. 

“Don’t let a -5% dip distract you from the fact that Bitcoin has experienced its best September of all time by producing a +7% monthly return.”

Analysts have pointed out that October is historically a bullish month for BTC, with the cryptocurrency registering positive performances in 9 out of the past 12 Octobers, with gains ranging between 5.5% and 40%. They also pointed out that it was 163 days since BTC’s halving on September 30, which is precisely the number of days it took for BTC to break out from its reaccumulation range after the 2020 halving. According to CryptoQuant co-founder Ki Young Ju, the market is still bullish despite the recent retreat and ongoing range-bound price action. 

Looking at the price chart, we can see that BTC was incredibly bullish towards the end of the previous week. The cryptocurrency registered a significant jump of 3.19% on Thursday to finally move past the 200-day SMA and the $65,000 level to settle at $65,183. Friday saw bulls continue to maintain control, although price action was muted, with BTC registering an increase of 0.95% to move to $65,805. The weekend saw marginal movement, with BTC registering a marginal increase on Saturday and a marginal decline on Sunday, ending the week at $65,634. The current week started with a jump in selling pressure, as BTC fell back below the 200-day SMA and $65,000 to $63,365. The current session sees BTC up by just over 1% as buyers look to push back above the 200-day SMA and $65,000.

Source: TradingView

Sentiment around BTC is still bullish, and we could see a recovery if bulls manage to keep BTC above the 200-day SMA. Buyers must keep BTC above the 20-day SMA to prevent a decline. If this level is breached, it could drop to $60,000 or below. However, if BTC can rebound from its support levels and push above $65,000, a rally to $70,000 could be on the cards, given October is historically a positive month.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has registered a recovery during the current session after registering a substantial decline over the weekend. ETH lost momentum over the weekend after failing to push above $2,700 due to strong selling pressure, indicating that sellers were actively defending the level. ETH mainly remained positive last week despite a substantial decline on Wednesday when sellers dragged the price to $2,580. However, it recovered the following session, rising by just over 2% to reclaim $2,600 and settle at $2,633. By Friday, it had risen to $2,639 after an increase of 2.39% as bulls continued to build momentum.

Source: TradingView

However, ETH fell back into the red over the weekend as sellers overwhelmed buyers at upper levels. As a result, ETH dropped by 0.73% on Saturday and 0.67% on Sunday to end the weekend at $2,659. Selling pressure intensified on Monday as ETH dropped by 2.03% to settle at $2,603 after recovering from a day low of $2,576. The current session sees ETH back in the green, with the price up by almost 2%, trading at $2,648. Bulls will set their sights on two key levels, $2,700 and $2,850. Both levels will see a hotly contested battle between buyers and sellers.

Both levels are expected to be vigorously defended by sellers. Should ETH push above $2,700, it could rally to $2,850, a critical level. If this level is breached, ETH could move to $3,000, indicating a definitive reversal of the bearish trend. On the other hand, if ETH is rejected from $2,700, we could see a decline to $2,500.

Solana (SOL) Price Analysis

Solana (SOL) made a relatively strong recovery during the ongoing session. However, buyers are still struggling to push above the resistance at $160, with the altcoin witnessing strong selling activity on rallies. SOL has been relatively bullish since rebounding from a low of $127 on September 18, pushing above key resistance levels and moving averages. It broke above the 200-day SMA on Thursday, rising by 5.14% to $155. SOL continued to push higher on Friday, reaching an intra-day high of $161. However, buyers could not maintain momentum above $160, and SOL fell back to $157, registering an increase of 1.37%.

Source: TradingView

The weekend saw a marginal drop on Saturday as buyers and sellers attempted to establish control, pushing SOL to $156. However, buyers returned to the market on Sunday, as SOL registered an increase of 1.10% and settled at $158, still unable to push above $160. The current week began with sellers back in control as SOL fell by almost 4% to slip back below the 200-day SMA and settled at $152. The current session sees SOL back in positive territory, with the price up by 2.69%, back above the 200-day SMA and trading at $156.

As we can see in the price chart, SOL faces a significant level of resistance at $160, something it has been unable to push past. If buyers can push SOL above this level, we can expect a rally to $170 or $180. On the other hand, sellers will look to push SOL back below $150. A drop below this level could see SOL drop to $140, a level that will attract buyers. Should this level be breached, SOL could fall as low as $120.

Bittensor (TAO) Price Analysis

Bittensor (TAO) has finally pushed above the resistance at $560 after trading sideways for most of the previous week. TAO had been incredibly bullish since September 17, when it was trading around $234. By the beginning of the previous week, it had surged past $500 and was trading around the $540 mark. Buyers attempted to push TAO past the $560 level all of last week but could not do so as it entered a period of sideways consolidation, with buyers keeping the price above $500 and sellers preventing a move past $560.

Source: TradingView

This changed over the weekend after TAO registered a drop of 2.44% on Saturday and fell to $535. The price rebounded on Sunday, posting an increase of 5.31% to push above $560 and settle at $564. The current week began with TAO experiencing significant volatility as sellers attempted to drive it back below $560. However, they could not do so, and buyers gained the upper hand, pushing TAO to $577. The current session sees buyers still in control, with their sights set on $600. As we can see in the price chart, TAO has already attempted to move past $600 but has not been able to stay above that level. Currently, TAO is up by 1.37% and trading around the $585 mark.

Toncoin (TON) Price Analysis

Toncoin (TON) is looking to push back above $6 as buyers attempt to reverse its recent decline following its failure to move above the price level. DOT was quite bullish during the previous week as it looked to push above $6, going above the 50-day SMA on Thursday when it rose to a day high of $5.94. However, strong selling pressure pushed the price back below the moving average, as TON settled at $5.78. TON finally broke past the moving average on Friday when it registered a jump of 3.59% and settled at $5.98. Buyers also attempted a push above $6 but could not do so, thanks to strong selling activity.

Source: TradingView

As a result, TON fell into the red over the weekend, dropping by 1.47% on Saturday and 1% on Sunday to settle at $5.84. Selling pressure continued on Monday as TON dropped by 2.17% and settled at $5.71. The current session sees TON up by just over 2% as buyers look to retest the resistance at $6. If TON can push above this level, we could see the price move towards $6.50. On the other hand, a reversal could see TON drop to $5.50.

Shiba Inu (SHIB) Price Analysis

Shiba Inu (SHIB) registered an almighty surge last week, registering a staggering increase of over 22% on Thursday, which saw the popular meme token race increase to $0.000018. Bullish sentiment also continued to dominate on Friday, with SHIB reaching a day high of $0.000021. However, strong selling pressure above the 200-day SMA pushed the price back below the moving average, with SHIB eventually settling at $0.000020, just below the 200-day SMA. With strong resistance at this level, SHIB fell into the red over the weekend as sellers overwhelmed buyers. After buyers failed in yet another push above $0.000020 on Saturday, sellers took control, and SHIB fell by 3.21% to $0.000019 and then registered yet another drop on Sunday to end the weekend on a bearish note.

Source: TradingView

Selling pressure intensified on Monday as SHIB dropped over 9% to $0.000017, as sellers continued to drag the price lower. However, the price has rebounded during the ongoing session, with SHIB up by 5.47% and trading at $0.000018.

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Injective (INJ) Price Analysis

Injective (INJ) pushed above a critical resistance level last week as it moved past $23 on Thursday, opening the possibility of a move to $25. INJ pushed above $23 on Tuesday when it registered an increase of 2.50% and settled at $23.05. INJ continued to push higher on Friday, registering a rise of 2.51% and settling at $23.62. However, with sellers active at these levels, INJ fell back on Saturday, dropping over 3% to slip below $23 and settle at $22.86. Volatility increased on Sunday as buyers and sellers struggled to establish control. Sellers attempted to drag INJ lower while buyers attempted to push it back above $23. In the end, buyers took control and pushed the price back above $23 after an increase of 1.75%.

Source: TradingView

The current week began with persisting volatility, similar to Sunday. This time, sellers gained the upper hand, pushing INJ down by 1.47% to $22.92. The current session has seen bullish sentiment return, with INJ up over 6% and trading around the $24 price level. Buyers will look to push INJ above the 200-day SMA and $25. On the other hand, sellers will look to drive the price back below $23.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.