Crypto News– October 2023 cryptocurrency has ushered in a whirlwind of price movements, characterized by a substantial surge on October 1st followed by a sharp decline the very next day. Against this backdrop, BeInCrypto delves into the cryptocurrency forecasts for the month of October, with a spotlight on Bitcoin Cash (BCH).
October 2023 Cryptocurrency Predictions
Bitcoin Cash (BCH) has been grappling with a descending trajectory since it reached its annual peak of $329 on June 30th. This decline unfolded within the confines of a descending parallel channel, typically recognized as a corrective pattern. The price action within this channel bottomed out at $165 on August 17th. The subsequent rebound confirmed the channel’s support line and initiated an upward trajectory, which is still ongoing. BCH successfully breached the channel on August 29th.
One of the primary reasons fueling this bullish projection stems from the application of the Elliott Wave theory. This theory revolves around the analysis of recurring, long-term price patterns and investor sentiment to ascertain the likely direction of a trend.
According to the most plausible wave count, BCH appears to be in the fifth and final wave of an upward move (depicted in white), a journey that commenced in November 2022.
Should this count prove accurate, BCH could achieve a new yearly high in the vicinity of $425. This target is determined by wave four’s 1.61 external Fibonacci retracement (indicated in black), representing a substantial 75% increase from the current price.
However, it’s essential to note that even with this optimistic BCH price prediction, a close below the minor horizontal support zone at $225 would invalidate the count, signaling a continuation of the correction phase. In such an event, a potential 28% decline, revisiting the August 17th lows at $168, may loom on the horizon as the prevailing price outlook.
EOS Poised for a New Record Low
The EOS price has been tracing a descending resistance trendline since May 2021.
More recently, this trendline acted as a formidable barrier on April 10th (indicated by the red icon), catalyzing a decline that bottomed out at $0.50 in August. This particular low holds significance as it coincided with the all-time low support level, a level not revisited since 2017. The precise all-time low registers at $0.48, approximately 20% lower than the current price.
Should EOS undergo a breakdown from the $0.50 threshold, it could potentially experience a significant decline to $0.13, marking an 80% drop from its current value.
Given the absence of substantial horizontal support below $0.50, the 1.61 external Fibonacci retracement level of the most recent bounce delineates potential regions for a prospective bottom.
It is essential to emphasize that this bearish EOS price prediction hinges on the assumption of the prevailing descending resistance trendline. Should EOS manage to break free from this bearish trajectory, invalidating the downward forecast, it could open the door to a potential 120% surge towards the nearest resistance at $1.25, offering an alternative future price scenario.
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