Crypto Analyst CryptoBullet Warns of Altcoin Downturn and Predicts Bearish October Ahead
Crypto News – During a recent downturn in the cryptocurrency market, CryptoBullet, a prominent crypto trader and market analyst, took to X, formerly known as Twitter, to issue a cautionary statement to the crypto community. The analyst predicted that the worst was yet to come, foreseeing a bottoming out of altcoins in what had been hailed as a bullish October.
CryptoBullet went on to recommend that users prepare their stablecoins for the last quarter of 2023. Stablecoins, unlike other cryptocurrencies, offer a shield against market volatility, making them a preferred choice for individuals seeking a safety net during market slumps.
In a similar vein, the analyst had earlier made predictions about Bitcoin, the world’s largest cryptocurrency network, earlier in the month. Despite Bitcoin’s surge past the $28,000 mark, causing excitement in the crypto community, CryptoBullet argued that the token might still dip to $20,000.
The analyst pointed out that the token’s brief rally to $28,600 was shaping the right-hand shoulder of a classic “head and shoulders” chart pattern. According to CryptoBullet’s analysis, a downside would follow once the token reached its peak in the rally. The analyst emphasized that the “second half of October should be bearish.”
In other parts of the crypto market, fluctuations in market volatilities continue. Following a surge the previous week, the crypto market is now shedding the gains it had accumulated during that period. The crypto market cap has declined by 1.63% in the past 24 hours.
Additionally, major altcoins have also experienced a drop in their prices, as reported by CoinMarketCap. At the time of this report, Ethereum has incurred a 2.11% loss in the past 24 hours and a more significant 5.24% loss in the past week. Likewise, BNB and XRP have declined, experiencing losses of 1.10% and 2.33% in the last 24 hours, respectively.
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