3 Big Crypto Predictions for October 2022

3 Big Crypto Predictions for October 2022

With another month of Bitcoin (BTC), Ether (ETH) and most altcoins in the red or on a range-bound path, all eyes are hoping for a greener price chart for the top cryptocurrencies in the last quarter.

“Wake me up when September ends,” has been the dominant sentiment of the majority of crypto HODLers over the past month. With macro conditions continuing to define the cryptocurrency’s short-term path, bearish sentiment has dominated the larger market.

During September, bearish views gained more heat as indicated by the red bars below which represent the number of signals to sell, sell, sell or drop.

Source: Santiment

low demand

Total fees spent on blockchain use Gifts Desire to spend and demand to use it. Over the last quarter, bitcoin fees generated just under $30 million from the network, down from $42.9 million in the second quarter of 2022.

On the other hand, fees for Ethereum fell even more, from $1.29 billion in the second quarter to $264 million in the third quarter, which is a 79% drop on a quarterly basis.

While there was a drop in demand for the blockchain, prices remained relatively good with Bitcoin in consolidation and the value of Ether up 30% on a quarterly basis.

In addition, the net inflows indicated that while BTC saw a neutral trend, ETH saw a more bullish stance compared to BTC. Bitcoin recorded modest inflows to central exchanges of just under $50 million, higher than its net outflows of $192 million from the second quarter.

For Ethereum, more than $1 billion of ETH left exchanges for the fourth consecutive quarter, while outflows in the third quarter were $57 million lower than those recorded in the second quarter.

3 things to remember in October

Bitcoin price struggled to keep up with the psychological support barrier of $20,000 throughout the month of September. Without a good pump from whales and retailers, the surge in prices seems like a pipe dream.

Santiment whale scales showed that there is no whale accumulation and no significant interest in BTC that you should be excited about at the time of publication.

Source: Santiment

The main level BTC whales holding between 100 and 10,000 BTC continue to sink. Over the past year, these headlines have fallen by 3.5% of supply for titles that have much less impact on future price action. In September alone, another 0.4% of bitcoin supply was dumped. In October, a major trend to watch for is the potential whale buildup.

The amount of unique BTC moving from address to address is still scarce, resulting in NVT signaling a bearish signal for the second month in a row. A rise in the same indicator can be a bullish indicator.

A look at BTC funding rates presented another worrying trend as traders are gradually more and more anxious when the price does not drop. After long positions are high enough, another dump occurs, and traders try to sell temporarily, then give up and start buying again.

Hence, going ahead and watching the above-mentioned key indicators can be crucial. A reversal of these on-chain metrics could represent a bullish turn for BTC, ETH, and the larger market.

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