- Bitcoin bulls are currently in a fierce battle with bears to establish sustained dominance above the $27,000 resistance zone. Their goal is to reclaim the desired level of $30,000.
- Santiment also pointed out the recent decrease in crypto whale activity. These major players seem to be waiting for a clear entry signal.
- According to Captain Faibik, Bitcoin will either rise to $31.8k or fall to $25k in the next few days, depending on the price movements.
While transactions of Bitcoin whales have decreased, there is an increase in activity on the network, which could bring a rally for Bitcoin and Ethereum in October!
Bitcoin and Ethereum Whales Remain Calm
Bitcoin bulls are currently in a fierce battle with bears to establish sustained dominance above the $27,000 resistance zone. Their goal is to reclaim the desired level of $30,000. This move aims to breathe new life into the altcoin market led by Ethereum (ETH), showing signs of recovery after weeks of price declines.
Some crypto analysts believe that the negative sentiment prevailing in September could dissipate, leading to price increases for Bitcoin and altcoins in October.
Market intelligence platform Santiment conducted an on-chain analysis shedding light on the current situation of Bitcoin and Ethereum. According to their findings, Bitcoin’s address activity has reached its highest level this year, which occurred just six months after the fourth halving event.
However, Santiment also highlighted the recent decrease in crypto whale activity. These major players seem to be waiting for a clear entry signal. Notably, the number of Bitcoin whale transactions with less than $100k, which was over 11,000 in July and August, dropped to approximately 5,491 in September. Similarly, transactions involving amounts exceeding $1 million decreased from over 2,600 to about 1,097 this month.
Nevertheless, both Bitcoin and Ethereum have seen an increase in daily active addresses despite the stablecoin market cap steadily declining.
Bitcoin at a Critical Crossroads
Bitcoin finds itself at a critical price juncture during a period of uncertainty, with two possible outcomes. According to crypto analyst Captain Faibik, Bitcoin will either rise to $31.8k or fall to $25k in the next few days, depending on the price movements.
In summary, the crypto market is witnessing an interesting tug-of-war between bulls and bears, with close attention on Bitcoin’s next move. Especially altcoins like Ethereum carry the potential for revival, making October a potential month of optimism for the crypto space.
