of Recent virtual currency market crash It took investors around the world by surprise, but one analyst predicted it would happen long before it happened. Bitcoin has plummeted from over $125,000 to below $102,000 at one point, and Ethereum has fallen to below $3,800, exactly as popular market commentator Ash Crypto predicted earlier this month.
His Oct. 1 post on X warned of a sharp correction that could mean liquidating all bulls before a big rebound in the fourth quarter. Ash Crypto's outlook for the coming weeks now that the dip has played out as he expected A strong rebound phase.
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Crash prediction that shook “Uptober”
The plunge that shocked the industry was followed by a rapid change in sentiment. Bitcoin's recent highs Bitcoin's fall from over $125,000 to below $110,000 sparked a widespread panic that saw capital flow into other cryptocurrencies, with Ethereum following suit and plummeting below $3,800. Over $19 billion in leveraged trading Cleared on various exchanges In less than a day, this became one of the largest wipeouts in crypto history.
But the timing of the crash was almost perfect with projection turned on Ash Crypto's Social Media Platform X. On October 1st, Ash Crypto outlined what he called a “pump-the-dump setup” designed to trap overconfident bulls. He warned in his post that the first-of-the-month gains could lure retail traders into believing Pumptober is real before the market reverses violently and eliminates retail traders.
Notably, the same analyst expected Bitcoin to fall to around $106,000 and Ethereum to fall below $3,800, before rebounding later in the month. He said this correction phase will last until mid-October, from around October 15 to 20, before transitioning into a strong recovery in the last 10 days of the month.
What happens next after the drop?
Ash Crypto's call has proven to be accurate, especially amid widespread “Uptober” optimism. impaired judgment For many crypto traders. However, despite the expected bearish move, this prediction post also contained long-term sentiment consistent with a bullish upover.
He explained that as market sentiment becomes overwhelmingly bearish and traders begin to assume Pumptober will be cancelled, short positions will pile up. At this point, a reversal will begin in the last 10 days of October, leading to what he described as a parabolic candlestick in the fourth quarter.
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Ash Crypto Projection Bitcoin will arrive between Ethereum will trade in the $8,000 to $12,000 range, while $150,000 and $180,000 by the end of the fourth quarter. In response to this move, he has the following expectations. Full-fledged altcoin season As a result, the price of many altcoins increases by 10x to 50x in just a few months.
At the time of this writing, Bitcoin is trading at $114,049 and Ethereum is trading at $4,087.
Featured image from Unsplash, chart from TradingView
