In September, the price of Bitcoin surged by over 10%, contrasting sharply with the typical average decline of 5.9% for this month, according to Bloomberg.
The altcoin index rose by over 20% due to easing financial conditions amid a global wave of interest rate cuts by the Fed, ECB, and PBOC.
On September 27, buying interest was concentrated in meme tokens (+17.4%).
The Conflux project, often dubbed the “Chinese Ethereum,” outperformed the market with a gain of +13.4%.
CEO of HashKey OTC, Li Liang, noted the improvement in funding rates as a sign of market recovery.
“The growth leaders were the SOL and BTC ecosystems, indicating strong attention to meme coins amid liquidity inflows. Ethereum sector representatives like PEPE and SHIB are also experiencing increased interest,” the expert added.
Orbit Markets co-founder Caroline Mauron predicted Bitcoin would consolidate near $65,000 due to the expiration of a large number of options on September 27.
Kraken noted that failing to hold above this resistance level could hinder further positive momentum.
Focus on Altcoins
10x Research holds a contrary view. Analysts believe breaking $65,000 increases the chances of a rally in the fourth quarter. The event also triggered a FOMO effect in altcoins, they added.
Over the month, the speculation index calculated by Capriole Investments in the sector rose by 13%. This indicator tracks the share of altcoins outperforming Bitcoin over the past 90 days. High values indicate growing bullish sentiment.
Experts highlighted SHIB, with demand coming from retail investors in South Korea.
“In 24 hours, Shiba Inu regained the top spot in trading volume in this country, signaling increased speculation,” they explained.
10x Research expects the Fed to “remain open to rate cuts,” providing high beta altcoins with additional growth momentum.
Analyst and MN Trading founder Michaël van de Poppe echoed his colleagues.
Back on the grind from Monday.#Altcoins are waking up significantly, but this is nothing compared to what we’re going to be seeing in the coming 6 months.
It’s going to be glorious. It already is.
— Michaël van de Poppe (@CryptoMichNL) September 27, 2024
“Altcoins are ‘waking up.’ This is nothing compared to what we will see in the next six months,” the expert predicted.
GoaSymmetric founder Joe McCann noted that “prices of 90% of altcoins traded on Binance have crossed above the 50 DMA.”
90% of all altcoins on Binance are above their 50-day moving averages.
6% of all altcoins on Binance are above their 200-day moving averages.
Guess what happens next?
— ◢ J◎e McCann ? (@joemccann) September 27, 2024
Analyst Miles Deutscher predicted that the 25 major altcoins he tracks will soon “break out of a multi-month downtrend.”
Altcoins are about to break out of a multi-month downtrend.
Q4 is set to be an exciting quarter, but if you want to maximise it — you MUST be holding the right altcoins.
?: A MEGA-THREAD of 25 altcoin charts I’m focused on for Q4.?
— Miles Deutscher (@milesdeutscher) September 25, 2024
“Q4 promises to be exciting,” he promised.
Previously, QCP Capital noted the potential for cryptocurrency growth due to stimuli in China.
According to analyst PlanB’s scenario, Bitcoin could rise to $70,000 in October and reach $150,000 by year-end.