October Will Be Quiet
Alexander Visotsky, Founder of the EdTech company Visotsky Inc., believes that the second half of the month will be quiet for the cryptocurrency market. “The Fed’s policy remains largely unchanged, but the labor market and inflation analysis metrics received in the first half of the month may make it less aggressive. Other major factors are the Bank of England’s policy and government plans to reduce public debt, due to which purchases of BTC for pound sterling increased,” the expert shares.
Generally, the forecasts seem optimistic. Alexander thinks that cryptocurrencies will return to their maximum value, though this is a mid-term or even long-term prospect.
“Sluggish Fluctuations in the Market Rate” Are Expected
Dmitry Noskov, a StormGain exchange expert: “Right now, the cryptocurrency market remains under pressure from the monetary policy of the world’s financial regulators. They’re raising rates, and as a result, investors prefer high-risk assets like cryptocurrencies over U.S. government bonds, whose yields have reached multi-year highs.
Additionally, Bitcoin’s volatility has declined dramatically, being the lowest in the last two years. BTC has been trading near the $20,000 mark for four months already. This trend is likely to continue until the end of October. Bitcoin is unlikely to drop below $18,000. However, we shouldn’t expect any significant growth. Sluggish fluctuations in the market rate will probably be observed.”
A Christmas Rally Is Possible
Professional trader Murat Alayli expects the major cryptocurrency to rise to $20,800 by October 23. He also believes NASDAQ-100 quotes will probably rise to $12,800-$13,000, which will favorably impact the cryptocurrency market. “There is a high chance that we’ll see BTC quotes around $28,500 by late 2022. So, when will the bullish trend start? The Fed must complete its interest rate hikes and return to monetary expansion for the market to recover. Until then, I don’t expect a significant trend reversal. After a slight rise in Bitcoin to $20,865 this week, a Christmas rally is also possible, during which we’ll see BTC around $28,500,” the trader predicts.
