Drawing from historical data and past market cycles, many in the crypto community have been optimistic that October would usher in a bullish trend, coining the term “Uptober.” However, the market has not followed these expectations, with several analysts’ predictions being delayed.
As we approach the middle of the month, the question remains: when will Uptober truly begin, especially for Kaspa (KAS) and Bitcoin (BTC)?
In a video titled “Kaspa: When will ‘Uptober’ begin?” by Tommy Does Crypto, the analyst provides a comprehensive analysis of the current market trends for both Kaspa and Bitcoin.
He delves into Kaspa’s recent price movements, highlighting a decline from 16 cents to 14 cents, which he sees as a potential buying opportunity for investors.
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Kaspa (KAS)
The analyst points out that Kaspa is currently at a crucial support level, marking the third time it has hit the 14-cent mark in the past five months. This could indicate that 14 cents might serve as a local bottom for Kaspa.
Additionally, he mentions the potential listing of Kaspa on Kraken, a Tier 1 exchange. While this listing has not been officially confirmed, the analyst speculates that Kraken may be waiting for the right moment, possibly when Kaspa’s price exceeds the level at which Kraken was accumulating.
A listing on Kraken could set off a chain reaction, leading to listings on other major exchanges like Binance. The analyst suggests that this Kraken listing could happen before the end of October, aligning with the anticipated bullish trend for the month.
Read Also: 3 Reasons Why Kaspa (KAS) Price Could Reach $0.5 Soon
Bitcoin (BTC)
Shifting focus to Bitcoin, the analyst reviews its historical cycles and recent price activity. He notes that Bitcoin saw a bullish surge at the end of September, driven by Federal Reserve announcements regarding interest rates. However, this was followed by a healthy correction, bringing the price down towards $60,000.
The analyst interprets this correction as a normal occurrence, as Bitcoin has yet to break through its major resistance level.
Uptober Could Start in October or November for BTC and KAS
The analyst suggests that the current downward trend in Bitcoin could be the final bear trap before the market transitions into a bull phase. He predicts that either October or November could mark the beginning of a significant bull run, potentially leading to a new all-time high for Bitcoin before 2025.
He also notes that geopolitical events, such as the recent conflict between Iran and Israel, may temporarily affect Bitcoin’s price. However, he remains confident that these events will only cause short-term market fluctuations.
The analyst supports his bullish stance on Bitcoin with several key indicators, including expectations of lower interest rates
Source: captainaltcoin.com