Henrik Zeberg, a renowned trader, makes an intriguing forecast about the cryptocurrency market. October, which traditionally has been a bullish month, got off to a bullish start for bitcoin, breaking $28,000 in yesterday’s trade. In today’s trading session, Bitcoin dropped to a low of $27,383 as profit-taking took hold.
The larger picture, as presented by chartist and macroeconomist Henrik Zeberg, shows that the bullish market signal is still present despite the decline in the price of Bitcoin during the past 24 hours.
https://x.com/HenrikZeberg/status/1709124569703842005?s=20
The BTC/SPX ratio, in Zeberg’s opinion, shows that the market is now in a bullish period. In addition, he said, “We are only at the very beginning of a monster move higher in risk assets.”
Another startling forecast was made by the top trader: “Before this bull market is over and done, bears will have turned into bulls.”
“There is still a bull market indication. We are currently in a bull market, according to the BTC/SPX ratio. A massive move upward in risk assets is just getting started. Bears will turn into bulls before this bull market is finished, according to Zeberg.
On Monday, cryptocurrency prices soared as a result of traders’ excitement over ETFs, which they believed would stimulate money and interest in a lagging industry.
The past seasonality of price gains in October, which many crypto fans hope would be reproduced, also caused expectations to skyrocket.
However, when profit-taking slowed the price increase, Bitcoin was unable to maintain the surge and fell below. BTC’s price has dropped 3% over the previous day to $27,480 as of the writing.
Despite this, the founder of Glassnode, “Negentropic” on X, is still optimistic about the month and the quarter, pointing out that late October options trading might portend interesting price movement in the future.
We’re riding the bullish wave in style as October arrives.BTC soars beyond $28,000, signalling a strong beginning to the week, month, and quarter. As BTC season intensifies, danger is moving into the low-risk range. Fueled by seasonality and ETF optimism, the price jumps to its highest level in more than a month. The founder of Glassnode said that the late October options volume hinted at significant price action to come.
