CandleFocus Bitcoin Bounce Above $62K Quickly Fades; Ether, XRP, ADA, LINK Lose as Torrid October Continues
2024-10-02
Author: Content Editor
Bitcoin experienced a modest rebound from the recent sell-off caused by geopolitical turmoil but failed to maintain its gains above $62,000. The cryptocurrency dropped back below $61,000, while altcoins like ETH, XRP, ADA, and SOL saw declines of 5-7% over the past 24 hours. Analysts at QCP suggested that if the Middle East conflict escalates, BTC may drop to $55,000, but $60,000 has remained a solid support level. CryptoQuant set a price target of $85,000-$100,000 for Q4 but noted that demand needs to pick up. The market's performance may depend on whether Bitcoin can hold above the "Bull Market Support Band," a trend indicator currently ranging between $61,100 and $62,900. QCP analysts believe that despite the minor setback, asset prices are expected to remain supported heading into 2025. Meanwhile, CryptoQuant observed signs of Bitcoin demand recovering and suggested that if demand continues to strengthen and year-end seasonality turns favorable, BTC could target the $85,000-$100,000 range.
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