CandleFocus Bitcoin Price Hits Spooky Season Stutter as Analysts Warn of Correction
2024-10-01
Author: Content Editor
The Bitcoin price is expected to remain cautious during China's Golden Week holiday, resulting in lower trading activity. Analysts predict a 5-10% correction before significant upward movement can resume. The market is subdued due to upcoming macroeconomic events, and increased volatility is expected with rising implied volatility (IV) and a volatility risk premium (VRP). Bitcoin's recent gains may be hitting a short-term ceiling, but analysts believe a modest pullback could reset the market without derailing the overall uptrend. The U.S. unemployment rate will be a crucial market-moving event for cryptocurrencies.
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