The the recent crash in the cryptocurrency market surprised investors around the world, but one analyst predicted it would happen long before it happened. Bitcoin dropped from over $125,000 to briefly below $102,000, and Ethereum fell below $3,800, just as popular market commentator Ash Crypto predicted earlier this month.
His October 1 post on X warned of a piercing correction to wipe out all the bulls before a major rebound in Q4. Now that the decline has played out exactly as he predicted, Ash Crypto shares its outlook for the coming weeks this is a robust rebound phase.
Predictions of disaster that shook Uptober
The sale, which sent shockwaves through the industry, later resulted in a quick change in sentiment Bitcoin’s last all-time record October 6. Bitcoin’s drop from over $125,000 to below $110,000 sparked widespread panic that spread to other cryptocurrencies, while Ethereum followed with a piercing drop below $3,800. Leveraged transactions worth over $19 billion have been liquidated on various exchanges in less than a day, making it one of the biggest failures in cryptocurrency history.
However, the timing of the disaster was almost perfectly timed with projection turned on X social media platform by Ash Crypto. On October 1, Ash Crypto unveiled what it called a “pump-then-dump setup” designed to trap overconfident bulls. In his post, he warned that early-month gains would trick retail traders into believing PUMPtober is real before the market reverses sharply to precipitate them.
Notably, the analyst predicted that Bitcoin would fall to around $106,000 and Ethereum to $3,800 or lower before recovering later in the month. According to him, this correction phase will last until mid-October, approximately between October 15 and 20, before turning into a massive recovery in the last ten days of the month.
What’s next after relegation?
Ash Crypto’s appeal proved to be apt, especially in the context of widespread “Uptober” optimism. this clouded judgment for many cryptocurrency traders. However, despite the predicted bearish move, the forecast post also contained long-term sentiment that aligns with a bullish Uptober.
He explained that as market sentiment becomes overwhelmingly bearish and investors begin to assume that PUMPtober will be canceled, brief positions will accumulate. It is at this point in the last ten days of October that the reversal will begin, leading to the formation of what he calls Q4 parabolic candles.
Ash Crypto shown Bitcoin will arrive in between By the end of the fourth quarter, Ethereum’s price will be between $8,000 and $12,000. He expects that after this move full-fledged altcoin season this will cause the price of many altcoins to boost by 10 to 50 times in just a few months.
At the time of writing, Bitcoin is trading at $114,049 and Ethereum is trading at $4,087.
Featured image from Unsplash, chart from TradingView