- Reputed crypto analyst explains why the crypto market is dumping in Pumptober.
- He goes on to ignite bullish sentiments once again for new ATHs in Q4.
- This bull pump could extend to the next year, when altcoins can pump in 3-4 months.
The crypto market continues to see the prices of the pioneer crypto asset, Bitcoin (BTC) and the pioneer altcoin asset, Ethereum (ETH), holding steady prices in the $121,000 and $4,300 price ranges, respectively. Despite a new BTC ATH, both assets have declined since, and the market grows eager for a greater pump. One reputed crypto analyst explains why the crypto market is dumping in Pumptober.
Reputed Crypto Analyst Explains Why the Crypto Market Is Dumping in Pumptober
The end of Q3 closed with September seeing a steady increase in BTC and ETH prices, allowing the market to close in a bullish green state. This allowed BTC to set three new ATH prices in Q4. The first two new ATH prices were set in the $125,000 price range at $125,505 and $125,559. A day later, BTC set its current ATH price record in the $126,000 price range. Now, both BTC and ETH are trading at lower prices.
The last time BTC set a new ATH price in Q3, the price of ETH set its first-ever ATH price this bull cycle at $4,900, and since then, traders have been waiting to see ETH retake its new ATH price and surpass it. The expectation now is that ETH will hit a new ATH price in the $5,000 price range and go to truly explore its price discovery phase. At the moment, the price of ETN is yet to reclaim its higher prices, much like BTC.
This has led many impatient traders to believe that the market is heading to a dump scenario when Pumptober was promised to bring new parabolic prices across the crypto market. Thus, as we can see from the post above, this reputed crypto analyst talks about why the market is dumping in Pumptober. According to some, this phase is just a moment of reload before stronger pumps ensue.
Greater ATH Target Loading for BTC and ETH
According to the analyst in the post above, this current crypto market dump is happening to liquidate all the bulls and mainly the retail, because market makers always flush longs before sending the market to new highs. Presently, the analyst believes a pump will start again between 15 – 20 October and end the month with a massive pump. He concludes by saying that the market makers want traders to be bearish and believe that Pumptober is canceled.
However, the analyst goes on to highlight that when the market is in complete fear, there will be a massive price bounce for BTC and ETH, leading to a parabolic Q4 pump at the end of October. He concludes by saying that he expects a monthly October close with high percentage gains to kickstart the parabolic pump that can send BTC to ATHs between $150,000 – $180,000 and ETH price to $8,000 – $12,000 ATHs. This will be followed by the long-awaited altseason with 10x to 50x gains for altcoins within 3-4 months.