Bitcoin is currently drifting a bit like a ship lost at sea, hovering around $111,000 in the time of writing.
Analysts at Glassnode , those crypto crystal ball gazers, warn that without a shiny new reason to rally buyers, Bitcoin might just sink lower into what they call a deeper correction.
Translation, the party could get less fun and more volatile.
Volatile month
The story begins with Bitcoin flirting near a key price zone at $117.1k. Glassnode points out that when prices can’t cling to this level, it usually signals a drawn-out dip.
Why? Long-term holders have been cashing out lately, and that’s like a clue in any thriller, demand exhaustion is knocking at the door.
Enter Shubh Varma, CEO of Hyblock Capital, who promises a relatively volatile month, tossing out price guesses between $116,000 and $120,000.
But after a market crash, Varma says Bitcoin’s most likely to just meander sideways for a while. Still, some bullish signs flicker in the gloom.
ETFs are gobbling up Bitcoin, with U.S.-based spot Bitcoin ETFs recording nearly $6 billion in inflows before last week’s painful dip to $102,000. That’s a lot of faith from institutional players.
Rate cut
On a bigger stage, the U.S. Federal Reserve’s upcoming interest rate cut could be Bitcoin’s unexpected sidekick.
Lower rates often push money away from boring bonds and term deposits into riskier playgrounds like crypto.
Analysts highlighted that the CME FedWatch Tool shows investors pricing in about a 95.7% chance of another cut at the Fed’s October 29 meeting.
If that happens, and that’s a big if, it could mean more rocket fuel for Bitcoin and its cousins.
Comeback
Not everyone is just looking at the current chaos. Another industry expert, Matt Mena from 21Shares reckons the crypto scene is setting up for a nice finish to the year.
With policy easing, structural demand accelerating, and recent liquidations clearing the path, Mena sees Bitcoin possibly sprinting to $150,000.
So what’s the moral of this Bitcoin story? Without a new spark, the market might endure some turbulence and sideways wobbling.
But with rate cuts and solid institutional backing, crypto assets could be gearing up for a thrilling comeback.
Cryptocurrency and Web3 expert, founder of Kriptoworld
With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
