Experts Weigh in on Recent Fluctuations and Future Prospects For Bitcoin


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After a rapid movement in cryptocurrencies, a moderate retracement has been observed. Bitcoin, which surpassed $35,000, retraced to $33,500, but experts suggest that levels above $38,000 could be seen. Expert opinions on the cryptocurrency markets

After a rapid movement in cryptocurrencies, a moderate retracement has been observed. Bitcoin, which surpassed $35,000, retraced to $33,500, but experts suggest that levels above $38,000 could be seen. Expert opinions on the cryptocurrency markets:

Global crypto assets, which have a large investor base worldwide, have witnessed some of the fastest movements in recent times. Bitcoin gained momentum after the U.S. Securities and Exchange Commission (SEC) allowed the first spot Bitcoin exchange-traded fund (ETF).

However, this surge was short-lived, and Bitcoin retraced from $35,000 levels back to around $33,000. Experts have made statements indicating that the uptrend may continue, with some mentioning that Bitcoin could reach the $38,600 level.

INTEREST RATE DECISIONS MAY AFFECT CRYPTO ASSETS

The upcoming interest rate decisions by the Federal Reserve (Fed) and the European Central Bank (ECB) are expected to have an impact on the cryptocurrency markets. Demand for cryptocurrencies tends to increase when interest rates are lowered, and as a result, Bitcoin has gained over 100% since the beginning of the year.

"THE DARK CLOUD IS NOT DOMINANT" Ali Eşelioğlu - CEO of CoinTR

Ali Eşelioğlu, the CEO of CoinTR, shared his insights on cryptocurrencies, stating, "Considering that Bitcoin has seen an increase of over 100% since January 2023, I believe that there is no dark cloud dominating the market."

"MARKET CORRECTION OCCURRED"

It would be more accurate to refer to the current situation as a correction rather than a retreat. Bitcoin saw an approximately 18% increase in one day, reaching $35,000, driven by expectations and speculations surrounding the spot ETF. Currently, Bitcoin is trading above $34,000, showing about a 3% correction from its recent high.

"BITCOIN MAINTAINS ITS POSITION"

Analyzing the situation, we can say that the uptrend is not momentary, and Bitcoin has maintained its position since yesterday. In the short term, the continuation of the uptrend depends on official and positive news from the spot ETF. It is important to note that the market may have already priced in some of the positive news, and if the news does not satisfy market expectations, a decline may occur after the announcement.

"BITCOIN HAS GAINED OVER 100%"

Considering that Bitcoin has experienced an increase of over 100% since January 2023, I believe that the market is not under the influence of a dark cloud. In the near future, developments regarding Bitcoin ETF applications, ongoing legal cases related to cryptocurrency projects, regulatory measures from lawmakers, and the Bitcoin halving period expected to take place in April 2024 are potential factors that will shape the market.

WILL INTEREST RATE DECISIONS HAVE AN EFFECT?

The interest rate decision by the European Central Bank is expected to come in the afternoon on October 26, while news from the Federal Reserve is expected on November 1. Both of these announcements have the potential to impact the cryptocurrency market. Demand for cryptocurrencies tends to rise when interest rates are lowered and the money supply expands. With 11 interest rate hikes since March of last year, the Fed has increased interest rates by a total of 525 basis points, which resulted in a shift in investor preferences toward cash flow and a slowdown in the cryptocurrency market. The ECB has indicated that detailed evaluations and reserve reviews are necessary, signaling that interest rates may now be held steady at these levels. The expected action from the ECB is predicted to sustain the recent increase observed in the last three days. It is important to note that the market may have already priced in the news in these situations.

INVESTMENT TIPS FOR INVESTORS

Crypto investors should first understand the basic principles of blockchain technology and thoroughly analyze and understand the projects they intend to invest in. Additionally, keeping up with market news and obtaining information from reliable sources is crucial.

Risk tolerance should be determined before making an investment. Adopting a long-term perspective and not forming emotional attachments to investment tools are important strategies for success in all types of investments.

Furthermore, monitoring on-chain data such as whale wallet activities, large-scale transfers between exchanges, and movements in institutional accounts can be beneficial for investors in making informed decisions.

BALANCING AROUND $34,000 Alper Samet Yorak - Bitay Research Department Analyst

Commenting on the attempt to find a balance point after the uptrend in cryptocurrencies, Alper Samet Yorak, an analyst at Bitay Research Department, said, "Bitcoin seems to be balancing around $34,000."

"MARKET VALUE REACHES $1.25 TRILLION"

Bitcoin, which started the week with an uptrend and continued to surge, seems to be balancing around $34,000. With the rise of the leading cryptocurrency, the total market value has increased from $1.1 trillion to $1.25 trillion, the highest level measured since April. The leading altcoin, Ethereum, is currently trading at around $1,775.

"CONTINUES TO SURGE"

The leading cryptocurrency, Bitcoin, continues to surge with expectations of the approval of the spot Bitcoin ETF, the likelihood of the Fed refraining from interest rate hikes in November, and positive expectations regarding the FTX exchange and its management, despite developments in the Middle East. Bitcoin was supported by the spread of news and expectations that BlackRock would receive approval for a spot Bitcoin ETF (although initially reported as untrue and denied) and the Coinbase-based surges. Additionally, during the Israel-Palestine tension, Bitcoin was seen as a safe haven along with gold. For now, Bitcoin is trading around $33,900, with Ethereum priced at $1,775.

"BITCOIN AND CRYPTOCURRENCIES ARE MATURING EVERY DAY"

In the past 2-3 days, following the strong surge in Bitcoin, the total market value has increased from $1.1 trillion to $1.25 trillion, the highest level since April. Daily trading volumes, which have been between $20-30 billion and sometimes dropped to $15 billion, have risen to levels around $80 billion. This data represents the highest figures since March. Bitcoin, which has gained around 110% since the beginning of the year, despite a turbulent year, managed to be the most profitable major investment tool in terms of dollar performance. This demonstrates that Bitcoin and the cryptocurrency sector are maturing every day and have now created a real ecosystem.

POWELL'S SPEECHES ARE IMPORTANT

While global tensions and bond yield pricing continue, this evening will feature a speech by Fed Chairman Powell. Given the recent disagreements and confusion within the Fed, it is a matter of curiosity what statement will come from the Fed. The general expectation is that interest rates will remain unchanged in the three meetings to come, starting with November. If these signals are conveyed more strongly to the market, the possibility of further appreciation of asset classes like Bitcoin gains strength

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