30s Summary

Bitcoin’s price recovery close to $62,500 indicates a high number of buyers. While Dan Tapiero of 10T Holdings predicts Bitcoin will reach $100,000, others warn of a potential drop below $50,000. Trading fluctuations in other major cryptocurrencies have been observed, including Ethereum, Binance Coin, Solana, Ripple, Dogecoin, and Shiba Inu. Bitcoin whales, or investors holding more than 1,000 Bitcoins, have reportedly bought approximately 1.5 million Bitcoin over the past six months. Bitcoin’s performance could impact altcoins and push them higher if it sustains its current value.

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Bitcoin has bounced back again, getting close to $62,500 on October 11, showing that there’s lots of buyers jumping in when the price drops. But folks who watch Bitcoin are in two minds about where it’s heading next. At a big crypto event, Dan Tapiero, the big cheese at 10T Holdings, said he reckons Bitcoin will hit $100,000 pretty soon. On the flip side, financial analyst Cole Garner reckons Bitcoin might actually drop as the market tightens up, even potentially falling below $50,000.

Stuff gets interesting when we look at what those with big pockets, known as Bitcoin whales, are doing. Seems like they’ve been buying Bitcoin non-stop. Axel Adler Jr., who helps out at a company called CryptoQuant, said whales with more than 1,000 Bitcoin have snapped up a whopping 1.5 million Bitcoin over the last half year.

And what happens to Bitcoin often impacts other cryptocurrencies too. So, if Bitcoin manages to keep bobbing around $62,000, other cryptocurrencies, aka altcoins, could take off too. Let’s break down what’s happening with some of the top 10 cryptos.

After a brief dip below $59,828 on October 10, Bitcoin seems to be on the up thanks to some quick buying. If it can stay above the 20-day moving average of $61,947, we could see Bitcoin head up to around $65,000 to $66,500. However, if it dips beneath $58,946, it’s possible we’ll see it drop to around $54,000.

As for Ethereum, it’s been trading just under average lately, but it hasn’t dropped too low yet. Buyers are going to try and push it up, aiming for the top line of the triangle pattern it’s been following on the charts.

Meanwhile, Binance Coin had a bit of a scare when it dropped below the 20-day average – but the bulls jumped in and hoisted it back up. Still, it’s got some climbing to do to really be in the clear.

Solana also took a hit and dropped below average but hasn’t really dipped any further. If buyers succeed in pushing it up, we might see it head towards $152, maybe even $164. But, the bears might have other ideas and try to pull it down again.

Ripple’s been bouncing between $0.50 and $0.55 for a bit – showing a bit of a tussle between the bulls and the bears. If bulls get the upper hand and push past the averages, we might see Ripple head upwards towards $0.64.

Dogecoin has been holding steady, but hasn’t exactly soared either. If the price stays above the 20-day average of $0.11, we could see it start to rally.

Lastly, Shiba Inu dropped below average recently, but buyers quickly stepped in. If it pushes past $0.000019, we could potentially see it head towards $0.000022, and even as high as $0.000026.

Overall, remember that the crypto market can be unpredictable and risky, so do your homework if you’re planning to dive in.

Source: Cointelegraph