- Justin Bennett, a crypto analyst predicted a massive breakout in Bitcoin and altcoins by October 19.
- The analyst noted that the altcoin market capitalization is still coiling inside its four-month terminal pattern, indicative of a breakout.
- Quiet period for cryptocurrencies is about to end as Bitcoin and altcoins prepare for a volatility-filled week ahead.
Bitcoin price trend remained undecided as the asset sustained above $19,000 through the release of CPI data and US FOMC minutes. Analysts focus on total altcoin market capitalization, to identify a breakout in crypto within the next week.
Also read: Shiba Inu holders get bullish as Shiba Eternity rating climbs on Play Store
Massive crypto breakout in Bitcoin expected midweek
Justin Bennett, an internationally recognized Forex trader and crypto analyst evaluated the total altcoin market capitalization and predicted a breakout in cryptocurrencies by mid-week. The analyst noted that altcoin market capitalization is coiling inside a four-month terminal pattern after a recovery on Thursday.
Bennett expects an explosive break from cryptocurrencies in either direction, by October 19, Wednesday at the earliest. Bennett has accurately timed breakouts in Bitcoin, Ethereum and altcoins in the top thirty in the past. This prediction of a breakout therefore implies either Bitcoin could witness a spike in dominance or lose its key support at $19,000 and witness a decline.
Total altcoin market capitalization
According to Bennett, the quiet period for cryptocurrencies is about to end, and traders need to prepare for volatility in the week ahead. Bennett addressed his setup and recommendation in a recent tweet. The analyst was quoted as saying:
Some of you apparently think I’m far more bullish than I am. I’m not a permabull or permabear. I’m a trader, so I respect the charts. Period. Bitcoin can break higher, lower, or continue to go sideways. There will be opportunities regardless.
Bitcoin correcting wave spotted by analyst
TechDev_52, a crypto analyst and trader spotted a 14-18 month BTC corrective wave that continues to develop. The analyst has identified the wave and believes Bitcoin price is ready for a correction in the short-term and reveals a bearish outlook.
BTC price ready for correction
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.