Crypto Market Forecast 17 October 2024
Oct 17, 06:43 PM
Daily Market Overview and Crypto Market Forecast 17 October 2024:
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Bitcoin is expected to experience a bearish trend over the next 24 hours, potentially affecting its momentum after breaking through $68,000 recently. Profit-taking and FOMO (fear of missing out) have elevated its trading levels, but rising leverage and low trading volumes could make the market fragile, leading to swift corrections.
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Ether, Avalanche, and Binance Coin are projected to see mild bullish activity in the short term, indicating potential growth opportunities as they benefit from positive sentiment. However, over the week, Ether and Binance Coin may shift towards bearish trends, suggesting caution for longer-term holders.
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Ripple’s XRP and Dogecoin are anticipated to have slight bearish tendencies in the immediate term, with this outlook extending to a bearish trend over the week for XRP and other assets like Solana and Litecoin.
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Bitcoin ETFs have surged in popularity, with over $1.6 billion invested in just four days, particularly BlackRock’s $IBIT. This heightened interest shows strong institutional confidence in Bitcoin, which may support its price in the long term despite the short-term bearish signals. Ether ETFs have not shared this same momentum, which could imply a more tempered outlook for Ether in comparison.
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Stablecoin Usage: Tether (USDT) has seen a substantial rise in usage, with on-chain wallets exceeding 330 million accounts. This indicates growing reliance on stablecoins as the market navigates volatility, supporting liquidity and potentially buffering against sharp declines.
Crypto Market Forecast 17 October 2024:
Given these factors, expect short-term volatility for Bitcoin as it navigates bearish sentiment due to high leverage and profit-taking. Ether and major altcoins may experience mild gains in the near term, but face broader bearish pressures in the upcoming week, especially as the bullish sentiment in Bitcoin doesn’t fully translate across the board.
Stablecoin growth will likely continue as a safe harbor for traders seeking stability, possibly supporting liquidity across the market. This can provide some buffer against declines, though not necessarily enough to drive a rally without broader market support.
Investors should keep an eye on shifts in Bitcoin ETF flows and stablecoin usage, as these will be critical indicators of market direction in the coming days.