As of the writing of this article, the price of Bitcoin (BTC) hovers around $110,380, struggling to surpass the $111,000 mark. This minor setback in BTC has led altcoins into the red once again. October did not conclude as anticipated for investors, who witnessed both peaks and troughs. But where is Dogecoin (DOGE) headed?
Disappointment in the Cryptocurrency Market
October proved to be an exceptionally intriguing period. In times when cryptocurrencies are left to their own devices, the Federal Reserve’s policy is usually the sole external influencing factor. However, the scenario has shifted to include various issues, such as customs tariffs impacting cryptocurrency discussions. After Bitcoin reached an all-time high in October, Trump made a surprising entrance into the scene.
Trump’s harsh rhetoric against China led to unprecedented sales of Bitcoin and altcoins, resulting in liquidations exceeding $16 billion—greater than even the darkest days of bear markets. But what occurred afterward? In less than a month, the U.S. and China reached an agreement, with plans to sign a 12-month deal shortly.
October is generally known as a period of growth for cryptocurrencies, earning the moniker Uptober. At the beginning of the month, optimism was high for another Uptober. However, as the month concluded, for the first time in six years, BTC closed October in the red.
Historically, October offered an average gain of 19% since 2013, making recent performances quite disappointing. Nevertheless, there is room for optimism, as November typically brings an average gain of 42.5% since 2013, leaving investors hopeful. Should historical trends repeat, Bitcoin might surpass $160,000 this month.
Dogecoin (DOGE)
If Bitcoin fails to recover, the outlook for Dogecoin (DOGE) is bleak. Analyst Michael Poppe points to $112,000 as a critical threshold. For new all-time highs in November and a recovery in altcoins, this level must be reclaimed. Poppe maintains his consistent optimism, expecting ETH to outperform BTC this month, although Ether remains below $4,000.
Analyst Ali Martinez focuses on Dogecoin (DOGE), noting that $0.18 is a pivotal level. If lost, DOGE’s price could drop to $0.07. For investors, the loss of $0.18 is a more significant signal than expected, as experience has shown multiple times.
The post Bitcoin Stumbles in Dramatic October Cryptocurrency Market appeared first on COINTURK NEWS.
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