The past week has been bearish for the crypto market, with Bitcoin and Ethereum posting negative weekly returns. Bitcoin fell 1.7%, while Ethereum saw a significant decline of 6.2% over the past seven days. With the ‘Uptober’ rally possibly waning, analysts expect a possible recovery in BTC and ETH prices next week after the recent dip.
October will be a strong month for ETFs
About $1 billion flowed into twelve Bitcoin Exchange Traded Funds (ETFs) last week, with positive inflows recorded on four of those days. Most of this came from BlackRock’s IBIT, the largest ETF by assets, which has now reached almost $24 billion in total inflows since launch.
As of October 14, the funds saw inflows of $555.86 million for five consecutive days, totaling over $2.13 billion; the first weekly inflow surpassed $2 billion since March 2024.
With these steady inflows over the past two weeks, the twelve Bitcoin ETFs have now collected over $3.07 billion in October, making it a strong month for ETFs.
Also read: What’s next for the price of Bitcoin, Ethereum and Solana? BTC sees $70k levels
However, things are different for Ethereum. According to SoSoValue, Ethereum ETFs failed to continue their inflows as net inflows turned negative on October 25. Data shows that ETH ETFs recorded an outflow of $19.1 million after three consecutive days of positive inflows.
The substantial inflow volume into Bitcoin and Ethereum in recent weeks could trigger a strong rebound rally in the coming week.
Bitcoin price prediction
Bitcoin is holding above $65,000, indicating that buyers are aiming to establish this level as new support. Bitcoin is currently forming a rising wedge pattern, a crucial indicator for next week’s forecast. At the time of writing, the BTC price is trading at 67,106, up over 0.5% in the last 24 hours.
The uptrend in the 20-day exponential moving average and a positive relative strength index (RSI) show that the bulls have the upper hand in the coming week, increasing the chances of a breakout above $70,000. If successful, the BTC/USDT pair could rise to $72,000.
On the other hand, $65,000-$62,000 is a key support zone for the bulls. A decisive drop below this zone could confirm the pattern and send the BTC price down to $50.7K in November.
Ethereum price prediction
Ether recovered from the 50-day Simple Moving Average (SMA) to $2,407, indicating that the bulls are trying to make a higher low. At the time of writing, ETH price is trading at $2,479, up over 0.6% in the last 24 hours.
If buyers manage to push the price above the EMA 20 trendline, the ETH/USDT pair could rise to $2,850. Sellers can try to halt the recovery at this level, but if the bulls hold their ground against the bears, the chances of a breakout increase. The pair could then start a rally towards $3,300 next week.
The 50-day SMA is the critical level to look down at. A break and close below this support could trigger a drop below the support line towards $2,200.