The recent crypto market crash This has stunned investors around the world, but one analyst saw it coming long before it happened. Bitcoin fell from above $125,000 to briefly below $102,000, and Ethereum fell below $3,800, just as predicted by popular market commentator Ash Crypto earlier this month.
His Oct. 1 post on Now that the dip has played out exactly as he predicted, Ash Crypto’s prospects for the coming weeks are up is a powerful rebound phase.
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The crash forecast that shook ‘uptober’
The sell-off that sent shockwaves through the sector is a quick change in sentiment afterward Bitcoin’s recent all-time high on October 6. Bitcoin’s drop from above $125,000 to below $110,000 caused widespread panic that flowed into other cryptocurrencies, while Ethereum followed with a sharp drop below $3,800. Over $19 billion in leveraged transactions were liquidated on various stock exchanges in less than a day, making it one of the largest wipeouts in crypto history.
However, the timing of the crash matched almost perfectly with a projection on it Ash Crypto’s social media platform On October 1, Ash Crypto outlined what he called a “pump-then-dump setup” designed to trap overconfident bulls. In his post, he warned that gains in the early months would lead retailers to believe PUMPtober was real before the market violently reversed to wipe them out.
Notably, the analyst predicted Bitcoin would fall to around $106,000 and Ethereum to $3,800 or lower before rebounding later in the month. According to him, this correction phase would last until mid-October, somewhere around October 15 to 20, before turning into a strong recovery in the last ten days of the month.
What comes after the decline?
Ash Crypto’s call has proven correct, especially against the backdrop of widespread ‘Uptober’ optimism that clouded judgment for many crypto traders. However, despite the predicted bearish move, the forecast post also showed long-term sentiment consistent with a bullish Uptober.
He explained that once market sentiment becomes overwhelmingly bearish and traders assume PUMPtober will be canceled, short positions will pile up. It is at this point that a reversal will begin in the last ten days of October, leading to what he described as parabolic candles in the fourth quarter.
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Ash Crypto projected Bitcoin will reach a range between $150,000 and $180,000 by the end of the fourth quarter, while Ethereum will trade somewhere between $8,000 and $12,000. After that step he expects a full-fledged altcoin season that will cause the price of many altcoins to grow 10x to 50x in just a few months.
At the time of writing, Bitcoin is trading at $114,049, and Ethereum is trading at $4,087.
Featured image from Unsplash, chart from TradingView