Solana and Ethereum Set Records: Crypto Market Overview

How often do we hear that the entire cryptocurrency market is subject to the movement of Bitcoin? However, this week was somewhat different.

From September 29 to October 6, 2023, Bitcoin showed an increase of more than 2.5%. On Monday, October 2, BTC reached the $28,500 mark, which it had not been able to achieve for the past one and a half months. However, it failed to stay above the $28,000 mark.

There were no major global events related to Bitcoin this week. Instead, there were many statements and forecasts. One of the candidates from the Democratic Party of the United States for the 2024 elections, Robert Francis Kennedy Jr., stated that he intends to "put an end to the war that the White House is waging against Bitcoin." This indicates that cryptocurrencies are becoming an important issue for voters.

The founder of the BitMEX platform, Arthur Hayes, made a bold forecast regarding the price of Bitcoin. In his opinion, by the end of 2026, the price will reach a level between $750,000 and $1 million. He claims that the main catalysts for such growth will be the expansion of the Bitcoin ETF market, the halving in April 2024, and a reduction in interest rates.

On the other hand, cryptocurrency analyst Ali Martinez leans toward a bearish perspective on Bitcoin. He pointed out the formation of a bear flag on the chart, which often signals a continuation of the downtrend. However, it is worth noting that Martinez is talking about a short-term trend and suggests a strategy with a short stop order at 0.86% with a potential profit of 5%.

On the flip side, experienced trader Michaël van de Poppe is optimistic, believing that Bitcoin is ready to target the $29,000-$30,000 range and move to new heights.

From a technical perspective, there are grounds to believe that Bitcoin will continue to rise in the medium term. Since September 11, it has been steadily but surely growing, adding about 14%. Additionally, the price has crossed the 50-day moving average (indicated in blue) and approached the 200-day moving average (indicated in orange). The week's peak resistance level was around $28,600, with a support level at $24,800.

The Fear and Greed Index increased by two points from 48 to 50 over the week, remaining in the neutral zone.

On October 1, the price of Ethereum exceeded the $1,750 mark, leading many to talk about the possible start of a bull market. However, a correction occurred, and the price dropped to $1,625. As a result, the week ended in the red zone for the world's second-largest cryptocurrency, with a decrease of 2.69%.

These dynamic movements in the cryptocurrency market continue to attract the attention of investors and analysts, and despite the uncertainty, they continue to monitor developments.

А blockchain cryptocurrency, saw a substantial increase of over 13.5% in just one week. Along the way, it even reached higher levels with its price touching $24.74 before settling around $23.1. This impressive performance was mainly achieved over the course of two days, on Saturday, September 30, and Sunday, October 1, when the SOL token first gained 5.29% and then surged by 11.55%.