The Biggest October Crypto Predictions: Bitcoin Cash (BCH), Ethereum (ETH), and EOS
October has been quite a ride for the crypto market. After a significant increase on October 1, there was a sharp drop the next day. In light of these events, let’s take a look at the crypto predictions for the rest of October.
Bitcoin Cash Will Reach a New Yearly High
The price of Bitcoin Cash (BCH) has been falling since it reached its yearly high of $329 on June 30. However, there is hope for BCH as it is currently in an upward movement. According to Elliott Wave theory, which analyzes long-term price patterns and investor psychology, BCH is in the fifth and final wave of an upward movement that began in November 2022.
If this wave count is correct, BCH could reach a new yearly high near $425, which is 75% above the current price. However, if BCH closes below the minor horizontal support area at $225, the count will be invalidated and the price may continue to correct downwards.
EOS Will Fall to a New All-Time Low
The price of EOS has been falling under a descending resistance trendline since May 2021. It recently experienced a rejection in April, leading to a low of $0.50 in August. If EOS breaks down from the $0.50 region, it could decrease to $0.13, which is 80% below the current price.
However, if EOS manages to break out from the descending resistance trendline, the bearish forecast will be invalidated, and there could be a 120% increase to the next closest resistance at $1.25.
Ethereum Concludes October Crypto Predictions
Ethereum has been in a descending wedge against Bitcoin (BTC) for over a year, with the wedge forming since July 2022. The ETH price is currently close to the wedge’s support line, and a decisive movement outside of it is likely imminent.
The daily Relative Strength Index (RSI) supports the possibility of a breakout for Ethereum. The RSI readings above 50 and an upward trend suggest that bulls still have an advantage. There is also bullish divergence on the RSI, indicating a potential reversal in the price trend.
If ETH breaks out from the wedge, it could see a 25% increase to the ₿0.075 resistance region. However, if it breaks down from the wedge’s support line, there could be a 12% drop to the ₿0.052 support level.
Hot Take: Crypto Predictions for October
October has been a turbulent month for cryptocurrencies, with Bitcoin Cash (BCH), Ethereum (ETH), and EOS facing uncertain futures. BCH is poised to reach a new yearly high if it continues its upward movement, while EOS may hit a new all-time low if it breaks down from its current position. Ethereum’s fate hangs in the balance as it approaches a decisive movement outside of its descending wedge against Bitcoin.
Investors and traders should closely monitor these crypto predictions and stay informed to make well-informed decisions in this volatile market.
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