Popular analyst Crypto Tony recently opened up about the historical performance of October in the cryptocurrency markets. According to Tony, 8 out of the last 10 Octobers have shown bullish tendencies, providing optimism for this month. As we are only four days into the month, Tony believes there is ample time for the market to witness a positive turnaround and end October on a green note.
That’s like music to the ears of any crypto investor, right? Read on!
Bitcoin at a Crucial Stage
Tony emphasizes the significance of Bitcoin’s $27,000 support level. His strategy is clear: he plans to stick with Bitcoin as long as this level remains intact. However, he also hints at a contingency plan. If Bitcoin were to dip below this critical support or face a sharp rejection after an attempted surge, Tony would consider shorting it, as indicated by his chart analysis.
“I love how in this space, we can go from seeing $BTC go to $100,000 one day and then $10,000 the next day Emotions are wild. Keep them under control, legends; this will be very important for the future bull run.”
Read More: Bitcoin Bullish in October, Analyst Predicts Revisit of Yearly High
How are the Altcoins Doing?
Tony also shared insights into various altcoins:
- AVAX (Avalanche): He expressed keen interest in AVAX and suggested it might be gearing up for a substantial upward move. The setup, in his opinion, looks promising and carries a manageable level of risk.
- Chainlink (LINK): Tony offered a macro update on LINK, mentioning a potential trading strategy if it fails to breach the $8.90 range high.
- Injective Protocol (INJ): Cautioning against being swept away by price surges, Tony emphasized the importance of maintaining a realistic perspective. He noted that the market currently falls within a mid-range, and he maintains a neutral stance without a specific short-term bias.
- VRA: Tony briefly commented on VRA’s volume, stating that the volume remains strong, so he is not overly concerned about a significant drop at the moment. However, he will be watching closely and considering taking some profits around 0.0078.
Crypto Tony’s insights into October’s cryptocurrency market provide valuable food for thought. With historical trends on his side, he remains cautiously optimistic about the month’s prospects. Is this an approach you’re considering as well?