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The Bitcoin price temporarily slipped below $62,000 after Iran fired over 400 ballistic missiles at Israel.
BTC traded as low as $61,300, temporarily slipping below the crucial 4-hour Exponential Moving Average.
The crypto market’s start to October is in stark contrast to the ‘Uptober’ projections. However, crypto prices could still show a strong recovery, depending upon Bitcoin’s price action this week.
Low-cap meme coins are once again showing no correlation to Bitcoin, one of the key reasons behind their high demand. For instance, both Moo Deng and the TRUMP coin are in the green while presale tokens like PEPU, FLOCK and STARS are also in high demand.
Bitcoin Price Prediction – Uptober or Octobear?
Geopolitical events continue to rain on Bitcoin’s parade.
The largest cryptocurrency was set for strong upside volatility after posting its best-ever September performance. A recent CoinGecko survey showed that over 70% of participants expect a bullish October.
However, Iran’s missile attack against Israel has sent the Bitcoin price plummeting. The sell-off has wiped over $1 billion in BTC Open Interest and over $500 million in ETH OI. Meanwhile, Oil and Gold prices are up, the latter indicating that investors are gearing up for long-term volatility.
Iran is retaliating against the recent killing of Hezbollah leader Hassan Nasrallah. It has already fired 400 missiles, while at least 100 others have been reported. There is also speculation that the US-sponsored Iron Dome has failed to neutralize the ballistics.
Unsurprisingly, both Israel and the US are promising a strong retaliation against Israel, while the Iran Revolutionary Guard is vowing more missile strikes in the coming days.
With Israel already at war against Palestine and Lebanon, Iran’s retaliation threatens a major escalation that could give way to a broader conflict in the Middle East.
However, the Bitcoin price could still live up to the Uptober projections. For one, crypto prices have seen a significant reaction to start every month since July, only to form local bottoms by the 5th or 6th.
Moreover, BTC is still trading above the 4-hour Exponential Moving Average, as well as the 0.382 Fibbonacci level. Prominent investor Daan Crypto Trades projects that these levels could emerge as strong supports in the short term, paving the way for a sharp bounce back.
Most importantly, global liquidity is still on the rise owing to the global cutting cycle. Both the US Fed and Chinese PBOC have promised more rate cuts this year.
Low-Cap Meme Coins In High Demand Despite Crypto Crash Fears
Low-cap meme coins show little correlation with the broader market sentiment, which is one of their most attractive features.
For instance, the TRUMP coin is up by 1% despite an initial sell-off. More importantly, it is up by nearly 60% over the past week. Similarly, Moo Deng token is up by 2% and appears to be on the cusp of a bullish recovery, and fellow Solana meme coin Popcat is also green on the day.
Unsurprisingly, the demand for presale meme coins is soaring, as is typical during broader market uncertainty.
For instance, Pepe Unchained (PEPU) is nearing $17 million in its presale, thanks to the strong buzz surrounding its Layer-2 testnet.
With such robust early demand, high utility and sound tokenomics, it is no surprise that some prominent investors are calling it “the next big thing in crypto”.
Similarly, Crypto All-Stars (STARS) has impressed experts with its robust fundraising as well as multi-chain staking model, MemeVault.
STARS has raised nearly $2 million in its ICO. However, it is still a low-cap meme coin, one which some analysts believe could offer 100x returns.
Another low-cap meme coin Flockerz (FLOCK) is creating a strong buzz as well, thanks to its vote-to-earn platform. Investors can essentially steer the project with their votes while earning rewards for it.
Despite being a relatively new meme coin, it has several prominent investors in its corner, some of which are aiming for 10x returns with FLOCK.
Source: https://finbold.com/bitcoin-price-dips-below-62k-as-iran-attacks-israel-crypto-crash-next/