The recent fall in the cryptocurrency market caught investors by surprise globally, yet one analyst anticipated it well in advance. Bitcoin dived from over $125,000 to briefly below $102,000, while Ethereum fell below $3,800, just as noted by well-known market commentator Ash Crypto earlier this month.
In his post on X dated October 1, he forewarned of a rapid correction aimed at liquidating all bullish positions before a significant rebound in Q4. With the dip unfolding precisely as he predicted, Ash Crypto now suggests a strong recovery phase in the upcoming weeks.
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The Crash Prediction That Shook ‘Uptober’
The sell-off that triggered industry-wide alarm was a swift change in sentiment following Bitcoin’s recent peak on October 6. Bitcoin’s drop from above $125,000 to below $110,000 led to widespread panic across other cryptocurrencies, with Ethereum also experiencing a steep fall below $3,800. Over $19 billion in leveraged trades were liquidated across various exchanges in less than a day, marking one of the most significant wipeouts in cryptocurrency history.
Interestingly, the crash’s timing was almost precisely aligned with a forecast made on the social media site X by Ash Crypto. In his October 1 post, Ash Crypto described a “pump-then-dump scenario,” designed to ensnare overconfident bulls. He cautioned that early-month gains would entice retail traders into believing PUMPtober was genuine before the market violently reversed to shake them out.
Remarkably, the analyst anticipated Bitcoin would dip to around $106,000 and Ethereum to $3,800 or lower before recovering later in the month. According to him, this correction period would last until mid-October, roughly between the 15th and 20th, before shifting into a vigorous recovery during the final ten days of the month.
What Comes Next After The Drop?
Ash Crypto’s prediction has proven to be accurate, particularly in the context of widespread optimism for ‘Uptober’ that clouded the judgment of many cryptocurrency traders. Nonetheless, despite the anticipated bearish trend, his prediction post also indicated a long-term view that is in line with a bullish Uptober.
He explained that once market sentiment shifts overwhelmingly bearish, and traders start believing PUMPtober is off the table, short positions will accumulate. It is at this juncture that a reversal is expected to commence in the final ten days of October, leading to what he described as Q4 parabolic candles.
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Ash Crypto predicted Bitcoin will reach between $150,000 and $180,000 by the end of Q4, while Ethereum is expected to trade within the $8,000 to $12,000 range. Following that trend, he anticipates an all-out altcoin season that could see many altcoin prices surge 10x to 50x within just a few months.
As of now, Bitcoin is trading at $114,049, and Ethereum is at $4,087.
Featured image from Unsplash, chart from TradingView
