Bitcoin To Face Another Shakeout Soon

This ‘Uptober,�Bitcoin has recorded a 12% surge from its opening price, jumping from the $60,000 support level and reclaiming key resistance zones. In the last two weeks, BTC recovered 14% from the early October shakeouts, nearing a retest of the long-awaited $70,000 mark.

The cryptocurrency faced major resistance after surging above the $69,000 zone, a level not seen since late July. After the unsuccessful retest, Bitcoin’s price faced a 5.3% pullback toward the $65,000-$66,000 range, failing to reclaim the $67,000 mark until Thursday.

Based on BTC’s recent performance, some analysts consider that the flagship crypto is poised to face another correction in the coming weeks. Crypto analyst Altcoin Sherpa revealed he is unsure about where Bitcoin’s “extremely chippy conditions�are headed in the short term.

Sherpa shared that the cryptocurrency could see one last shakeout “sometime in November.�He suggested  BTC could face another pullback toward the $62,000-$64,000 price range around the time of the US Presidential elections, scheduled for November 5.

However, the analyst believes that Bitcoin will continue its bullish rally after the shakeout. Another market watcher also forecasted another correction for BTC’s near future.

Analyst Crypto King stated that BTC is set to close above $70,000 this week before facing rejection from the key level. Following the rejection, Bitcoin would retrace 8% toward $64,000-$65,000, which could propel altcoins to “start moving 5-6x from the current position,�according to the analyst.

Is BTC Set For A Green Weekly Close?

Despite the rainy forecast, other investors remain bullish on the flagship crypto. Crypto analyst Moustache set the $67,000-$68,000 range as “insanely important support levels.�To the analyst, if BTC’s price holds its support there, it will hit $70,000 soon.

After Bitcoin jumped above the $68,000 resistance on Friday morning, Crypto Yapper noted that BTC broke out of a weekly bull flag and was “ready for an exponential move.” The analyst also asserted that the next horizontal level to break before the $70,000 test is $69,000.

Nonetheless, he stated that Bitcoin should make a higher high to remain bullish. Similarly, Rekt Capital pointed out that BTC’s old downtrend line is supporting, which serves as post-breakout confirmation.

Per the post, the cryptocurrency would record a bullish weekly close above the $66,300 mark. The analyst also highlighted that if BTC closes above the $67,900 zone, It will register a “very bullish weekly close�ahead of October’s last week.

At the time of writing, BTC is trading at $67,737, a mild 0.3% increase in the daily timeframe.

SUI Loses Key Support Zone

SUI has been on a downtrend this week, losing the recently gained levels alongside most of the market. The cryptocurrency saw a 5.3% drop in the last 24 hours, which has worried some investors and crypto analysts.

The token registered one of the best performances during Q3, leading the market as one of the few altcoins registering green numbers in most timeframes. SUI started the month by recording a 15% weekly surge, which fueled its rally toward its new all-time high (ATH).

Additionally, the token jumped 25% from its monthly opening, shooting past the $2 barrier to reach a new ETH of $2.35. However, its bullish rally was overshadowed by insider selling allegations on October 13.

Market expert LightCrypto alleged that SUI’s performance would be affected by insiders�continuous selling, who had unloaded $400 million in SUI tokens.

Following the allegations, the cryptocurrency faced a 15% daily correction but remained above the crucial $2 support level. Since then, the cryptocurrency has moved sideways, hovering between the $2-$2.15 price range until today.

On Tuesday morning, SUI lost the $2 support, plunging 6.5% toward the $1.87 mark before recovering the $1.90 zone. The token’s dip represented a 13% decline from its price seven days ago and an 18.4% drop from its ATH.

Is A 30% Pullback Looming?

Following SUI’s recent price action, some crypto analysts revealed that another pullback seems to be looming. Crypto analyst Altcoin Sherpa weighed in on the markets�current performance, as it slowed down after Bitcoin’s surge to $69,000 on Sunday.

Sherpa considers the market’s rally momentarily paused, highlighting that “most alts are either pulling back or consolidating.�To him, the tokens that recorded a strong run in September, including Bittensor (TAO) and SUI, have “a bit more pullback to go�before resuming their rally.

The analyst forecasted a 25% to 30% correction toward the $1.4 support zone or lower, detailing that there will probably be “plenty of bounces�along the way. Similarly, crypto investor Doji noted that the cryptocurrency broke “a massive 1-month stricture to the downside.�/p>

The investor revealed that the token dropped below the lower trendline of a broadening wedge pattern on its 1-month chart. Doji suggested that SUI will retest the pattern before dropping lower toward the lower liquidity spot at $1.4. Nonetheless, he expects “to see the middle of the macro range at some point.�/p>

Despite the drop, SUI registers a 30.7% surge in the monthly timeframe, trading at $1.92 at the time of writing.

Charles Hoskinson Defends Cardano

On Thursday, Charles Hoskinson addressed the adverse response towards Cardano in an X post. Hoskinson noted that the crypto community’s sentiment about the project has lately been more negative than usual.

However, he argued that Twitter’s sentiment change isn’t a reflection of the project failing “but rather the desired result of Voltaire.�Cardano’s “Voltaire�era is set to turn the network into “the most advanced blockchain governance system,�focusing on decentralized governance and its future sustainability.

Hoskinson believes that Cardano’s collaborative efforts and the transparency of the network is what sets it apart from the rest of the crypto space. “It’s why we are loathed by a lot of others. Their backroom deals and dirty tricks can’t be hidden because there is no one to ask to do it under the table,â€?he added.

In the post, the project’s founder also underscored Cardano’s “passion�for integrity and long-term vision for growth and progress:

Short-term thinking, market manipulation, and companies seeking a handout have no role or place here. That’s the difference that makes a difference.

Lastly, Hoskinson remarked that the project is not dying but “thriving and growing.�He that ADA is one of the last cryptocurrencies still wanting to be a real crypto instead of “the patron of Blackrock and Wall Street for number go up preferences.�/p>

ADA Could See A 10% Drop Soon

The crypto community reacted to Hoskinson’s message, with many arguing that, regardless of the developments, the Network’s “lack of volume�and “limited�ecosystem growth remains a problem for its community.

Meanwhile, part of ADA’s community agreed with Hoskinson, concurring that “it is the only chain that has truly built what I can only see as the groundwork to deliver on the promise of crypto.�/p>

Despite the ongoing criticism, some market watchers remain bullish about ADA’s future price action. Crypto analyst Dan Gambardello recently predicted that the cryptocurrency will “easily�reclaim the $1 mark before year’s end.

To Gambardello, the exponential surge “could happen fast�and leave many “flabbergasted.�Additionally, he stated that after the 200% surge, ADA’s potential targets of $5 and $10 would “look more realistic.�/p>

Conversely, crypto analyst Sebastian warned about a key level to watch for following ADA’s recent performance. Earlier this week, the analyst highlighted that ADA showed signs of a breakout after retesting the trendline it had recently broken above $0.35.

However, the cryptocurrency’s price dropped 2.9% in the last 24 hours, falling below the $0.34 mark. The analyst signaled that ADA must hold the current levels as failing to bounce from the $0.335 level could send the token to a retest of the $0.30 support level.

As of this writing, ADA is trading at $0.337, a 1.95% and 2% decline in the weekly and monthly timeframes.

Some experts weighed in on the market’s performance over the last year, discussing what made meme-based tokens the cycle’s top-leading narrative, and what could be next for the industry.

The Value Of Solana ‘Interjective Culture Coins�/h2>

Qiao Wang, co-founder of Alliance DAO, shared his thoughts on the market dynamics that led to each cycle’s top narrative. In the X post, he noted how there’s “an opportunity for retail to outperform professionals�every cycle.

The alpha is for retail to get involved at a time when there’s too much career risk for professionals to get involved.

Retail investors outperformed professionals during the first cycle with “simplyâ€?Bitcoin, Wang explained. In the second cycle, investors took advantage of Ethereum’s narrative, while Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) became the leading retail opportunities during the third one.

Solana and the “intersubjective culture coins,�as Wang called memecoins, have dominated the ongoing cycle. The meme-based tokens�popularity has often been criticized for a lack of utility and “substance,�frequently resulting in a “quick buck�for their creators and a few early buyers.

Nonetheless, Wang seemingly suggests that these tokens�value relies on the shared culture behind them, an argument that experts and industry figures have discussed before.

As reported by NewsBTC, crypto traders Ansem and Kel debated the value of memecoins in the Unchained podcast. In the interview, the traders explained there’s value in memes and culture on the internet, which makes a comparison with other altcoins “pointless.�/p>

They added that the crypto community is “very internet-centered�as its members understand the financial aspect and are very knowledgeable about online culture. As such, crypto investors realized there’s an opportunity to “financialize�meme virality in the industry.

Additionally, they pointed out that the “shared experience of relating�is another crucial factor driving the craze of meme-based tokens, as seen with the communities of Solana-based memecoins like dogwifhat (WIF) and Popcat (POPCAT).

Memecoins ‘Absorbed’ The Market’s Energy

On Sunday, Chris Burniske, the co-founder of Placeholder, also took X to weigh in on the memecoins frenzy. To him, “Memecoins�tendency to trigger is all you need to observe to know they’ll be bigger than we expect in the expansion ahead.�/p>

In the post, Burniske revealed that he considers the “trend is clear�as the cultural relevance NFT collections had in 2021 will be surpassed by some of the memecoin sensations of this cycle.

It is worth noting that, on October 7, the total market capitalization of Solana memecoins surpassed $10 billion, as SolanaFloor reported.

Solana co-founder Anatoly Yakovenko replied to Burniske, sharing his theory for why memecoins became the leading narrative. Yakovenko considers that the previous cycles “were also 90% memes and 10% products.�/p>

However, he suggests that today, the sector has monopolized the energy that propelled different narratives during other cycles: “My theory is that memecoins today have completely absorbed the meme energy that drove other cycles, like DeFi summer,�Solana’s co-founder noted.

Based on it, Yakovenko believes that products must “make it purely on value�now, which could be a positive thing for the broader industry.

As of this writing, Solana (SOL) is trading at $151, a 4% surge in the last 24 hours.