LMAX Group strategist Joel Kruger believes the Bitcoin and crypto market is staging a strong comeback after weeks of struggle following the Oct. 10 crash.
Notably, his recent commentary comes at a time of growing optimism among investors who see the crypto market regaining strength as global market conditions improve.
For context, on Oct. 10, the total crypto market cap plunged from $4.09 trillion to $3.24 trillion, wiping out about $850 billion in minutes.
The analyst expects Bitcoin and Ethereum to keep climbing after spending some time consolidating from their earlier record highs. He explained that the ongoing rebound has gained momentum thanks to a better macroeconomic backdrop.
Notably, lower U.S. bond yields and stronger risk appetite have helped attract more buyers into digital assets. Technically, Kruger says the recent Bitcoin and Ethereum pullback was a natural pause and a healthy consolidation before the next major rally. He expects both assets to stay supported during any dips and to push higher into the year’s end.
Kruger also highlighted historical market patterns to back his bullish outlook. He noted that October and the fourth quarter have typically been strong months for crypto. Although this October started with volatility and a steep market crash, he says sentiment in crypto can change quickly and that there’s still plenty of time for momentum to swing in favor of the bulls.
So far, Bitcoin has shown impressive resilience. After dropping to around $108,000 just a week ago, it has rebounded to roughly $115,000, logging four straight days of gains. This renewed strength has inspired several other analysts to share bullish views.
For instance, PlanB, the creator of the Stock-to-Flow model, noted that Bitcoin’s realized price metrics are rising across all time frames, with the five-month realized price now around $113,000. Since Bitcoin trades above these averages, he sees this as a bullish sign.
Also, market veteran Michaël van de Poppe said $112,000 was the critical resistance level Bitcoin needed to break. Now that it has, he expects a small pullback before the next FOMC meeting, followed by another strong push that could send Bitcoin to a new all-time high in November.
In the altcoin market, Ethereum has also bounced back above $4,000, now trading near $4,155. However, trader Shafyn Khan believes the asset may revisit the $3,700 to $3,800 range before making another push higher, based on its current technical setup.
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