Bitcoin, Ethereum, Dogecoin On The Rise As ‘Uptober’ May Be Finally Here: Analysts Predict Bullish Breakout For King Crypto, ETH’s Rally To $3,300

Leading cryptocurrencies maintained bullish momentum over the weekend, boosting expectations for new all-time highs.

What Happened: Bitcoin jumped above $69,000 late evening, a level not seen since the first week of June. The world’s largest cryptocurrency was up 8.9% in October, a month that has historically seen gains of over 21% on average.

Ethereum spiked to $2,750, the highest it has been since the August meltdown. The second-largest cryptocurrency soared nearly 12% last week.

In the past 24 hours, 56,654 traders were liquidated, with the total liquidations coming in at $134.09 million. More than $805 million in Bitcoin shorts would be wiped out if the leading cryptocurrency hits $72,000, according to Coinglass.

Bitcoin’s Open Interest rose 2.87% in the last 24 hours, while money locked in Ethereum’s futures market soared 8.84%, indicating bullish momentum.

Market sentiment was one of “Greed” as of this writing, according to the Cryptocurrency Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency stood at $2.39 trillion, following a jump of 2.20% in the last 24 hours.

Stock futures edged higher Sunday overnight. The Dow Jones Industrial Average Futures was up 53 points, or 0.13%, as of 8:45 p.m. EDT.  Futures tied to the S&P 500 gained 0.12%, while Nasdaq 100 Futures added 0.14%.

The rise followed a lucrative week for blue-chip indexes, with the Dow Jones Industrial Average and the S&P 500 closing at record highs Friday. to close at a new record high of 43,239.05. The Dow was up 2.23% since October began, while the broad-based index lifted 1.77% in the same period.

Tech titans like Tesla Inc. TSLA and Amazon.com Inc. AMZN are all set to report their earnings this week, serving as important market triggers.

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Analyst Notes: Noted cryptocurrency researcher and trader Rekt Capital stated that Bitcoin would break out from the multi-month downtrend channel toward at least $70,000 if it records a weekly close above the red resistance.

With King Crypto managing to do just that, it remains to be seen whether the analyst’s prediction is correct.

Widely followed cryptocurrency analyst Ali Martinez drew attention to the bullish pivot of the MVRV Momentum indicator, considered a “go-to” metric to evaluate Bitcoin’s trend.

Regarding Ethereum, the analyst highlighted the possibility of the coin rising to $3,300 provided the $2,660 holds. 

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