popular analyst Crypto Tony recently spoke about the historical performance of October in cryptocurrency markets. According to Tony, 8 of the last 10 Octobers have shown bullish trends, providing optimism for this month. As we are only four days into the month, Tony believes there is enough time for the market to witness a positive change and end October on a green note.
That's like music to any cryptocurrency investor's ears, right? Keep reading!
Bitcoin at a crucial stage
Tony emphasizes the importance of Bitcoin's $27,000 support level. His strategy is clear: he plans to continue with bitcoin as long as this level remains intact. However, he also hints at a contingency plan. If Bitcoin were to fall below this critical support or face strong rejection after an attempted rally, Tony would consider selling it, as indicated by his chart analysis.
โI love how in this space we can go from seeing $BTC to $100,000 one day and then $10,000 the next day. The emotions are wild. Keep 'em in check, legends; This will be very important for the future bull market.โ
Read more: Bitcoin is bullish in October, analyst predicts a revision of the yearly high
How are Altcoins doing?
Tony also shared information about several altcoins:
- AVAX (Avalanche): Expressed strong interest in AVAX and suggested it could be gearing up for a substantial upward move. The setup, in his opinion, looks promising and carries a manageable level of risk.
- Chain Link (LINK): Tony offered a macro update on LINK, mentioning a possible trading strategy if it fails to break above the range high of $8.90.
- Injective protocol (INJ): Tony, warning against the risk of getting carried away with price increases, emphasized the importance of maintaining a realistic outlook. He noted that the market is currently in a medium range and maintains a neutral stance without a specific short-term bias.
- VRA: Tony briefly commented on VRA volume, stating that volume is still strong, so he is not too worried about a significant drop at this time. However, he will be watching closely and considering taking some profits around 0.0078.
Crypto Tony's insights into the October cryptocurrency market provide valuable food for thought. With historical trends on his side, he remains cautiously optimistic about the month's prospects. Is this an approach you are also considering?
