Bitcoin looks extremely bullish on the monthly chart. While we do expect to see short-term volatility for BTC, there is a 60% chance that Bitcoin is on a trajectory towards $40,000.
On a shorter timeframe, we can see that Bitcoin is still in a trading range, and has yet to make a decisive move up or down. Despite the weakness that the stock market is showing, Bitcoin continues to hold up strongly. Even though there will likely be additional weakness in stocks this October, we favor the Bitcoin price holding up as more people accumulate sub $30,000. Unless we see a breakdown in BTC’s strength, we expect Bitcoin will put in a low between $22,000 to $24,000.
HBAR is in a trading range, but could potentially see a double bottom at $0.045. Over the past few weeks, we have seen an interesting announcement from Microsoft that they plan to integrate crypto wallets for their Xbox gaming console. While we have seen cryptocurrencies like Ethereum and Bitcoin establish network effects for being a store of value or for smart contracts, we have yet to see this for gaming. Networks like Hedera may have a competitive advantage when compared to other networks due to its inherent scalability and cheap transaction fees.
