The recent Bitcoin (BTC) price correction has sent ripples through the broader cryptocurrency market, pushing many assets into the red. On Tuesday, Bitcoin fell below $110,000, marking a 12% decline from its all-time high. Experts are now warning that the situation could worsen as October approaches.
Market analyst OxPepesso took to the social media platform X (formerly Twitter) to explain his decision to liquidate all his crypto holdings by October. He identified key factors based on historical patterns that influenced his decision.
He notes that Bitcoin is losing its dominance, while the resurgence of memecoins and growing momentum in the Ethereum (ETH) ecosystem signal a shift in market dynamics.
Technical setups also appear to align with macroeconomic trends, suggesting that the market is nearing an “overheating phase.” He warns that following this peak, an “uncontrollable collapse” could occur, leading to significant losses for altcoins.
Although today’s readings remain below critical levels, the analyst asserts that there are signs indicating the market is heading in that direction. This could potentially worsen the broader crypto market’s retracement as the October deadline approaches.
Additionally, Onchain Originals Price Models are being monitored, as they reflect investor behavior and establish Bitcoin’s value ranges, identifying support and overheating levels that indicate the current phase of the crypto cycle.
Initially, he had projected that the market’s leading crypto could reach a new all-time high after hitting the $90,000 to $95,000 range. However, he now considers the possibility of lower price points, stating that he sees little to be bullish about.
Featured image from DALL-E, chart from TradingView.com
