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Top trader Henrik Zeberg shares an interesting prediction on the crypto market. Bitcoin began October, which is historically a bullish month, with an upbeat tone, surpassing $28,000 in yesterday's trading. Bitcoin fell to a low of $27,383 in today's trading session as profit-taking set in.
Despite the drop seen in the Bitcoin price in the last 24 hours, chartist and macroeconomist Henrik Zeberg presents the bigger picture, indicating that the bullish market signal remains intact.
According to Zeberg, the BTC/SPX ratio indicates the market is in a bullish phase. He further stated, "We are only at the very beginning of a monster move higher in risk assets."
The top trader made a further striking prediction: "Before this bull market is over and done, bears will have become bulls."
"The bull market signal is intact. The BTC/SPX ratio tells us that we are in the bull market. We are only at the very beginning of a monster move higher in risk assets. Before this bull market is over and done, bears will have become bulls," Zeberg stated.
On Monday, cryptocurrency prices jumped on ETF optimism, which some traders anticipated would bring increased interest and capital to an otherwise sluggish sector.
Expectations also soared as a result of the historical seasonality of price increases in October, which several crypto enthusiasts hope will be repeated.
However, Bitcoin was unable to sustain the surge, dipping below as profit-taking reduced the price rise. BTC was down 3% in the last 24 hours to $27,480 at the time of writing.
Despite this, Glassnode founder "Negentropic" on X remains bullish about the month and quarter, pointing out that late October options trading may hint at exciting price action ahead.
"Uptober is here, and we're riding the bullish wave with style.BTC rockets past $28,000, marking a dynamic start to the week, month, and quarter. We're diving into the heart of BTC season, and risk is hitting the low-risk zone. The price soars to its highest point in over a month, fueled by ETF optimism and seasonality. Late October options volume teases exciting price action ahead," the Glassnode founder stated.