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Summary of bullish crypto views: The bull market may still be in its early stages, and the global equity sell-off has not changed expectations for a Bitcoin rebound
BlockBeats News,October 23 Global financial markets were hit by another sell-off, with selling pressure affecting major equity indices in the United States, Asia, and Europe; gold and silver were also not spared. U.S. technology stocks fell sharply. The Nasdaq fell on Thursday 2.6%, marking the largest single-day decline since June. The chip index fell 6.72%, and CoreWeave fell another 10%. The South Korean stock market saw a particularly notable pullback.KOSPI The index has, over nearly 1 months, fallen by more than 20%。
Precious metals also came under pressure, with gold falling to its lowest level since the beginning of August, declining by approximately 1 over nearly 6%months, while silver fell by more than 1 over nearly 15%months. In sharp contrast, ongoing Middle East conflict and concerns over supply disruptions continued to push oil prices higher, with Brent crude reaching a 5-month high.AI Concerns over investment returns, combined with inflationary pressure from rising energy prices, have once again put global markets to the test.
The crypto market was also not immune, with Bitcoin retreating after an earlier rally and at one point falling below 81000 USD. However, amid macroeconomic pressure and the market sell-off, some institutional participants and traders remain bullish on a rebound. Recent bullish views are as follows:
Coinbase Institutional stated that chip stocks posted double-digit declines over the past 2 weeks, marking the second significant downturn since June, while Bitcoin proved more resilient in both rounds of correction. It believes the market no longer views Bitcoin as a leveraged proxy for technology stocks. Prominent trader Doctor Profit stated that Bitcoin has strong support in the 81,000 to 82,000 USD range, which he regards as a local bottom, with the next target still at 94,000 USD. Yi Lihua believes that as the U.S. midterm elections approach, Trump faces an unfavorable situation and market volatility will increase. However, the assessment of a crypto bull-market trend remains unchanged; the market is expected to rebound quickly after the decline runs its course and begin a new advance.
Apollo Crypto portfolio manager Pratik Kala believes that Bitcoin has demonstrated strong resilience amid macro shocks and the unwinding of AI-related trades, and expects it to move higher next. From a technical perspective, trader il Capo noted that Bitcoin should begin rebounding, with the next short-term resistance located at 85,000 to 86,000 USD. As long as it holds 80,000 USD on a higher time frame, the price could gradually form higher highs and higher lows, ultimately reaching around 90,000 USD.