Will the bulls rally this week?
Last week was a bleak one for the crypto market, with Bitcoin and Ethereum posting weekly returns. Bitcoin fell by 1.7%, Ethereum showed a significant decline of 6.2% in the last seven days. While the “Uptober” rally may be winding down, analysts expect a resurgence in BTC and ETH prices next week after a recent decline.
October will be a strong month for ETFs.
Last week, nearly $1 billion flowed into 12 Bitcoin exchange-traded funds (ETFs), with four of them posting positive returns on those days. Most of that came from BlackRock's IBIT, the largest ETF by assets, which has now totaled nearly $24 billion in revenue since its launch.
With 555.86 million since October 14, the fund has seen five consecutive days of inflows, totaling more than $2.13 billion—the first time weekly inflows have exceeded $2 billion since March 2024.
With these steady gains over the past two weeks, 12 Bitcoin ETFs have now accumulated more than $3.07 billion in October, making it a strong month for ETFs.
Also Read: What's Next for the Price of Bitcoin, Ethereum and Solana? BTC eyes $70k levels
However, things are different for Ethereum. According to SoSoValue, Ethereum ETFs were unable to sustain their inflows as net inflows turned negative on October 25. Data shows that ETH ETFs recorded an inflow of $19.1 million after three consecutive days of positive inflows.
The massive inflows into Bitcoin and Ethereum over the past few weeks could fuel a strong rally next week.
Bitcoin price prediction
Bitcoin holds above $65,000, which indicates that buyers are considering establishing this level as a new support. Bitcoin is currently forming a rising wedge pattern, an important indicator for next week's forecast. As of writing, BTC price is trading at 67,106, up more than 0.5% in the last 24 hours.
An upward trend in the 20-day exponential moving average and a positive relative strength index (RSI) suggests that the bulls will dominate the coming week, raising the possibility of a break above $70,000. If successful, the BTC/USDT pair could rise to $72,000.
On the downside, $65,000-$62,000 is a key support zone for bulls to hold. A critical break below this zone could confirm the pattern and BTC price could drop to $50.7K in November.
Ethereum price prediction
Ether has broken the 50-day simple moving average (SMA) at $2,407, indicating that the bulls are trying to establish a higher low. As of writing, ETH price is trading at $2,479, up over 0.6% in the last 24 hours.
If buyers can push the price above the EMA 20 trend line, the ETH/USDT pair may rise to $2,850. Sellers may try to stop the recovery at this stage, but if the bulls hold ground against the bears, the risk of a breakout increases. The pair could start a rally towards $3,300 next week.
The downside of the 50-day SMA is an important level to watch. A break and close below this support could lead to a drop below the support line to $2,200.
