Crypto market analysts believe Bitcoin price may see a “corrective move” before a major rally in Q4 2024.
Bitcoin’s (BTC) 11% weekly gains had traders worried that the market could witness one last retracement before BTC continues its rally to new all-time highs.
“Current trading activity around 68.4k is linked to earlier volatility from July 29, when prices dropped to 49k just five days later,” pseudonymous derivatives trader TheKingfisher said in an Oct. 17 post on X.
The recent spike in volatility suggests that “hedging is getting more expensive, and leverage is costing more” as volatility continues to rise, the analyst argues.
