Daily Crypto Signals: Bitcoin Eyes $200K, XRP Prepares for Uptober Amid ETF Developments
The cryptocurrency market shows mixed signals as Bitcoin consolidates around $112,000 with Galaxy Digital CEO identifying Fed leadership
Quick overview
- Bitcoin is consolidating around $112,000, with Galaxy Digital's CEO suggesting that changes in Fed leadership could drive it to $200,000.
- XRP is trading at critical support levels near $2.75, with potential ETF approvals possibly leading to a recovery despite its historically poor October performance.
- Pavel Durov highlights ongoing conflicts between crypto services and government regulations, emphasizing the fight for digital freedom.
- Analysts predict that Bitcoin's path to new highs may involve significant corrections, while XRP's upcoming ETF decisions could influence its performance in Q4.
The cryptocurrency market shows mixed signals as Bitcoin BTC/USD consolidates around $112,000 with Galaxy Digital CEO identifying Fed leadership changes as the “biggest bull catalyst” for a potential surge to $200,000. Meanwhile, XRP XRP/USD trades at critical support levels near $2.75, with upcoming ETF approvals potentially sparking an “Uptober” recovery despite the token’s historically poor October performance.
Crypto Market Developments
The crypto market is always changing, and big changes in regulations and institutions are having an effect on how people feel about it. Telegram co-founder Pavel Durov’s recent assertions that the French government asked for content control show that there is still a lot of conflict between crypto services and the government. His unwillingness to filter Moldovan election-related content shows the larger fight for digital freedom that is important to the crypto community as a whole.
Cathie Wood from ARK Invest has compared Hyperliquid, a new protocol, to Solana’s early development phases. She calls it “the new kid on the block” and says it reminds her of how Solana started out. This comparison comes at a time when competition is heating up among decentralized exchanges for perpetual futures. Platforms like Aster are gaining ground after launching new tokens.
Samson Mow, the founder of Jan3, says that the adoption of Bitcoin by nation-states is shifting from “gradually” to “suddenly.” This means that countries are moving past their early doubts and are now using more aggressive ways to get more Bitcoin. Even though President Trump signed an executive order to set up a Strategic Bitcoin Reserve, the US hasn’t started buying any yet, so other countries could still take the lead.
Can Bitcoin Price Touch $200,000?
Bitcoin’s price movement has gotten a lot of attention lately. Galaxy Digital CEO Mike Novogratz calls the possible removal of Federal Reserve Chair Jerome Powell the “biggest bull catalyst” for the cryptocurrency. Novogratz said that picking a “exceptionally dovish” Fed head may send Bitcoin to $200,000 because aggressive rate cuts would make investors move away from traditional bonds and toward riskier assets like cryptocurrency. The Fed’s 25 basis point cut in September was the first cut of the year, and further cuts are expected before the end of 2025.
Analyst Jordi Visser, on the other hand, says that Bitcoin’s path to new all-time highs will probably entail big losses of 20% or more. He compares BTC’s path to Nvidia’s, which was erratic but eventually successful. Even though Nvidia’s stock price has gone up more than 1,000% since ChatGPT’s introduction, it had to go through five corrections of 20% or more before it reached new highs. Visser sees Bitcoin as part of the AI trade and thinks it will become the best store of value in the digital age as AI changes traditional industries and makes many stocks useless.
Can XRP Rally in October?
XRP (XRP) is at a very important point right now. It is trading at $2.86, which is above the important $2.75 support level that was set in September. Technical analysis shows that staying at this level might lead to a rebound, with possible upside goals around $3.62 if the token breaks through the $2.81 resistance level and the 100-day simple moving average. The Glassnode distribution heatmap reveals that a lot of people bought XRP around $2.75, where about 1.58 billion were bought. This illustrates how important this level is as a base for a possible rebound.
In the past twelve Octobers, XRP has closed in the red seven times, with an average return of -4.58%. This is not a good month for the cryptocurrency. But this seasonal dip normally comes before a great Q4, since November is usually XRP’s best month for returns. There could be big changes in the ETF world soon, with a lot of approval decisions due between October 18 and 25. For example, Grayscale will make its judgment on October 18, while Franklin Templeton’s deadline has been moved to November 14. Analysts say there is a 100% chance of approval by December 31, which could lead to $4–8 billion in inflows in the first year. However, some people are worried that good news may already be substantially priced into present levels.
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