Bitcoin’s recent rally may slow down unless a fresh catalyst lifts investor interest, according to blockchain analytics firm Glassnode. The firm said that “without a renewed catalyst to lift prices back above $117.1k, the market risks deeper contraction toward the lower boundary of this range.”
At the time of writing, Bitcoin traded at around $111,377, roughly 5% below the $117,000 level, based on CoinMarketCap data. The cryptocurrency has dropped 4.19% in the past month, suggesting fading momentum.
The price of bitcoin has dropped by 4.19% in the last 30 days | Source: Coinmarketcap
According to Hyblock Capital CEO, Shubh Varma, he expects a “relatively volatile month,” with Bitcoin possibly moving between $116,000 and $120,000. He believes the market is likely to consolidate after the recent downturn but said some indicators still point to positive momentum.
According to Hyblock, spot Bitcoin ETFs continue to attract inflows. Before last Friday’s market crash, which saw Bitcoin briefly fall to $102,000, U.S.-based Bitcoin ETFs recorded nine straight days of inflows worth $5.96 billion, according to data from Farside Investors. Analysts say these inflows reflect strong institutional demand even amid short-term volatility.
Expectations of another U.S. Federal Reserve rate cut may also support Bitcoin. The CME FedWatch Tool shows markets pricing in about a 95.7% chance of a rate cut at the October 29 meeting. Lower interest rates typically benefit cryptocurrencies because they make traditional investments, such as bonds, less attractive.
21Shares research strategist Matt Mena said that recent liquidations, expected rate cuts, and growing structural demand make the year-end outlook “increasingly constructive” for digital assets. He projected that Bitcoin could move toward $150,000 as market conditions improve.
Meanwhile, BitMEX co-founder Arthur Hayes and Unchained’s Joe Burnett are more bullish, predicting that Bitcoin could hit $250,000 by the end of 2025.
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