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Bitcoin retested the $62,000 support level multiple times on Wednesday as uncertainty prevailed in the market ahead of the release of several key US economic events, including the minutes from the Federal Reserve’s September meeting.

Most of the top altcoins traded sideways with some popular projects like FTM, TRX, and APT posting single-digit gains, while others were painted red.

Over the past 24 hours, the cryptocurrency market experienced $109.1 million in liquidations, with the total market capitalization dropping by 2.42%, settling at $2.25 trillion.

Bitcoin traded within a narrow range of $61,675.07 to $62,781.92, further distancing itself from its March peak of $73,737.

October has historically been a strong month for Bitcoin holders, with the cryptocurrency closing in the red only twice since 2013.

On average, investors have enjoyed returns of 22%, making it one of the most profitable months for Bitcoin in terms of investor gains.

However, when writing, the cryptocurrency was down over 3% since the start of the month.

Bitcoin’s Fear and Greed Index, which measures market sentiment by analyzing factors like volatility, trading volume, and social media trends, remained at 49, which typically means that the market is neither dominated by fear nor excessive optimism.

Meanwhile, on CoinMarketCap, community sentiment remained bullish, with 65% of the 203,942 total votes expressing a positive outlook.

On X, analysts largely highlighted the market’s uncertainty, with traders divided and anticipating movement in either direction. However, some were optimistic, expecting a potential bounce from current levels.

Seasoned veteran Peter Brandt painted a bullish scenario for Bitcoin in the long term.

According to Brandt Bitcoin’s most significant gains typically occur in the second half of its halving cycles. 

He pointed out that BTC’s price action since March 2024 is a minor pause in a larger upward trend, and projected a target of $135,000 by August or September 2025.

However, he pointed to $48,000, as a key level to watch because a break below that would invalidate his analysis.

A similar sentiment was also shared by analyst Bob Loukas who expects BTC to an even higher price of $150,000 in this bull season.

Crypto analyst Elija also drew attention to the bigger picture, stressing that the BTC’s parabolic curve is still intact.

According to Elija, this long-term pattern indicates that Bitcoin’s upward momentum is far from over, and an all-time high is on the horizon.

At the time of writing, BTC was trading at $62,320, as bulls attempted to reclaim the key psychological support level at $62,000, which has consistently acted as a crucial support for Bitcoin over the past month.

A sharp $1,000 move pushed the price up to this level, potentially signaling whale activity, as large buy orders may have triggered the sudden surge in price.

Fantom (FTM) gained 5.2% over the past day, exchanging hands at $0.7 at press time.

The Layer-1 blockchain has been rising for four consecutive days since October 6 with a 17% increase in price over the period.

Source: Coinmarketcap

FTM’s rally came amid a high trading volume environment with the token seeing $402 million traded over the last 24 hours.

Its daily market cap has risen from its August low of $794 million to over $1.94 billion when writing.

Moreover, over the last 30 days, the token rallied 57.2%.

One of the potential contributors to the recent price rally is Fantom’s partnership with LayerZero, an omnichain interoperability protocol.

This integration enhances Fantom’s cross-chain capabilities, enabling asset transfers across over 90 new chains. 

Fantom proponents remain bullish on the altcoin believing it could hit $1 in the short term.

Tron (TRX), the next crypto asset to make it to this list rose 3.6% over the past day.

The altcoins’ market cap has risen from $9.51 billion since the beginning of this year to $13.99 billion when writing showing Tron’s growing adoption and market demand.

Source: Coinmarketcap

The recent rally in price has been accompanied by a 30% rise in its daily trading volume hovering around $486.8 million.

Tron’s recent price rally follows a token burn that took place on October 8, during which around 5.99 million tokens, worth approximately $958K at the time, were taken out of circulation.

Token burns typically create scarcity, boosting market sentiment and demand.

Aptos (APT) also gained 2% over the past day, trading at $9.17 at press time.

The altcoin saw more significant gains of 48% over the past 30 days while its market cap was seated at $4.59 billion when writing.

Source: Coinmarkecap

The surge in Aptos’s price is attributed to several recent partnerships and collaborations.

For instance, Aptos has become one of the blockchains adopted by financial heavyweight Franklin Templeton for issuing tokenized shares.

Furthermore, Aptos has acquired HashPalette, a Japanese blockchain platform that focuses on NFTs in the music and art sectors.

This acquisition means that HashPalette’s projects for Expo 2025 will now be launched on the Aptos network.

The post FTM, TRX, and APT lead daily gains as analysts predict six-digit BTC price target long term appeared first on Invezz

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