Craig of Crypto Savy has put forward a bitcoin bottom call for October, with $28,000 in play. It is a contrarian view compared to the optimism you see elsewhere, and it comes from a close reading of the numbers.
Craig’s Technical Analysis and Forecast
For Craig, who runs Crypto Savy, this isn’t just a hunch. His outlook is based on old market patterns and some Elliott wave analysis. He sees the current bearishness as something that will persist for a while, with the price of bitcoin likely to find its floor in the $28,000 range by October. Looking at how things have played out in previous cycles, the coin tends to make its top in November before settling down in the new year. That kind of pattern supports his case for a repeat performance.
Then there is the DXY. The index, which tracks the dollar’s strength relative to other currencies, looks like it could be on the rise. In the past, that has been a headwind for bitcoin and the rest of the crypto space. For Craig, it is another piece of evidence supporting a more cautious outlook.
Skepticism Toward Bullish Narratives
Craig is wary of the rosy projections put out by well-known names like Thomas Lee. In his view, there is a risk that some analysts have a vested interest in steering retail investors into certain positions so they can trade on the other side. That kind of conflict of interest is what he has in mind when he makes his case for where the bitcoin bottom will be; it is something that can easily mislead an inexperienced trader.
Craig’s message is to do your own due diligence and not put too much trust in what public figures are saying. A more inquisitive approach is needed, especially when the market is as volatile as it has been.
Implications for Altcoins and Trading Strategies
If bitcoin were to bottom at $28,000, it would be felt well beyond the top of the market. Craig sees a possibility that if the bearish trend continues, we could see Ethereum and other large altcoins drop below $1,000, with Solana even moving down to six dollars. It is not an easy time for those holding alts.
He has been there himself, and his own record reflects it: he is sitting on a $28,000 loss from a $2 million trade, but has also made 114 percent on a much smaller one. For anyone new to this, his advice is to start with a paper trading account and get some practice before risking any hard-earned money. A sensible approach is to build a workable system first, and only then start scaling up with actual capital.
Source — Crypto Savy: https://www.youtube.com/watch?v=i5mpk357ucQ
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