Crypto Bullish Views Roundup: Possibly Still in Early Bull Market, Global Stock Selloff Has Not Changed Bitcoin Rebound Expectations
BlockBeats news, October 23 - Global financial markets faced another sell-off, with selling pressure sweeping across major stock indices in the US, Asia, and Europe, while gold and silver were not spared either. US tech stocks plummeted. The Nasdaq fell 2.6% on Thursday, marking its largest single-day drop since June. The chip index dropped 6.72%, and CoreWeave fell another 10%. The South Korean stock market saw particularly notable retracement, with the KOSPI index cumulatively falling over 20% in the past month.
Precious metals also came under pressure, with gold falling to its lowest level since early August, down about 6% over the past month, and silver dropping over 15% in the same period. In stark contrast, concerns over Middle East conflicts and supply disruptions continued to push oil prices higher, with Brent crude rising to a five-month high. Doubts about AI investment returns intertwined with inflationary pressures from rising energy prices, once again putting global markets to the test.
The crypto market was not immune either, with Bitcoin pulling back after an earlier rally and briefly dipping below $81,000. However, amid macroeconomic pressures and market sell-offs, some institutional figures and traders remain bullish on a rebound. Recent bullish views are as follows:
Coinbase Institutional posted that chip stocks have seen double-digit declines over the past two weeks, marking the second notable drop since June, while Bitcoin has shown greater resilience in both corrections. It believes the market no longer views Bitcoin as a leveraged proxy for tech stocks. Renowned trader Doctor Profit stated that he believes the $81,000 to $82,000 range constitutes strong support for Bitcoin, viewing it as a local bottom, with the next target still at $94,000. Yi Lihua believes that with US midterm elections approaching, Trump faces an unfavorable situation, and market volatility will expand. However, the judgment on the crypto bull market trend remains unchanged, and the market is expected to rebound quickly after the decline bottoms out and initiate a new uptrend.
Apollo Crypto portfolio manager Pratik Kala believes that Bitcoin has demonstrated strong resilience amid macroeconomic shocks and the retreat of AI-related trades, and expects it to move upward next. Trader il Capo noted from a technical perspective that Bitcoin should begin to rebound, with the next short-term resistance at $85,000 to $86,000. As long as $80,000 is held on larger timeframes, prices are expected to gradually form higher highs and higher lows, eventually reaching around $90,000.
CryptoQuant founder and CEO Ki Young Ju focused on the improvement in network fundamentals. He stated that Bitcoin's hash rate has resumed an upward trend, with mining companies operating at full capacity, which means the network's security and store-of-value fundamentals are strengthening. As listed mining companies gain support from traditional financial giants, he views this change as an indirect bullish signal from institutional investors.
Chris Burniske, co-founder of Placeholder, stated that he is more inclined to believe that BTC's previous relative resilience has already led to significant adjustments in assets with lower market risk appetite. Therefore, the current situation appears more like an opportunity in an early bull market rather than a warning signal of a bull trap. Long-term investors should not repeatedly agonize over entering or exiting the market, but should systematically continue accumulating tokens, and should not confuse long-term investment with short-term trading.
