FxPro Analysts: A Healthy Correction Expected in Bitcoin

The price of Bitcoin has experienced a brief pullback following its recent rally, with analysts describing this situation as a healthy correction. As the weekend approaches, selling pressure has been observed in the cryptocurrency market. Bitcoin's (BTC) price has fallen to $120,000, while Ethereum (ETH) has erased its gains from the past week, experiencing a 2.4% decline. Additionally, significant altcoins like Solana (SOL), XRP, and Dogecoin (DOGE) have similarly witnessed losses of around 3%.

However, analysts emphasize that this pullback does not signify the end of the bull market. FxPro analyst Alex Kuptsikevich states that Bitcoin may correct in the $107,000 - $115,000 range by the end of October. Kuptsikevich notes that this correction is a natural process for the market to regain strength. Furthermore, he cautions that if the price falls below this range, the market may become anxious, as the Fed's interest rate decision on October 29 holds critical importance for the macro outlook.

Despite the short-term price pressure, the demand for Bitcoin ETFs remains strong. This week, $2.72 billion flowed into spot Bitcoin ETFs. Analysts view this situation as a signal reinforcing Bitcoin's identity as "digital gold." The increase in U.S.-based ETFs indicates that investors see Bitcoin as a safe haven amid uncertainties in traditional markets.

While the market is experiencing a correction, the strong performance of privacy-focused cryptocurrencies such as Zcash (ZEC) and Monero (XMR) has captured attention. Zcash has gained 80% over the past week, marking an increase of over 400% since the end of summer. Other projects like Monero and Dash have also shown increases of up to 40% in the last 24 hours. According to experts, these increases are linked to a growing interest in user privacy and new steps taken by the Ethereum Foundation toward privacy research.