Analysis: Spot Traders Shift to Altcoins, Altcoin Trading Volume Hits Nearly 4 Times That of Bitcoin

OpenAI plans to raise $30 billion in funding at a $1.4 trillion valuation. (Bloomberg)

According to HTX market data, Bitcoin is currently trading at approximately $83,238. However, options traders are increasingly positioning for a price breakout above $90,000, with $95,000 and $100,000 also popular strike prices. Institutional fund inflows are also improving: Bitcoin ETFs have recorded inflows for eight consecutive days, with $31 million flowing in yesterday. This positioning indicates that even amid weak short-term Bitcoin sentiment, upside demand remains active.

U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins said in an interview with CNBC that he aims to push the stock market to operate on-chain, adding that the entire financial system is shifting toward Bitcoin and cryptocurrencies.

Well-known trader Doctor Profit announced he has closed out his HBAR position for a small profit. The breakout appears to be a false one, and holding such assets while Bitcoin is hovering around $79,000 is too risky. He has exited the trade, though he will continue monitoring it over the coming weeks to seek better entry opportunities.

Fed Governor Barr said that further interest rate hikes may be needed. The trend of inflation returning to the 2% target in a timely manner is not obvious, and risks to achieving the inflation target have increased.

Renowned trader and chart analyst Peter Brandt, who accurately predicted the 2018 Bitcoin crash, stated, "We have likely already seen the cycle low and are now entering a new Bitcoin bull cycle." However, Brandt noted this does not mean the market will avoid a sharp pullback first. He is monitoring the possibility of a correction to the $65,000–$66,000 range in early October. Brandt said: "Of course, there’s a risk that too many people are chasing the rally now. They’ve already bought into the idea that Bitcoin’s low is in and are piling into this upward move." He believes a pullback could wash out these late buyers chasing gains, while also offering investors an opportunity to build positions. Brandt also raised his forecast for Bitcoin’s next cycle top, revising his end-2029 target range from the $250,000–$300,000 he set in July this year to $300,000–$600,000. He added: "This bull cycle is very likely to hit $500,000." In Brandt’s view, it’s not impossible for Bitcoin to reach $1 million by 2030, but even if that target isn’t met, it won’t affect his trading logic. Brandt also said he hasn’t deployed all the funds he plans to allocate to Bitcoin into the market yet. If Bitcoin hits his expected high by 2029, he believes allocating just 70% of his capital to the market and capturing 70% of the rally’s gains would be sufficient.