Last week was weak for the cryptocurrency market, with Bitcoin and Ethereum recording negative weekly returns. Bitcoin fell 1.7%, while Ethereum saw a significant decline of 6.2% over the past seven days. With the “Uptober” rally likely to die down, analysts are predicting a potential rebound in BTC and ETH prices next week after the recent decline.
October will be a strong month for ETFs
Over the past week, approximately $1 billion has flowed into 12 spot Bitcoin exchange-traded funds (ETFs), with four days recording positive inflows. Most of this came from BlackRock’s IBIT, the largest ETF by assets, which has now seen total inflows approaching $24 billion since launch.
The fund, which opened with $555.86 million on October 14, has seen inflows for five consecutive days, totaling over $2.13 billion. This marks the first time weekly inflows have surpassed $2 billion since March 2024.
Due to these steady inflows over the past two weeks, 12 Bitcoin ETFs have now amassed over $3.07 billion in October, making it a strong month for ETFs.
Also read: What’s next for Bitcoin, Ethereum and Solana prices? BTC Eyes $70,000 Level
However, in the case of Ethereum, the situation is different. According to SoSoValue, the Ethereum ETF failed to continue its inflow streak, with net inflows turning negative on October 25th. According to the data, the ETH ETF recorded outflows of $19.1 million after three consecutive days of positive inflows.
The significant inflows into Bitcoin and Ethereum over the past few weeks could trigger a strong rally next week.
Bitcoin price prediction
Bitcoin holds above $65,000, indicating buyers are aiming to establish this level as new support. Bitcoin is currently forming a rising wedge pattern, which is an important indicator for next week’s forecast. At the time of writing, BTC price is trading at 67,106, surging more than 0.5% in the last 24 hours.
The upward trend of the 20-day exponential moving average and positive relative strength index (RSI) shows that the bulls will gain the upper hand next week, increasing the chances of a break above $70,000. If successful, the BTC/USDT pair could rise to $72,000.
On the downside, $65,000-$62,000 is a key support zone for bulls to hold. A decisive decline below this area could confirm the pattern and send BTC price plummeting to $50,700 in November.
Ethereum price prediction
Ethereum has rebounded from its 50-day simple moving average (SMA) to $2,407, indicating bulls are attempting to set a higher low. At the time of writing, the price of ETH is trading at $2,479, having surged more than 0.6% in the last 24 hours.
The ETH/USDT pair could rise to $2,850 if buyers push the price above the EMA 20 trendline. Sellers could try to halt the recovery at this level, but if the bulls hold out against the bears, the chances of a breakout increase. That could start a rally towards $3,300 next week.
The 50-day SMA is an important level to observe a downtrend. A close below this support could lead to a decline below the support level towards $2,200.