Key Insights
- Peter Brandt says Bitcoin BTC bull run remains strong despite recent declines in the crypto market.
- Samson Mow expects capital to move from altcoins back into Bitcoin.
- XRP shows steady network activity, while Ethereum gains renewed institutional interest.
On October 11, Peter Brandt reaffirmed that Bitcoin’s bull run is still intact. He also shared insights on major altcoins like XRP, XLM, and ETH. Brandt’s analysis highlighted ongoing strength in the crypto market despite volatility.
His comments followed a week of sharp price drops. This left traders and investors assessing the direction of the cryptocurrency market.
Peter Brandt’s View on Bitcoin BTC and Major Altcoins
Peter Brandt, a well-known trader, said Bitcoin’s upward trend remains strong even after the recent market decline. He described Bitcoin as being in good shape, while offering brief remarks on some top altcoins.
Peter Brandt observed that XRP made only a modest move within a broader trend, while XLM showed signs of new momentum. He also noted that Ethereum appeared poised for a fresh rally.
His comments came at a time when the crypto market showed mixed results. Bitcoin managed to stay steady compared to other coins that saw sharper losses. XRP, which ranks fifth by market value, traded around $2.39 after dropping by 3.76% in one day.
XRPScan data revealed a slight uptick in XRP Ledger activity. On October 11, daily transactions surpassed two million.
Notably, Ethereum, the second-largest cryptocurrency, traded at $3,831.41 and fell by 0.3% within the same period. Reports from market analysts indicated that digital assets had gained approximately 36% since April. This left room for a potential market pullback.
The recent fall was the largest single-day drop in the crypto market’s history. After the crash, the Ethereum treasury firm BitMine purchased approximately $479.8 Million worth of ETH.
The company views the decline as a temporary dip driven by profit-taking. It emphasized that the underlying fundamentals remain strong. This move also demonstrated that institutions remain confident in Ethereum’s long-term potential.
Bitcoin BTC Next Phase and Market Adjustment
While Brandt focused on Bitcoin’s ongoing strength, Samson Mow, another industry figure, also shared his thoughts. He said that Bitcoin’s next upward move may begin soon. However, the market needs a more substantial BTC presence before that can happen.
He explained that the recent rise of altcoins and memecoins had pushed the market into an unstable position. According to him, many altcoins had reached unrealistic valuations. When prices dropped, it became clear that most lacked solid support.
He added that the fall revealed weak demand and low liquidity across several alternative assets. Mow believes that the drop could trigger a change in market direction. He expects investors to shift funds back into Bitcoin. This could strengthen its position and set the stage for further gains.
He also noted that companies promoting altcoins as assets for corporate treasuries may face challenges as investors return to Bitcoin. Both Brandt’s and Mow’s remarks reflect a cautious optimism among experienced traders.
They see the recent crash as a typical phase in the market cycle. Both analysts believe Bitcoin will lead the next major shift in the crypto space.
What It Means for XRP and ETH Investors
For XRP, some analysts have noted that the current market structure bears resemblance to the pattern observed in 2017. Then, a long downward wick on the chart was followed by a sharp rebound. Traders are now watching to see if history might repeat itself.
Despite the drop, XRP’s on-chain activity remains stable, which suggests that its user base continues to engage with the network. Ethereum’s case appears different.
The large purchase by BitMine after the crash shows that some institutional investors still trust its fundamentals. They see the price correction as a natural pause rather than a long-term decline.
Overall, the latest events underscore the varying perspectives of different traders on the same market. Peter Brandt remains positive about Bitcoin’s strength.
Samson Mow expects capital to return to it, and investors in XRP and ETH continue to wait for clearer signals. For now, Bitcoin still holds its position as the market’s main guidepost as traders watch the next move unfold.
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles has been featured on Cryptonews and Coingape, among others.
