The past week has been bearish for the crypto market, with Bitcoin and Ethereum posting negative weekly returns. Bitcoin dropped 1.7%, while Ethereum saw a significant decline of 6.2% over the last seven days. With the “Uptober” rally possibly winding down, analysts anticipate a potential rebound in BTC and ETH prices next week after the recent dip.
October Becomes a Strong Month for ETFs
Over the past week, about $1 billion flowed into 12 spot Bitcoin exchange-traded funds (ETFs), with positive inflows recorded on four of those days. Most of this came from BlackRock’s IBIT, the largest ETF by assets, which is now close to reaching $24 billion in total inflows since its launch.
Starting on October 14 with $555.86 million, the funds saw five consecutive days of inflows, totaling over $2.13 billion—the first-time weekly inflows surpassed $2 billion since March 2024.
With these steady inflows over the past two weeks, the 12 Bitcoin ETFs have now accumulated over $3.07 billion in October, making it a strong month for ETFs.
Also read: What’s Next for Bitcoin, Ethereum And Solana Price? BTC Eyes $70k Levels
However, things are different for Ethereum. According to SoSoValue, Ethereum ETFs failed to continue their inflow streak as the net inflow turned negative on 25 October. Data reveals that ETH ETFs recorded outflow of $19.1 million after three consecutive days of positive inflow.
The substantial inflow volume into Bitcoin and Ethereum over the past few weeks might fuel a strong rebound rally in the coming week.
Bitcoin Price Prediction
Bitcoin is holding above $65,000, signaling that buyers are aiming to establish this level as new support. Bitcoin is currently forming a rising wedge pattern, a crucial indicator for next week’s prediction. As of writing, BTC price trades at 67,106, surging over 0.5% in the last 24 hours.
The upward trend in the 20-day exponential moving average and a positive relative strength index (RSI) show that the bulls have the upper hand in the coming week, raising the likelihood of a breakout above $70,000. If successful, the BTC/USDT pair could climb to $72,000.
On the downside, $65,000-$62,000 is a key support zone for the bulls to hold. A decisive drop below this zone could confirm the pattern and plunge BTC price toward $50.7K in November.
Ethereum Price Prediction
Ether rebounded off the 50-day Simple Moving Average (SMA) at $2,407, indicating that the bulls are attempting to establish a higher low. As of writing, ETH price trades at $2,479, surging over 0.6% in the last 24 hours.
If buyers manage to push the price above the EMA 20 trend line, the ETH/USDT pair could rise to $2,850. Sellers may try to halt the recovery at this level, but if the bulls hold their ground against the bears, the likelihood of a breakout increases. The pair could then initiate a rally toward $3,300 next week.
The 50-day SMA is the critical level to watch on the downside. A break and close below this support could trigger a decline below the support line toward $2,200.