Analyst Dismisses Market Panic: Bitcoin’s Breakout and Retest Signal All Is Well

Nasdaq 100 futures climbed nearly 1% early Monday, challenging social media predictions that markets would open into a "Black Monday" crash. Crypto analyst Sykodelic posted on X early Monday that Bitcoin’s daily chart shows a breakout and retest of its previous high and its 50 EMA, a moving-average trend line, and told jittery traders to relax. The post lands as “Black Monday” crash calls circulate online while US stock futures point higher. Bitcoin Chart Breakout Meets Black Monday Fears In the October 19 post, Sykodelic wrote that “the timeline has been in the depths of despair” even as Bitcoin’s daily chart appeared to show “a breakout and retest of the previous high, and 50 EMA.” The trader called the bearish mood “emotional and irrational” and added: “There are definitely times to be cautious of price action. But at this time, with this move, this is not one of them.” Ash Crypto struck a similar note around the same time: “If people are calling for a Black Monday, it probably won’t happen.” Markets rarely move the way everyone expects, the account added, pointing out that fear is a poor basis for decisions. Hours into the supposed crash, the Kobeissi Letter pointed to Nasdaq 1...