1. Crypto Market Quick Update
1. Top trader Pentoshi
Updated October 7 at 4:04 a.m. Beijing time:
AI stocks have started outperforming cryptocurrencies again recently. The gap is nowhere near as dramatic as it was at the start of the year—when the rally felt like the frenzied bull market of 2021—but they’re beginning to pull ahead again.
This is just an observation, but overall, AI stocks have less downside and more upside. Naturally, that makes them more appealing to ordinary people. Crypto has to compete with AI and robotics for the same pool of liquidity.
Personally, I don’t believe most people are willing to be repeatedly harvested on-chain. That said, I think several companies in crypto are already moving in the right direction with their tokenomics. We need to keep pushing for buybacks so token holders can genuinely benefit from value flowing back to them.
The success achieved this year has been tremendous, and this model is sustainable—which is exactly what we need. I believe products that truly give holders ownership, such as HYPE, PUMP, ZRO, and ENA, are what will really draw people into this space—not the “celebrity” narratives and celebrity meme coins that everyone is obsessed with.
(Pentoshi believes that only a handful of crypto projects are worth investing in, namely those with real revenue-funded buybacks.)
2. Top trader Huma
Updated October 7 at 18:22 Beijing time:
Shorts keep piling into this correction in $BTC C.
Meanwhile, the comparison with October 2023 still holds, only with higher volatility this time:
Price continues to grind higher
BTC’s pullback has been very limited after rising to $80,000.
The market still doesn’t believe that BTC has truly begun its next bull run.
Over the past few months, BTC has overcome multiple “walls of worry” (war, Fed rate hikes, and the failure of the Clarity Act to pass).
Macro risks will always exist, but I believe the path of least resistance is still toward $100,000 in the fourth quarter.
(Huma thinks BTC’s recent price action resembles October 2023 and that the next bull run has already begun. This drop is just a correction, with a Q4 target of $100K.)
3. Trader Dr. Profit
Updated October 7 at 19:07 Beijing time:
Good morning. This chart could develop into a situation that is extremely unfavorable for the bulls.
First, watch $79,000 and observe how BTC behaves there. If $79,000 fails to hold, I expect the next target to be $68,000–$69,000.
(Dr. Profit has been adding to his short positions between $86,500 and $89,500 recently. He now sees $79,000 as the correction target.)
4. Trader Vivian
Updated October 7 at 19:39 Beijing time:
Good morning.
BTC has not broken market structure, but our BTC trade was stopped out at breakeven (BE). Since BTC is currently below the daily open, we won’t see a significant move upward.
We’ll start taking BTC long positions again, but no significant rally is expected today.
NEAR can be scalped, though its price is expected to face rejection around the daily open.
A 15-minute candle close above $84,444 can serve as a trading signal, with a target of $85,555.
However, despite a strong bearish candle last night, BTC never truly broke market structure, so it’s still too early to consider shorting. Even the weekly structure remains intact.
At the New York open, we’ll reopen our BTC long position, scalp NEAR, and then call it a day.
This BTC trade is a swing trade, but no rise is expected today.
Updated October 7 at 21:24 Beijing time:
We can start entering swing long positions today.
Once the London session high is reclaimed, 2.85T. INJ is planned for entry in another channel, and the T2 plan for ADA is also on our radar.
BTC above $84,444 + a 15-minute candle close = intraday long entry signal.
TOTAL above 2.85T + a 4-hour candle close = swing long entry signal.
If BTC trades below $84,444 all day, we must wait for it to reclaim that level, since BTC is currently in an intraday downtrend.
There is liquidity below $82,500. Price may not sweep it, but it’s a possibility.
So, if you want to trade against the intraday trend, you must wait for at least a move above $84,444.
Shorting in a discount zone is foolish, so we won’t consider short positions for now unless there is a sharp break below $82,500.
(Vivian plans to wait for BTC to reclaim $84,444 before taking a short-term long position. She believes it’s not suitable to short for now.)
5. Elliott Wave Theory — Liu Yudong
BTC — October 7, 2026
The rally from the blue dot could be an xx wave, a B wave, or a wave 3.
Since the blue dashed line has broken down, the purple line will continue to correct.
A break below the green dashed line indicates that the entire rally from the blue dot to the red dot is over and a retracement is underway.
If the green dashed line holds, there is still potential for the price to continue rising along the green line.
(Liu Yudong believes that if BTC breaks below 80,026, it would mark a major retracement. For now, it is in a minor retracement.)
II. Summary
BTC broke below the 84,479 level we were watching today, clearly entering a retracement. We had already reminded everyone a few days ago to reduce altcoin exposure and lower leveraged long positions. Most altcoins fell 5% or more today.
The prevailing view in the market is that a correction is coming. No one has dared to say it will break below $60K yet, but we need to watch whether BTC continues to fall over the next two days and forms a daily downtrend. It has been rising for over a month since mid-August, so a correction is due. Those who missed out earlier can use this pullback to build some spot positions.
Disclaimer:
The information above is for reference only and is not trading advice. Trading involves high risk; participate with caution.
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