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Bitcoin price eyes $82K as Morgan Stanley strategist says most of correction is over

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Bitcoin price eyes $82K as Morgan Stanley strategist says most of correction is over

Bitcoin sought to rebuild support at $80,000 while Asian and US tech stocks extended a rebound into key corporate earnings releases.

Bitcoin (BTC) approached $82,000 on Wednesday as South Korea’s KOSPI Composite Index gained over 6%.

Data from TradingView showed BTC/USD extending an intraday rebound to reach $81,687 on Bitstamp.

The pair avoided new lower lows on hourly time frames as bid liquidity thickened around $79,000, and $80,000, per data from CoinGlass.

Crypto markets strengthened gradually as nerves over AI spending and debt financing eased. The KOSPI finished Wednesday’s trading session 6.6% higher, returning above 6,000 points for the first time since Oct. 14. The index’s week-to-date upside stood at 9.3%.

In the US, the tech-heavy Nasdaq Composite Index closed up 1.1% on Tuesday ahead of major corporate earnings from Microsoft, Alphabet, Amazon and Intel. Samsung is due to report Q3 earnings on Thursday.

Speaking to CNBC, Mike Wilson, chief US equity strategist at Morgan Stanley, saw tech stocks entering a new bullish phase on the back of their rebound from a sell-off earlier in October.

“Most of the correction is already over. We’ve been in correction mode for four or five months... the market I think has digested this very efficiently,” he told the network on Tuesday.

Markets continued to expect the Fed to hold rates at its Wednesday meeting, with CME Group’s FedWatch showing 90.6% odds of rates staying in their current 3.75-4% range.

Fed target-rate probabilities comparison for October FOMC meeting (screenshot). Source: CME Group



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