In September, Bitcoin experienced a significant bearish trend, only to rebound slightly to $27K as the month ended. Yet, October promises increased excitement with several major events on the edge, including the SEC’s verdict on Grayscale and multiple spot ETF launches. Consequently, we might see intense price fluctuations for BTC, potentially tilting in favor of the buyers.
October Has Historically Been Bullish For Bitcoin
The Securities and Exchange Commission has been delaying its verdict on a spot bitcoin ETF, but October could provide the much-anticipated clarity for fund issuers and the crypto sector.
The regulatory body faces a decision on whether to challenge its August courtroom setback in a lawsuit involving Grayscale Investments. Additionally, we might witness the launch of the first ETFs containing ether futures in the upcoming month. As a result, there can be a buying demand for Bitcoin next month.
Drawing insights from Coinglass data, Bitcoin’s performance in October has been predominantly bullish since its inception. Starting from 2013, the month of October has consistently witnessed a surge in Bitcoin’s price, with only two exceptions in 2014 and 2018.
Diving deeper into the numbers, Bitcoin has not only seen positive returns but has managed to yield an impressive average return of over 20% during this month. Hence, from this historical data and the average return rate, there’s a compelling case to be made for Bitcoin’s price trajectory in the upcoming October. If the trend holds true and the crypto market remains favorable, we could very well witness Bitcoin’s price soaring to an approximate value of $32,400.
While historical data provides valuable insights, the crypto market is known for its volatility, and external factors can influence price movements. Hence, it is advised to do your own research before investing in Bitcoin.
What’s Next For BTC Price?
After several days of challenges, Bitcoin surged past the moving averages recently. Currently, the bulls are working to prevent the bears from pulling the price below the 20-day exponential moving average, priced at $26,840. As of writing, BTC price is trading at $27,022, surging over 0.5% from yesterday’s rate.
There’s a rising bullish crossover in the moving averages, and with the relative strength index (RSI) showing positive signs, it suggests an upward momentum. A slight resistance is predicted at $27,500, but it’s expected to be surpassed.
The BTC price might then approach the next resistance at $28,201, and if successful, it might head toward $30,108, where a significant tug-of-war between the bulls and bears is anticipated.
On the flip side, the $26,000 mark is crucial. If breached, the bears might gain advantage. This could potentially lead the price to plummet towards the strong support level of $24,845.
Credit: Source link