Under the sign of “the bull”: Why expect the growth of bitcoin in October
This year in General has brought bitcoin investors disappointed. Will the Oct their to bestow, giving the race the bulls? This possibility indicates a number of factors.
The price of bitcoin in January 2017 was about $1000. Observers gave optimistic forecasts, saying that by December, the cryptocurrency will rise to $3000— 4000. However, bitcoin then jumped to nearly $20 000. The driving force of the bullish rally began the retail investors who were excited by the growing hype and on the move and jump in the “cryptocurrency Express”.
However, everything that goes up sooner or later in danger of falling. Bitcoin has already experienced a correction of up to 90%, and history repeated itself. To the disappointment of those investors who entered the market at the highs in February 2018, the digital currency fell to $5800.
Since then, all attempts full recovery was not successful. Bitcoin failed rally in February, March, April, may, July and September due to lack of sales. Gradually, the hope gave way to despair, and retail investors lost patience and started to leave the game with huge losses.
Can the Oct to change the situation?
Many positive factors for bitcoin this month can theoretically push up prices.
First, analysts believe that the digital asset has already passed the bottom. From the point of view of technical analysis, the price has consolidated inside long term descending triangle.
The Commission on securities and exchange Commission (SEC) has so far rejected all applications for the bitcoin ETF, including from the Winklevoss twins. Now, however, the regulator has sought public opinion on all the proposed cryptoprocta. Perhaps the growing interest of institutional investors will force the SEC to reconsider its decision. The deadline for receiving comments, the Commission established October 26.
Second, the approval of the bitcoin ETF will open the door to institutional money will become the trigger for the influx of “bulls” on the market. Last year this effect was observed due to the ads about the launch of bitcoin futures on CME and the Cboe, which caused a rapid rally.
Finally, given the seasonality of the market, the period from October to December has always been a good time for bitcoin. Under the curtain of the year last bitcoin six times, showed growth.
The price of bitcoin has repeatedly proven that it can turn on a exponential way and it is a matter of a few days or weeks. Now the indicators and news background indicate possible break up in October, although it is recognized that forecasts are not always justified.