Bitcoin’s September Performance Suggests a Bullish October, Say Bitfinex Analysts
The performance of Bitcoin in September, where it closed the month with gains, has caught the attention of analysts at Bitfinex. They believe that this positive outcome could indicate a bullish trend for the cryptocurrency in October.
According to Bitfinex analysts, a historically positive September often sets the stage for a bullish October in the Bitcoin market. They point out that the combined crypto market cap increased by 6.1% during September, which is a rare occurrence for the month.
Increased Volatility Expected Based on Options Data
The Bitfinex Alpha report highlights several factors supporting the forecast of increased volatility and potential upside for Bitcoin in October. The crypto options market is showing signs of anticipating higher market volatility, as implied volatility surpasses historical volatility. This suggests that traders are preparing for increased price swings.
On-Chain Support and Stability
The report also references on-chain data that indicates strong support for Bitcoin’s current price levels. Long-term holders are determined to maintain their positions, contributing to the cryptocurrency’s stability. Additionally, Bitcoin held for periods between 6 and 12 months remains relatively static, while older BTC supply has been largely inactive since February 2023. These trends suggest that long-term investors are holding onto their Bitcoin holdings.
Closing Thoughts: A Positive Outlook for Bitcoin in October
Bitcoin’s positive performance in September and the supporting indicators point towards a potentially bullish October for the cryptocurrency. Increased volatility expectations and strong on-chain support provide a favorable outlook for Bitcoin’s price movements in the coming month. However, as with any investment, it is essential to conduct thorough research and consider various factors before making any decisions.
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