The Crypto Market Closes September in the Green
According to a report, the crypto market closed September on a positive note, which historically indicates a bullish October. Bitfinex analysts noted that it was a rare occurrence for September to end in the green. Data from TradingView confirms this, showing that the combined cryptocurrency market cap started at around $1.029 trillion but finished the month up 6.1% at $1.092 trillion.
Futures Market Metrics Point to a Bullish October
The latest Bitfinex Alpha report suggests that futures market metrics support the forecast of a bullish month ahead. The analysts stated that a positive September typically leads to a bullish October, and they anticipate increased volatility and potential upside based on the higher time frames and futures market metrics.
Increased Market Volatility Indicated by Options Market
The report also highlighted that the cryptocurrency options market is signaling increased market volatility. Traders are expecting higher volatility in the near future, as implied volatility has exceeded historical volatility, according to Bitfinex analysts.
Long-Term Holders Supporting Bitcoin Price
On-chain data cited in the report reveals that long-term holders are supporting the current bitcoin price, while short-term holders are more willing to sell. Seasoned long-term investors are determined to hold their positions within the current price range, and BTC supply aged over three years has remained largely inactive since February 2023.
A Positive September for Bitcoin
Bitcoin, considered the chief barometer for crypto market sentiment, typically performs poorly in September. However, this September was an exception as it saw positive returns. The digital asset started the month at around $25,400 and ended just below $28,000.
Bitcoin’s Current Price and Market Capitalization
Currently, Bitcoin is trading at $27,387, experiencing a 2% decline in the past 24 hours. Its market capitalization remains the largest in the industry.
Hot Take: Bullish October Expected for Crypto Market
The crypto market’s positive performance in September sets a promising stage for October. The historical trend of a bullish October following a positive September, along with the support from long-term holders and indications of increased market volatility, suggests that the crypto market may experience further growth and potential upside in the coming month.
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