đšInvestors hope October paves way for records as BITCOIN enters historically strong this OCTđš
A September surprise has given #Bitcoinâ
a head start on a potential run to record highs in the fourth quarter.
The cryptocurrency posted a 7.7% gain for September , historically its weakest month of the year and its best month since May. It rose only 2.5% for the third quarter, however, after the cryptocurrency struggled to break out of the range its been drifting in since March.
Ether finished September up more than 3% and third quarter down more than 20%.
âLiquidity remains thin across crypto and traditional markets, leaving room for sharp changes in volatility if macro events or regulatory news triggers sudden shifts,â said James Davies, CEO at crypto trading platform Crypto Valley Exchange.
Risk assets are already off to a shaky start on the first day of October due to tensions in the Middle East. Investors are also monitoring a strike by members!
October and November are historically the strongest months of the year of the year for bitcoin. It has finished this month higher in all but two years since 2013, averaging a return of nearly 23%. The month has become known to native crypto investors as âUptober.ââOctober's a period where liquidity returns to markets after a summer lull and companies position themselves for end-of-year earnings reports,â Davies said. âThe market psychology of these events normally creates a positive feedback loop. ⊠As crypto becomes increasingly correlated with traditional markets, âs expected to be another strong month.â
Investors expect bitcoinâs price will be driven by rate cuts, more inflows into bitcoin ETFs by institutions and clarity following the election. The Fed isnât everything, however, Investors also have their eye on the central bank of China!
Although BITCOIN has struggled to break out of its range for most of the year, itâs still holding on to a 47% year-to-date gain. Ether is up 10% for the year!!
