October typically sees strong performance for crypto assets, but according to Wintermute, options traders are predicting potential declines in the weeks ahead, with a potential upturn anticipated after the U.S. elections. In the past 24 hours, Bitcoin fell by 3.7%, while major altcoins like XRP, ADA, DOT, and LINK experienced declines exceeding 5%. SOL and ETH, however, showed more resilience during this market downturn. Despite these fluctuations, Bitcoin is poised to finish September with a nearly 7% gain, its best monthly performance since 2013. Charlie Morris of ByteTree has raised concerns about whether the widespread expectation of a strong October could disrupt the usual market patterns.
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Bitcoin Price Could Hit Record High This Week
“Bitcoin Price Could Hit Record High This Week, Say Two Analysts – Read the Details Here”
“Bitcoin Price Could Hit Record High This Week, Say Two Analysts – Read the Details Here”
Bitcoin investors are gearing up for an eventful week amid predictions of potential record highs for BTC.
October typically sees bullish trends in cryptocurrencies, a pattern analysts foresee continuing this year. According to CoinMarketCap, Bitcoin has historically surged by an average of 90% in the fourth quarter over the past decade.
In their newsletter “Connecting the Dots,” David Brickell of FRNT Financial and former forex trader Chris Mill anticipate significant market movements ahead. They suggest Bitcoin could hit new all-time highs soon, driven by favorable market conditions.
Market optimism is evident on Deribit, where options betting on Bitcoin surpassing $100,000 by December 27 are highly traded, underscoring confidence in a year-end peak.
Two key factors underpin this bullish sentiment: China’s economic stimulus efforts and anticipated Federal Reserve actions. China’s recent measures, including issuing $284 billion in bonds and reducing bank reserve requirements, are expected to inject liquidity into global markets, potentially boosting Bitcoin’s value.
Following these developments, Bitcoin briefly surged to $66,300, its highest since July, settling around $63,000 thereafter. Despite this, market observers remain upbeat about future gains.
Investors are also awaiting Federal Reserve Chairman Jerome Powell’s upcoming speech and the release of U.S. employment data, events likely to influence market sentiment further.
*Disclaimer: This content is for informational purposes only and does not constitute investment advice.