Historically, September is the worst month of the year and we are almost done with the first half. Investors are very hopeful about October. Investors who look at the performance of cryptocurrencies in the last quarter of the year are not wrong in this feeling. So what do different analysts’ current Bitcoin evaluations tell us about October?
When Will Bitcoin Rise?
Bitcoin (BTC) $60,106 Although it has reclaimed $60,000, it is too early to celebrate as it has not yet been able to turn $61,700 into support. The real big move will begin when the area between $63,000 and $65,000 is breached in volume, which could push BTC higher to its 2024 high of $73,777.
Cryptocurrency analyst Daan Crypto Trades drew attention to an important detail that gives hope for October. Coinbase BTC premium is important in terms of seeing the status of US-based demand. If it climbs into the positive zone, we can think that the risk appetite of US investors has increased. In order to say that the declines are reversing, it is necessary for this place to see the bottom in the negative zone.
“Bitcoin It has recently been trading at a high price on Coinbase.
This is generally a good thing as it indicates spot demand from US investors (and ETFs).
While large discounts tend to signal bottoms, they also indicate very bearish/negative sentiment.”
If the Coinbase premium remains positive, it could be argued that the bullish sentiment for October is gaining more acceptance.
Second cryptocurrency analyst He says that the last opportunity to enter the Mags and cryptocurrencies is about to be missed. The analyst defines 3 different buying opportunity periods before the rise as follows.
- The first is near the bottom of the market.
- The second is a few months before the halving.
- The last one is right after the halving.
The first two opportunities are certainly missed, and it is difficult to be certain at this stage whether the third phase is over.
In the chart above, you can see the answer to the question of when to buy Bitcoin, marked according to the years in 3 phases.
Bitcoin Short Term Prospect
The third and last crypto analyst Altcoin Sherpa shared the chart below, saying that although we see a short pullback, the latest recovery may be different from the previous ones. The analyst, who writes that he is neutral in the short term, reiterates his medium and long-term bullish expectation. The continuation of consolidation at higher levels for Bitcoin and the fact that we see oversold sales at resistance this time may change things.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
