I can recall writing an article last month about a possible crypto surge. You can read The bull is coming to find more insight why bitcoin at $27,000 is only a tip of the iceberg.
In case you never knew, when I mean defying expectations I am not only talking about bitcoin price ending bullish but bullish in September for the first time since 2016. I talked about bitcoin price being in a consolidation phase, yes it was nervously awaiting a catalytic trigger for a decisive move in either direction. The bull outshined the bear soaring bitcoin to $27,000. Are you surprised? As for me this is only a consolation, the big bang is closing in.
Bitcoin started the month of September at around 25,800 and has given remarkable results despite impending pressure.
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Yes, bitcoin closed in about a 5% increase reaching $27,015 though It can clearly be stated that the last quarter also had seen bitcoin undergoing the years first quarterly loss of 2023 of almost 13%
SEC and bitcoin spot ETF
We all know about the delay by the Security and Exchange Commision SEC on approving bitcoin spot ETF ( Exchange Traded Funds) application despite insistings by different crypto enthusiasts and business giants. SEC believes proper measures must be analyzed to create a safe and secure environment for investors.
Should this really bother you, it depends on who you believe holds the key to decentralization, either the centralized bodies or the people. When one talks about safety I must say it should be left mostly for the investor to decide. Yes, the riskiest in investment is the investor. If I chose to dump my money where it may yield no result or potentially bring a complete loss, I am mostly to be blamed.
What does October Hold
Despite the impending frustration the Security and Exchange Commission tend to pose, October has always had a good record for the Crypto market and there are high possibilities it will end in heights, after all the bull is awake to prove this, September has even woken from slumber.
Though there is a high possibility of a crypto surge, as long as the market is concerned, there is no sure answer to whether the bitcoin price will surge this October, as there are many factors that can affect the market sentiment and demand for the cryptocurrency. However, some analysts and experts have made some predictions based on historical trends, technical indicators, and current events. Here is one of the possible scenarios for the bitcoin price in October 2023;
According to CoinCodex a website that provides price predictions based on technical analysis,
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the bitcoin price is predicted to rise by 17.53% and reach $31,333 by October 2, 2023. The website also claims that the current sentiment is bearish, while the fear and greed index is showing 46 (Fear). The website uses various indicators such as moving averages, relative strength index, and volatility to generate its forecasts.
I know what you are thinking, October 2nd is tomorrow. As much as there are high possibilities of bitcoin not hitting $ 31,000 mark by tomorrow, there are high certainties it may occur before the month rounds up.
There are possibilities that the piled up debts in the U.S. can be pressuring which in turn could trigger more crypto adoption by investors which in turn could boost the bitcoin price. We all know what inflation can do to fiat currencies. Inflation pressure can be very advantageous to the crypto space especially the market leader bitcoin. Even the SEC are under pressure, who know if bitcoin spot ETF may get its redemption.
Wrapping things up I will say, the crypto space is undergoing a bounce back as it tries to regain its former glory and possibly break to new records. Investors are remaining bullish and this can be pressuring seeing how this can opt for massive adoption despite SEC's draw back attempts. Stay vigilant, do your own research as you continue to show support for the crypto space.