Major Bitcoin price action expected on the horizon to October

As September draws to a close, Bitcoin (BTC) price has held steady and appears to be stabilizing above $19,000 as volatility attempts to pull back. Bitcoin price stability is supported in part by the asset’s emergence as a favorable hedge at a time when the US dollar is declining and other global fiat currencies.

Based on the recent price action, News from Kitco Analyst Jim Wyckoff suggested on September 30 that the decline in bitcoin’s volatility could signal “a larger price movement looming.” Specifically, the analysts pointed out that the collapsed volatility was caused by Bitcoin recording a sideways trading despite the bears holding a large portion of control.

Regarding the asset outlook, Wyckoff stated that if the price crosses the September high of around $20,000, the scenario will spur the bulls. However, bears will dominate if supply enters next month beyond September lows.

Bitcoin chart. TradingView

Bitcoin in October

Interestingly enough, Bitcoin entered October, the month known to favor the asset, and it could be an important psychological boost for most investors. Therefore, investors will likely look to take advantage of the bullish season but remain nervous from the prevailing macroeconomic factors.

Although Bitcoin is showing signs of a potential rally, macroeconomic factors continue to present a bleak picture as the asset looks for a recovery. It is worth noting that the original concept of BTC was intended to survive such conditions characterized by rising interest rates and a slowing economy.

In this line, the trading volume of Bitcoin and other global fiat currencies reached its peak. As Coinphony reports, investors are increasingly abandoning the British pound and the euro in favor of Bitcoin.

In addition, the crypto community is betting that Bitcoin will rise above the $20,000 level as pressure continues to exit the bear market. Along these lines, Coinphony reported that the crypto community at CoinMarketCap estimated that Bitcoin will trade at $22,857 by the end of October.

Separating cryptocurrencies from stocks

Amid these circumstances, bitcoin is increasingly linked to the stock market, but there are signs of decoupling. Notably, the correlation between Bitcoin, Ethereum (ETH) and the S&P 500 declined by -2.4% on September 29.

Additionally, crypto trading expert Michael van de Poppe suggested that the major cryptocurrency could set its sights on $19,600 if it holds the $19,300 level, noting that the asset could show “some momentum.”

Meanwhile, Bitcoin is focused on regaining the $20,000 level and is trading at $19,900 at press time with gains of over 3% in the past 24 hours.

warning:The content of this website should not be considered as investment advice. Investments are speculative. When you invest, your capital is at risk.

Post-Big Bitcoin price action expected in October first appeared on Coinphony.

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