Will October bring the Much Needed Rally for Bitcoin Price? Here’s what Traders Can Expect in First Week

Even if Bitcoin ended September with a loss, previous good rallies in October may encourage bulls. Only twice since 2013 has BTC ended the month of October in the negative, according to data from coinglass: in 2014 and 2018. This makes a recovery in October more likely.

Since last week, the price of BTC has been hovering around the June low of $17,550. The lengthy wick on the candlestick indicates that bears are still selling on rallies despite the bulls’ attempts to begin a recovery this week.

The S&P 500 (US500) has decreased for six straight days, according to TradingView. The index briefly fell below its low from June on September 27, a sign that investors are continuing to sell in anticipation of a recession brought on by the US Federal Reserve’s rate increases.

Although the June low for bitcoin (BTC) has not yet been retested, the bulls have failed to keep the price above $20,000 so far. By holding BTC below $19,000 as of September 28, 2022, the bears hope to strengthen their position.

Institutional investors lose hope

But it appears that institutional investors are not expecting a turnaround any time soon. According to data from ycharts, Grayscale Bitcoin Trust, which is thought to be preferred by institutional investors due to its simplicity of usage with a brokerage account, is currently selling at a  discount of more than 35% to its net asset value.

The market intelligence company Glassnode stated in its The Week Onchain newsletter on September 26 that Bitcoin HODLers have not panicked during the current bad market and that short-term holders have been responsible for the majority of coin movement.

It stated, “The HODLer class remain resolute with both mature coin USD wealth reaching ATHs, and a multitude of lifespan metrics fully resetting to historical lows, emphasizing the unwillingness to spend held coins. This suggests the majority of current market churn is associated with the Short-Term Holder class.”

Was this writing helpful?

Photo of Anjali Belgaumkar

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I’m getting there.

Read More

Spread the love
Nicholas ‘Nick’ Statman entered the property industry in 2001 and set up a property buying company that quickly established itself as one of the biggest in the sector. During this time the Company successfully transacted on thousands of residential properties across the UK. Nicholas Statman was an early pioneer of the ‘quick sale’ niche market which has since grown considerably with a multitude of companies now operating in the sector. Nicholas Statman has strategically built a sizeable residential and commercial property portfolio with a view to holding for optimum capital growth and a long term passive income. Nicholas Statman has been involved in almost every aspect of the property sector over a 20 year period – this includes buying and selling, development, letting and management and is now involved in the fast growing online/ hybrid Estate Agent industry.

Latest articles

NFL power rankings: 49ers jump Eagles at top; Packers,...

How do all 32 teams in the NFL stack up against each other after Week 13 of the 2023 NFL season? Sporting News breaks it down with an updated look at the risers, fallers and status quo clubs...

When is the Heisman Trophy ceremony? Date, odds, finalists...

College football's premier event takes place on Saturday. And it's clear the stars will be out in abundance under the bright lights of Jazz at Lincoln Center...

MLB Draft lottery, explained: Updated odds for every team...

The order of the 2024 MLB Draft will be determined at the Winter Meetings on Tuesday. Here are every team's odds to land the No. 1 pick...

College football bowl picks, predictions for all 41 bowl...

Bowl season is here in all its quirky glory, with Coastal Carolina traveling 4,800 miles to play San Jose State and K-State and NC State battling for the right to eat free Pop-Tarts. Here's what to expect...

Similar articles


Please enter your comment!
Please enter your name here

Subscribe to our newsletter

Spread the love