There was a strong bearish sentiment growing in the markets throughout September. Bitcoin’s price has struggled to sustain itself above the $20,000 psychological support level. Also, Ethereum (ETH) and the majority of altcoins are in the red. They move within a certain range. So, what are the expectations with the arrival of October? Here are the forecasts of analysts…
Analyst: October will be on the rise
Cryptocurrency strategist James Altucher, host of InvestAnswers, talked about the biggest coin Bitcoin. As the last quarter of the year begins, he says that October will historically be a bullish month for Bitcoin. According to the analyst, Bitcoin could rise as high as $26,000 in the next four weeks, depending on its October average return. The analyst uses the following statements:
Looking forward to October, the average return for this month is 28.42 percent. This will increase the price of Bitcoin to about $25,000 – $26,000. So, we’ll see if it goes to those levels. We haven’t seen $25,000 for a long time.
As we reported on Kriptokoin.com, Bitcoin was recording prices above $ 26,000 in June. August, on the other hand, was the last time BTC rose above $25,000. James also said that October offered the third-highest average monthly return. He pointed to October benchmarks against other months in Bitcoin history. September stays in the red, while August seems neutral. But October is historically the third best month.
What do technical indicators point to?
On the other hand, some analysts suggest that technical indicators are showing signs of October. For example, there has been a drop in demand for Blockchain. The entire cost of using blockchain shows both the demand and willingness to pay for it. Just under $30 million in revenue from Bitcoin network fees in the last quarter. This figure was $42.9 million in the second quarter of 2022.
Ethereum fees, on the other hand, fell from $1.29 billion in Q2 to $264 million in Q3. So it represented a 79 percent decline. Net flows also showed that ETH has a more positive position, unlike BTC, where the mood is neutral. Recording a net outflow of over $192 million in the second quarter, Bitcoin saw small inflows of less than $50 million into the stock markets. In ETH, exits in the third quarter were $57 million less than in the second quarter.
On the other hand, whale metrics from Santiment showed that there is no significant whale accumulation in BTC BTC whales holding 100 to 10,000 BTC are still in decline. 0.4 percent of the BTC supply was divested in September. According to experts, an important pattern to watch out for in October is the possible accumulation of whales.
Analyst: There will be noticeable jumps this month
Kitco analyst Jim Wyckoff said crypto will make these noticeable leaps. The US dollar is currently dominating other global fiat currencies. The British pound performed strongly against the euro, Japanese yen, Canadian dollar and Swedish krona. This level of dominance exhibited by the dollar makes Bitcoin stand out as an alternative, viable hedge. According to Wyckoff, this development stabilized the Bitcoin price at $19,000.
Finally, crypto expert Michael Van de Poppe noted that BTC could see a price of $ 19,600 provided it can hold at $ 19,300. However, the crypto community seems more optimistic, saying that Bitcoin could close October 2022 at $22,857.
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