Bitcoin and “uneventful” rarely go together in the same sentence, but some cryptocurrency market observers are speculating October could be a sluggish month for the largest digital currency by market capitalization.
Momentum plays an important role in when to buy bitcoin, but what may be surprising is that buying the cryptocurrency after it has experienced big rallies can be a winning strategy. Some crypto market observers believe the long-term outlook remains encouraging for the largest digital currency.
“September has been yet another cold month for cryptocurrency. As each new month arrives, speculation of the next bull run follows, though it seems that at the moment, bullish optimism is at an all time low,” reports CryptoDaily. “September promised to bring riches, with the SEC Bitcoin ETF deadline looming and various other big projects coming to the fore, we really did hope to see some great progression made this month.”
October Bitcoin Outlook
Bitcoin’s all-time high of around $20,000 was seen in December 2017 and the digital currency has not even been close to flirting with those levels this year. Some market observers believe a return to $10,000 anytime soon will be challenging. Still, there are some important technical levels for bitcoin traders to acknowledge over the near- to medium-term.