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.
Related: This is an Important Price for Bitcoin
Traders expect bitcoin, the largest digital currency by market value, to remain range-bound over the near-term. Among the myriad issues facing bitcoin and other cryptocurrencies is adoption. As in when cryptos will become more widely accepted and used for mainstream activities, such as basic payments and money transfers, on a larger scale.
“Bitcoin looks to remain steady and many believe that through October, Bitcoin will hold around the $6,500.00 mark at which it currently sits,” according to CryptoDaily. “As Bitcoin sits and waits in anticipation for a Bitcoin ETF to launch, many can’t see Bitcoin moving past this figure until some big changes are made in Bitcoin regulation and of course, in the ETF decision making process. Therefore, the outlook for Bitcoin in October is stale. Looking beyond October however could present more exciting opportunities, as the SEC no doubt near a final decision on a number of their Bitcoin ETF applications.”
U.S. regulators have yet to approve bitcoin ETFs and market observers believe if that even happens, it will be next year.
For more information on the cryptocurrency market, visit the Bitcoin category.