Bitcoin September Surge: Best September Ever with Eyes on $70K
After ending in the red eight times since 2013, September is expected to witness at least a 9% gain for Bitcoin, making it its greatest month ever despite its historically poor performance. And with some traders aiming for a run to as much as $70,000 in the upcoming weeks from the present $64,000 levels, it puts the asset on a stronger foundation heading into October, the start of a normally bullish season. Bitcoin has always closed higher in October, November, and December after a green September.
Bitcoin Defies September Trends as Macro Factors Fuel Q4 Optimism
Based on earlier reports, September’s average value depletion rate for bitcoin was 6.56%, which has made traders cautious about wagering on rising prices overall. Nonetheless, it rose in response to several international monetary easing measures, a declining value of the yen, growing institutional investments in bitcoin, and indications from both U.S. political parties—which have a say in market movements—that they were optimistic about the cryptocurrency market ahead of the elections in November. It’s generally anticipated that the tendency will persist.
With crypto correlations staying high to macro assets, particularly against the SPX, we consider the friendly macro background to remain a strong tailwind for crypto prices into Q4. Furthermore, with the Kamala camp playing lip service to crypto ‘support’ as part of her campaign rhetoric, we remain bullish on price action in the near term, with targeted put-selling strategies likely to be popular as investors switch into a ‘buy-the-dip’ mode,
Augustine Fan, head of insights at SOFA
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