KNOWLEDGE IS POWER and HISTORY may seem boring to us, but if it gives us the PRIVILEGE of accessing valuable information it is not negligible. And that is what HISTORICAL DATA has, information that can become knowledge.
Under this PERSPECTIVE I share with you this brief analysis of the historical BITCOIN data for the month of October of the last 3 years. And IN ADDITION the HIGHER LIKELIHOOD scenarios taking into account that the SEC postponed its decision on BTC ETFs to October 17.
Thus, it is observed that the month of October has been generally POSITIVE for BITCOIN in recent years, with price increases that exceeded 20% in 2020 and 40% in 2021. For 2022, despite the fact that the month opened with a value above 50k it experienced a drop of 21% in just 4 days, but by the end of the month it was crowned with about 63k, which represented an increase of 47.8% compared to the minimum of the month.
This warns that the month of OCTOBER is loaded with great volatility for BTC. According to historical data, this was due to: Covid-19, institutional interest, regulation and position of governments and the global market mainly due to trade tensions between the United States and China.
Now, the most likely scenario for this October 2023 will largely depend on the decision made by the SEC on BTC exchange-traded funds (ETFs), which if approved would increase their demand and liquidity, and if postponed could generate a negative effect of falling below its current support level of $24,600.
Furthermore, keep an eye on the role of the global market (economic events, such as inflation, monetary policies and geopolitical tensions), government regulations, efforts to establish policies and regulatory frameworks around BTC, developments and updates in the grid.
Which scenario do you see most likely: BULLISH OR BEARISH OCTOBER? Comment 👇
These are reading times.
Under this PERSPECTIVE I share with you this brief analysis of the historical BITCOIN data for the month of October of the last 3 years. And IN ADDITION the HIGHER LIKELIHOOD scenarios taking into account that the SEC postponed its decision on BTC ETFs to October 17.
Thus, it is observed that the month of October has been generally POSITIVE for BITCOIN in recent years, with price increases that exceeded 20% in 2020 and 40% in 2021. For 2022, despite the fact that the month opened with a value above 50k it experienced a drop of 21% in just 4 days, but by the end of the month it was crowned with about 63k, which represented an increase of 47.8% compared to the minimum of the month.
This warns that the month of OCTOBER is loaded with great volatility for BTC. According to historical data, this was due to: Covid-19, institutional interest, regulation and position of governments and the global market mainly due to trade tensions between the United States and China.
Now, the most likely scenario for this October 2023 will largely depend on the decision made by the SEC on BTC exchange-traded funds (ETFs), which if approved would increase their demand and liquidity, and if postponed could generate a negative effect of falling below its current support level of $24,600.
Furthermore, keep an eye on the role of the global market (economic events, such as inflation, monetary policies and geopolitical tensions), government regulations, efforts to establish policies and regulatory frameworks around BTC, developments and updates in the grid.
Which scenario do you see most likely: BULLISH OR BEARISH OCTOBER? Comment 👇
These are reading times.
