Crypto analyst Tom from CryptoBusy suggests that Bitcoin (BTC) could see a rebound in October, drawing on historical October performances. Currently, BTC is trading at $25,759.95, with a modest 0.02% gain in the last 24 hours.
An analyst named Tom from the CryptoBusy YouTube channel has made some predictions about the cryptocurrency market. He suggests that September could be a bearish month, while October might bring a more positive trend, based on historical data.
Tom also mentioned that the potential approval of several Bitcoin (BTC) Exchange Traded Funds (ETFs) could inject capital into the crypto market. These ETF applications are expected to be either approved or denied between September 2023 and March 2024.
Additionally, Tom anticipates some market volatility this month due to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s position going under review. This follows his two legal setbacks earlier this year, involving the Ripple Labs lawsuit and the recent Grayscale ETF issue.
Weekly chart for BTC/USDT (Source: TradingView)
BTC Resting on Technical Indicator
From a technical perspective, the CryptoBusy analyst pointed out that Bitcoin (BTC) is currently hovering around the 200 EMA (Exponential Moving Average) line on its weekly chart. As a result, he predicts that BTC’s price could see a rebound in the coming weeks, using this technical indicator as a basis. However, this optimistic outlook would be invalidated if BTC’s price drops below $25,300.
Challenges Ahead for BTC
Nonetheless, Bitcoin will face challenges in September, historically known as a bearish month for the entire cryptocurrency market. The analyst highlighted that institutional investors and major players in the crypto space will adjust their trading positions and prepare for the upcoming tax season, which could create selling pressure in the market.
According to CoinMarketCap, Bitcoin (BTC) saw a small gain of 0.02% in the past 24 hours. Currently, the top cryptocurrency is priced at $25,759.95.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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