9:47 AM ▪
3
min reading ▪ acc
Bitcoin closes historic September despite recent decline. Analysts are scrutinizing the horizon, pointing to the US election as a potential catalyst for the market.
A rich end of the month for Bitcoin
Against all expectations, Bitcoin finished with the best September in more than a decade. Despite falling nearly 4% in the last 24 hours, the flagship cryptocurrency is up around 7% on the month.
This performance is in stark contrast to September’s reputation, which is typically considered an unfavorable month for digital assets.
However, this overall increase masks a more nuanced reality. The crypto market as a whole had a rough day on Monday with sharp declines in several major altcoins. XRP, Cardano, and Polkadot saw declines of more than 5%. Stocks associated with the sector were not spared either, such as Marathon Digital and Coinbase, which fell 10% and 6%, respectively.
Eyes in November
While October has historically enjoyed a favorable reputation in the crypto world, nicknamed “Uptober” by supporters, experts remain cautious about the short-term outlook. Charlie Morris, founder of ByteTree, emphasizes the risk of a trend reversal precisely because of the prevailing optimism: “ The popularity of an idea often indicates that investors have already invested their money before the event. »
The real catalyst may be the November US election. Jake Ostrovskis, a trader at Wintermute, tracks the position of investors in the options market, which suggests “ support of the post-election assembly“. This expectation of a delayed increase is mainly explained by political uncertainty, which could weigh on the markets in the coming weeks.
In conclusion, although Bitcoin surprised in September, caution remains in order. The coming weeks could see market consolidation ahead of a potential post-election rally. Savvy investors will be keeping a close eye on the evolving political scene in the US, which is a key factor for the near future of the crypto market.
Maximize your Cointribune experience with our “Read and Earn” program! Earn points for every article you read and get access to exclusive rewards. Register now and start reaping the benefits.
I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.