Bitcoin investors could be in for a tumultuous ride. Historically, September has been a volatile month for Bitcoin, but two ETF analysts have indicated that investors should keep an eye on mid-October as the next “crucial days to observe.”
Historical data reveals that Bitcoin’s monthly returns have ended in the negative at the end of September nine times in the past 13 years.
Well-known crypto analyst Will Clemente told his 689,000 Twitter followers that September has had the “fewest positive-returning months” and is currently on a six-year streak of negative returns. Additionally, monitoring resource Material Indicators cautioned that a “complete reversal” of gains following Grayscale’s triumph over the SEC is a probable trajectory for the largest cryptocurrency. On August 30, James Seyffart and Eric Balchunas, both Bloomberg ETF analysts, estimated a 75% chance of a spot Bitcoin ETF approval by the end of the year. The mid-October dates represent the final deadline for the SEC in 2023.
Seyffart also mentioned that delays in the latest round of spot Bitcoin ETF filings were anticipated, and he would have been surprised if they were approved in the first deadline series last week.
Following a brief surge after the Grayscale announcement, Bitcoin’s price has dropped 4.5% over 24 hours and, as of this writing, is trading at $26,066, according to CoinGecko data.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up