Bitcoin investors can be on a rollercoaster ride. While history shows that September is usually a bumpy month for Bitcoin, two ETF analysts recommend that investors look to mid-October as the next “big day to watch.”
According to historical records dataOver the past 13 years, Bitcoin’s monthly returns have turned in the red nine times at the end of September.
Popular cryptocurrency analyst Will Clemente told his 689,000 X followers that September was “the month with the fewest positive returns” and has seen negative returns for six consecutive years.
Bitcoin returns broken down by month
September had the fewest number of months with positive returns, with only two months, and has had negative returns for six consecutive years. pic.twitter.com/4VqZkMubm3
— Will Clemente (@WCclementeIII) August 31, 2023
There are plenty of other factors pointing to a bumpy September road, with monitoring resource Material Indicators warning that a “full pullback” in earnings after Grayscale’s win over the SEC could be the course of action for September. The biggest cryptocurrency is moving forward.
TLDR: Trend predictor signal on D chart ⬇️ Prepare to go to and from the range
BTC > $27,760 invalidates signal
BTC < $24,750 is #Bearadisewhat to expand @tradingparrot shared before, in #bitcoin D Candle closes/opens, trend forecast presents… pic.twitter.com/sX3Bqj3v57
— Material Indicators (@MI_Algos) August 31, 2023
Looking ahead, however, Bloomberg ETF analyst James Seyffart urged investors to focus on mid-October, the SEC’s second decision deadline for seven pending spot bitcoin ETFs, specifically BlackRock, Bitwise, Valkyrie, WisdomTree, VanEck , iShares and Invesco.
Next watch date:
Mid-October is an important date to watch next. That is, October 16. (& @GlobalXETFs‘ October 7)
Also, as a reminder, we fully anticipated delays this round of live #bitcoin ETF filings. If approved this week, it will be a shock. pic.twitter.com/i14fg8FWun
— James Seyff (@JSeyff) August 31, 2023
related: BlackRock’s Bitcoin ETF was delayed for the seventh time by the SEC on Aug. 31
On Aug. 30, Seyffart and Bloomberg ETF analyst Eric Balchunas said there was a 75 percent chance that a spot bitcoin ETF would be approved by the end of the year. The mid-October date will be the SEC’s deadline, at least until 2023.
Additionally, Seyffart noted that delays in the latest round of bitcoin ETF spot applications were widely expected, and he would be shocked if those applications were approved within the deadline for the first round last week.
After a brief rise, the bitcoin price has fallen 4.5 percent over the past 24 hours and is currently changing hands at $26,066, according to Grayscale News. data From CoinGecko.
Magazine: How to Protect Your Cryptocurrency in a Volatile Market – Engagement from Bitcoin OG and Experts
Svlook
