We have new month now and the Bitcoin’s price starts to jump high! What happens to the Bitcoin already? Are we witnessing desired price increase? Let’s take a closer look!
Bitcoin opens October with optimism
During last couple of months Bitcoin’s price was all the time on the same level. At the moment, we have 2nd of October 2023 and we noticed some profits. I don’t know what about you, but I have some transactions opened, and I was positively surprised seeing that Bitcoin reached $28,000!
Exactly now, when I’m writing this article, the Bitcoin is worth $28,482.00. You can check it out on my screenshot below.
Not only BTC is going up. I checked Ethereum, and it’s price was around $1,550.00 few days ago, and now ETH is worth $1,721.18. Yesterday it was even more – $1,776,82. Look at the chart below:
Opening October with the BTC’s price of $28,000 is a good sign. What’s more, the analysts say that we can expect that two major digital assets, that means Bitcoin and Ethereum, will go up soon! One of them, Michaël van de Poppe speculates that the last quarter of this year will show a lot of green candles on our charts!
What can we really expect? I suggest analysing the market by your own! And I’m going to tell you why.
Uptober! We welcome you!
Many traders say that phrase! But I always suggest to don’t give in to emotions. In my opinion we can see that the BTC’s price will go up. Many traders are starting their transactions right now, and that means that demand will increase. Higher demand always leads to higher prices!
But what’s going to happen when most traders will earn money that satisfies them? Yes! The demand will go down and I’m sure that we will notice that on our charts in the volume section. However, it’s a good time to make some money. We call that short-term trades.
If you are not sure what to do, I recommend to wait! Today it is just 2nd of October, and people what say: “Uptober, we welcome you!” may be wrong. If you haven’t started any transaction yet, in my opinion, do not start! The best time to launch a Long one was few days ago when BTC was worth around $25,000.
Do NOT say: “Hooray!” yet. If you want to try, make sure that you have enough money, that you can spend for losses in case the price of Bitcoin suddenly drops.
What is the reason of the price increase?
Some people are sure that the upcoming Bitcoin Halving Event is responsible for the price increase. What’s my opinion? Yes, and No! The stock market is not 100% predictable, but in the crypto market everything may change overnight! I believe that a lot of people are buying BTC to be prepared for the Halving in April next year.
If you don’t know what is the Bitcoin Halving, check my article When Is The Next Bitcoin Halving Event?
However, the number of people who know about upcoming Halving is insufficient to cause the current price increase. I believe that the market sentiment is most likely improving due to the upcoming SEC decision regarding Bitcoin ETFs.
Powerful companies such as BlackRock, VanEck, Valkyrie have submitted applications in this matter to the American Stock Exchange, which are now waiting for approval. What can we expect? BlackRock is one of the biggest, or even the biggest company in the world. It’s in the Rothschild’ hands.
BlackRock owns plenty of the major companies in the world. In my personal opinion, if the BlackRock applies for something then it will definitely be approved. Many of investors simply know that fact. But as I said, it’s better to be careful as BlackRock can manipulate the market as well!
One thing is obvious: the recent increases in BTC and ETH resulted in shorts worth a total of USD 70 million being closed within 120 minutes!
What can we expect in the last quarter of this year?
In the crypto community, the month October is called Uptober. It is not without the reason. Since 2013 we can clearly see the price increase. Since then, October has seen negative returns on cryptocurrency investments only twice. The end of summer holiday seasons makes investors more willing to buy cryptocurrencies.
As I said, we cannot forget about upcoming SEC decision about Bitcoin ETF’s, and here the matter seems settled. The value of BTC recorded an increase of 3% in just one night, and that is why many investors expect the price of this cryptocurrency to increase significantly in the last quarter of this year, which has now begun.
To be honest, I also expect the price will go up, although these may not be huge increases. My strategy is to be prepared for upcoming BTC Halving. We still have some time – almost 8 months. I recommend watching the charts every single day, few times.
If you trade, it doesn’t matter that price is up or down as you can launch Long or Short transactions, but if you want to buy BTC and hold it, you should purchase it only when the price is low. You will never lose your BTC, but it is better to buy cheaper and obtain more Bitcoins, what results in the future when it’s price goes up!
If BlackRock is not going to manipulate the market (what they usually do), we can really expect the BTC price increase in the last quarter of this year. Obviously we are going to see some small ups and downs on the chart, which is good for investors, but I believe that we will see a continuation of the upward trend that began at the turn of 2022 and 2023.
Many investors, especially beginners, get excited when they see the price of Bitcoin and Ethereum skyrocket. I personally believe that we should keep common sense and always think analytically. You should never give in to emotion. Emotions are the enemy of every investor.
You must always check everything thoroughly, regardless of what information we hear: positive or negative. Technical and Fundamental Analysis is essential in every case! This is what I try to apply. And remember that there is no guarantee that your analysis is accurate and correct. What we do is to speculate.
Based on the historical data of Bitcoin I can speculate that BTC is going up. There are other factors behind this. One of them is upcoming Bitcoin Halving. Some investors, including me, want to be prepared for that event, and they try to gather as much BTC as they can.
Another reason is end of the summer holiday season. People usually are busy that time, but once the autumn comes, they start investing their money, not only in Bitcoin but in other assets as well. All of that causes a demand increase, and the prices go up.
The policy of the United States, the largest economic giant in the world, whose currency is the leader both on the traditional stock exchange and in cryptocurrency trading, also has a huge impact on stock market quotations.
Of course, we cannot forget that the American stock exchange will soon make a decision on Bitcoin ETFs, and many investors are already waiting for this decision with impatience.
It is worth noting that the application in this matter was submitted by powerful corporations, and one of them is BlackRock, one of the three most powerful companies in the world, next to Vanguard and StateStreet. Everyone who knows at least a little about the activities of these companies knows perfectly well that everything can be expected from them.
Is it manipulation? Who knows. At the moment it is a good occasion for a short-term investments and I treat it like that.
However, if you would like to buy Bitcoin or other cryptocurrencies you can do that on one of the best and safest platforms in the world, which is ByBit.
Let me know in the comment below what do you think about this. I’ll be more than happy to hear from you!