- Tom from CryptoBusy predicted that BTC’s price may rebound in October this year.
- The analyst based his prediction on BTC’s historical performances during October.
- At press time, BTC was changing hands at $25,759.95 after a slight 24-hour gain of 0.02%.
An analyst named Tom from the cryptocurrency analysis and educational channel CryptoBusy predicted that September may be a bearish month for the market while October could be a bullish period. In the YouTube video, which was uploaded during the past 24 hours, the analyst based his predictions off of the market’s historical performances during these months.
Apart from historical data, Tom also revealed that the looming approval of several Bitcoin (BTC) Exchange Traded Fund (ETF) approvals may result in a capital injection into the cryptocurrency market. According to the analyst, these applications will either be confirmed or denied between September 2023 and March 2024.
Furthermore, he forecasted that some volatility may make its way to the market this month as the chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, will have his position enter a review period. This is after his two legal losses during this year. The first being the Ripple Labs lawsuit and the second being the recent Grayscale ETF debacle.
Weekly chart for BTC/USDT (Source: TradingView)
From a technical standpoint, the CryptoBusy analyst shared that BTC was resting on the 200 EMA line on its weekly chart. Subsequently, he predicted that the market leader’s price may bounce from this technical indicator in the coming few weeks. This bullish thesis will be invalidated, however, if BTC’s price breaks below $25,300.
Nevertheless, BTC will need to endure through September, which has historically been a bearish month for the entire cryptocurrency market. The analyst noted that institutional investors and big players within the cryptocurrency market will adjust their trade positions and prepare for the upcoming tax season soon. This could assert some sell pressure on the market as a result.
Meanwhile, CoinMarketCap indicated that BTC was able to print a below-par gain of 0.02% over the past 24 hours. Subsequently, the leading cryptocurrency was trading hands at $25,759.95 at press time.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post BTC May Rebound in the Coming Weeks According to Analyst appeared first on Coin Edition.