October Was a Historic Month for Bitcoin Rally, Will It Happen Again?

JAKARTA - August is a challenging month for the crypto market. However, with September starting to show bullish expectations, predictions in October may be that these hopes will become a reality.

Based on Bitcoin Monthly returns data, so far there is a possibility that BTC movements in September 2023 will close above 1 percent, and far from the minus figure like last August.

Tokocrypto trader, Fyqieh Fachrur also expressed his optimism regarding the future of Bitcoin. He explained there are several bullish views for BTC, and emphasized several factors.

“Over the past three years, October has consistently emerged as the best performing month for BTC, with this positive seasonality often extending into the first quarter of the following year,” Fyqieh said in a statement.

According to him,  one of the main factors that will influence Bitcoin price movements in October is the decision of US regulators regarding the application of BlackRock and other financial giants who proposed launching a spot Bitcoin ETF (Exchange-Traded Fund) in the United States.

The date for this decision was set for October 17, however, as has happened previously, the SEC (Securities and Exchange Commission) may postpone the deadline for another 45 days.

If the spot Bitcoin ETF decision is approved, it could open the door for larger institutional investors to enter the crypto market. "However, if the decision is delayed or rejected, this could cause additional uncertainty in the market," Fyqieh said.

Currently, the price of Bitcoin is above 26,000 US dollars (IDR 403 million). But in the short term, Fyqieh stated that Bitcoin was in the decline zone, analysts stated that BTC failed to pass the resistance of 27,500 US dollars (IDR 426 million).

"This is largely due to an untrending market, lack of liquidity, and investor apathy because there is no strong bullish sentiment in the short term," said Fyqieh.

However, historical data shows that October generally provides bullish signals for BTC. Fyqieh believes Bitcoin will move upwards and return to the level of 29,200 US dollars or around IDR 453 million.