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Cryptocurrency News Articles
Bitcoin (BTC) May Not Be Performing as Predicted for the Start of October
Oct 04, 2024 at 11:51 pm
Bitcoin is down 5.76% since Sept. 27. Several macroeconomic events may be keeping investors on the sidelines.
Bitcoin (BTC) may not be performing as predicted for the start of October, but it may be too early to tell where the remainder of the month is headed as investors are laser-focused on broader economy events, according to a crypto analyst.
“It might be too early to judge the trend for the rest of the month as most investors are largely reactionary to macro events,” Bitget chief crypto analyst Ryan Lee opined in an Oct. 2 report viewed by Cointelegraph.
Bitcoin is down 5.76% since Sept. 27. Source: TradingView
Traders echoed a similar sentiment, noting that this year’s different start to October doesn’t predict how the rest of the month will unfold.
Bitcoin trading volume drop due to investors on sidelines
“Just because Uptober started this way doesn’t mean it will end the sam,” CryptoQuant contributor Axel Adler pointed out.
Lee highlighted that the 16% drop in spot BTC trading volume since Oct. 1 shows dwindling sentiment but noted that it “is explainable.”
According to Lee, investors would prefer to wait on the sidelines with macroeconomic uncertainty and take more of a risk-off-asset approach.
Bitcoin’s market capitalization has declined approximately 2.5% since Oct. 1. Source: CoinMarketCap
“Investors will prefer not to get caught up in a macroeconomic situation that will tie down their capital,” Lee explained.
What’s delaying “Uptober?”
Several macroeconomic events may be keeping investors on the sidelines, including expectations of more Federal Reserve rate cuts after September’s 50 basis point reduction, the United States presidential election and escalating tensions in the Middle East.
Related: Bitcoin is again forming a ‘three blind mice’ trading pattern: Peter Brandt
However, Lee suggested that clearer conditions could lead to a short-term 18% price surge for Bitcoin.
Lee also highlighted that despite the decline in trading volume since the beginning of October, “institutional investors continue to buy digital currency at a rate at par or higher than the quantity mined daily.”
For example, the latest Farside data shows that spot Bitcoin exchange-traded funds (ETFs) within the U.S. have attracted over 18,500 BTC (worth over $1.1 billion at today’s prices) in 10 months.
Magazine: Anti-aging tycoon Bryan Johnson almost devoted his life to crypto
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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