QCP Capital Anticipates October Bitcoin Rally Following September Dip
QCP Capital has projected a potential rally for Bitcoin in October, following a short-term price dip experienced during September. Historical data reveals that October has consistently been a favorable month for Bitcoin, showcasing an average gain of approximately 30% during this period over the course of the past nine years, according to analysts at QCP Capital.
The analysts underscore that this historical trend presents a strategic opportunity for investors to accumulate Bitcoin during the customary price declines witnessed in September, with profit-taking anticipated in October. They state, “October has the strongest bullish seasonality, with Bitcoin showing positive returns and an average gain of 22.9% in eight out of the last nine Octobers.”
In stark contrast, QCP Capital points out that September has historically served as a bearish month—not only for cryptocurrencies but for various asset classes as well. The analysts highlight that bonds have decreased in value during eight out of the last ten Septembers, while gold has faced similar declines annually since 2017. Should this seasonal pattern recur in the current year, the report suggests that accumulating Bitcoin during the September downturn could prove advantageous, allowing investors to realize profits in October or towards the year’s conclusion.
Additionally, QCP Capital’s recent report indicates a pronounced increase in call buying within the derivatives market, suggesting that investors are actively positioning themselves based on these seasonal trends. The report noted a significant acquisition of call options contracts with a strike price set at $80,000, maturing in December. Analysts commented, “There is consistent call buying in the volatility market, and our team has observed another 150 contracts with an $80,000 strike price lifted during the morning sessions in Asia.”
As of the report’s publication, the price of Bitcoin has risen by 1.2% over the preceding 24 hours, reaching $59,136 at 9:02 a.m. ET. Bitcoin’s market dominance stands at 54%, while that of Ether is recorded at 14% according to CoinGecko data.
This forecast by QCP Capital signifies the importance of historical trends in investment strategies, particularly in the volatile cryptocurrency market. Investors are advised to remain vigilant regarding seasonal patterns, which may offer lucrative opportunities for strategic financial maneuvers.
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