Bitcoin (BTC) Price Prediction: QCP Capital Expects Bullish October Rally, Recommends Accumulating During September Dip
- WBOYOriginal
- 2024-09-04 06:44:12910browse
QCP Capital has presented a very optimistic forecast for Bitcoin. The company anticipates a potential bullish rally in October, which will follow a short-term price dip during September.
Bitcoin is showing signs of preparing for a short-term price dip in September, followed by a potential bullish rally in October, according to QCP Capital.
The company’s analysts observed that October has historically been a favorable month for Bitcoin, with an average gain of close to 30% in eight of the last nine years. This seasonal pattern has led the analysts to a simple yet effective trading strategy: accumulate BTC during the price dip in September, with the expectation of profiting in the following month.
“This positive seasonality suggests that October offers a strategic opportunity for investors looking to capitalize on market fluctuations,” the analysts wrote in a recent note.
In contrast, September is generally characterized by a bearish trend, affecting not only cryptocurrencies but also other asset classes such as bonds and gold. According to QCP, data indicates that bonds have experienced declines in eight of the last ten years during this month, and gold has decreased each year since 2017.
“This bearish seasonality could present challenges for crypto investors, especially those holding gold and stablecoins, as they may also face declines in their assets during September,” the analysts added.
The QCP report also highlights significant activity in the derivatives market, with a notable purchase of call option contracts with a strike price of $80,000, expiring in December. This large purchase reflects confidence in the possibility of Bitcoin experiencing a price increase in the coming months, aligning with the favorable seasonal trends anticipated for October.
Bitcoin’s price has remained relatively stable in the last 24 hours, with a slight decrease of 1.1%, trading at $57,900 at the time of writing, according to CoinMarketCap. The cryptocurrency’s market dominance is at 54%, while Ethereum's dominance is at 14%.
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