Bitcoin no doubt had an eventful ride through the month of September. The month which usually carries promises of price dips and crashes, and overall low market momentum maintained its reputation. This led to a value loss of over 20% in the market, causing cryptocurrencies to tumble down in the market. For the majority of the market, it was a matter of holding on long enough for the month to run out.
Now that September is behind us, it is time to look forward. October has historically been known to perform in the complete opposite of its predecessor. This is when assets recover their lost value, and often the start of another rally that carries through to December. So while price predictions may have looked like wishful thinking through the bloody month of September, the new month may offer better trends that will see the price hit $100K before the year runs out.
Factors Moving Bitcoin Price
Green put forward the factors which he believed would drive bitcoin’s price to its new highs. Laying out five factors, the CEO explained in clear and concise terms why the price of bitcoin was set to surge. The first, Green said, was the Federal Reserves’ reluctance to ban cryptocurrencies. Speculations in the crypto space had been that the U.S. would follow the footsteps of China and banned cryptocurrencies. But the Federal Reserve had stated that it had no intention of doing so.
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