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Bitcoin approaches a decline in September, yet analysts highlight October as a critical period to observe.
Bitcoin investors might be facing a tumultuous period. Historical trends indicate that September is often a challenging month for Bitcoin, and two ETF analysts have recommended that investors focus on mid-October as the next significant timeframe to observe.
Data from the past 13 years reveals that Bitcoin’s monthly returns have ended in negative territory at the conclusion of September on nine occasions.
Well-known crypto analyst Will Clemente shared with his 689,000 followers on X that September has recorded the “fewest positive-returning months” and is currently experiencing a six-year streak of negative returns.
Bitcoin's returns categorized by months
September has recorded the fewest positive-returning months, totaling just two, and is on a 6-year streak of negative returns. pic.twitter.com/4VqZkMubm3— Will Clemente (@WClementeIII) August 31, 2023
Several additional factors suggest a turbulent September ahead, with monitoring service Material Indicators cautioning that a “full retrace” of gains achieved following Grayscale’s legal victory over the SEC is a probable scenario for the leading cryptocurrency in the near future.
TLDR: Trend Precognition signals ⬇️ on the D chart Prepare to round trip the range
BTC >$27,760 invalidates the signal
BTC #Bearadise
To elaborate on what @TradingParrot mentioned earlier, on the #Bitcoin D candle Close/Open, Trend Precognition indicated a… pic.twitter.com/sX3Bqj3v57— Material Indicators (@MI_Algos) August 31, 2023
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Looking forward, Bloomberg ETF analyst James Seyffart has advised investors to pay attention to mid-October, which marks the second decision deadline for the SEC regarding seven pending spot Bitcoin ETFs — specifically those from BlackRock, Bitwise, Valkyrie, WisdomTree, VanEck, iShares, and Invesco.
NEXT DATES TO WATCH:
Mid-October represents the next significant days to monitor. Specifically, October 16th. (& @GlobalXETFs' Oct 7)
Additionally, a reminder that we fully anticipated delays for this round of spot #Bitcoin ETF filings. It would have been surprising if they were approved this week. pic.twitter.com/i14fg8FWun— James Seyffart (@JSeyff) August 31, 2023
Related: BlackRock's Bitcoin ETF the 7th application delayed by SEC on Aug. 31
On August 30, Seyffart and fellow Bloomberg ETF analyst Eric Balchunas estimated the likelihood of a spot Bitcoin ETF approval by the end of this year at 75%. The mid-October deadlines will be the final ones for the SEC in 2023.
Moreover, Seyffart mentioned that delays in the latest round of spot Bitcoin ETF filings were largely anticipated, and he would have been surprised if they had received approval in the initial round of deadlines this past week.
After a brief surge following the Grayscale news, Bitcoin’s price has since declined by 4.5% over a 24-hour period and, at the time of writing, was trading at $26,066, based on data from CoinGecko.
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