TL;DR
- QCP Capital forecasts a bullish rally for Bitcoin in October, following a price dip expected in September.
- Historically, October has shown an average gain of 30% for BTC in eight of the last nine years.
- A notable purchase of call options with a strike price of $80,000 is highlighted, indicating confidence in a price increase in the coming months.
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.
According to the firm’s analysts, October has historically been a favorable month for Bitcoin, with an average gain close to 30% in eight of the last nine years. This seasonal pattern has led the analysts to recommend accumulating BTC during the price dip in September, with the expectation of profiting in the following month.
Positive seasonality suggests that October offers a strategic opportunity for investors looking to capitalize on market fluctuations. In contrast, September is generally characterized by a bearish trend, affecting not only cryptocurrencies but also other asset classes such as bonds and gold. 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.
Is There a General Bullish Sentiment on Bitcoin?
QCP Capital’s 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 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.
According to the latest data provided by CoinMarketCap, Bitcoin (BTC) has recorded a 1.1% decline in the last 24 hours, with its current value around $57,900. BTC’s market dominance stands at 54%, while Ethereum’s dominance is at 14%.
QCP Capital offers a positive outlook for Bitcoin in October. Investors could benefit from the historical seasonal trend while preparing for a potential price recovery following the dip.
