Bitcoin heads for red September, but analysts tip October as ‘days to watch’
While history shows September isn’t usually great for Bitcoin, analysts urged investors to look to mid-October.
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Bitcoin investors may be in for a rollercoaster ride. While history shows September is typically a bumpy month for Bitcoin, two ETF analysts have suggested investors turn their gaze to mid-October as the next “major days to watch.”
According to historical data, Bitcoin’s monthly returns have closed in the red at the end of September nine times over the course of the last 13 years.
Popular crypto analyst Will Clemente informed his 689,000 X followers that September has had the “least number of positive-returning months” and is on a six-year negative-returning streak.
There are a number of other factors that point to a bumpy road ahead in September as well, with monitoring resource Material Indicators warning that a “full retrace” of gains made the wake of Grayscale’s victory over the SEC was a likely course of action for the largest cryptocurrency moving forward.
Looking ahead, however, Bloomberg ETF analyst James Seyffart has urged investors to look to mid-October, which is the second decision deadline for the SEC for seven pending spot Bitcoin ETFs — specifically ones from BlackRock, Bitwise, Valkyrie, WisdomTree, VanEck, iShares and Invesco.
Related: BlackRock’s Bitcoin ETF the 7th application delayed by SEC on Aug. 31
On Aug. 30, Seyffart and fellow Bloomberg ETF analyst Eric Balchunas pinned the chances of a spot Bitcoin ETF approval by the end of this year at 75%. The mid-October dates would be the last deadline for the SEC, at least in 2023.
Additionally, Seyffart noted that delays on the most recent round of spot Bitcoin ETF filings were widely expected and that he would’ve been shocked if they were approved in the first round of deadlines this past week.
After surging briefly on the Grayscale news, the price of Bitcoin has since fallen 4.5% over 24 hours and, at time of writing, was changing hands for $26,066, according to data from CoinGecko.
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