{"id":1284,"date":"2022-10-02T21:19:24","date_gmt":"2022-10-02T21:19:24","guid":{"rendered":"https:\/\/cryptoteambuild.com\/blog\/will-october-bring-the-much-needed-rally-for-bitcoin-price-heres-what-traders-can-expect-in-first-week\/"},"modified":"2022-10-02T21:19:24","modified_gmt":"2022-10-02T21:19:24","slug":"will-october-bring-the-much-needed-rally-for-bitcoin-price-heres-what-traders-can-expect-in-first-week","status":"publish","type":"post","link":"https:\/\/cryptoteambuild.com\/blog\/will-october-bring-the-much-needed-rally-for-bitcoin-price-heres-what-traders-can-expect-in-first-week\/","title":{"rendered":"Will October bring the Much Needed Rally for Bitcoin Price? Here\u2019s what Traders Can Expect in First Week"},"content":{"rendered":"
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Even if Bitcoin ended September with a loss, previous good rallies in October may encourage bulls. Only twice since 2013 has BTC ended the month of October in the negative, according to data from coinglass: in 2014 and 2018. This makes a recovery in October more likely.<\/p>\n

Since last week, the price of BTC has been hovering around the June low of $17,550. The lengthy wick on the candlestick indicates that bears are still selling on rallies despite the bulls’ attempts to begin a recovery this week.<\/p>\n

The S&P 500 (US500) has decreased for six straight days, according to TradingView. <\/a>The index briefly fell below its low from June on September 27, a sign that investors are continuing to sell in anticipation of a recession brought on by the US Federal Reserve’s rate increases.<\/p>\n

Although the June low for bitcoin (BTC) has not yet been retested, the bulls have failed to keep the price above $20,000 so far. By holding BTC below $19,000 as of September 28, 2022, the bears hope to strengthen their position.<\/p>\n

Institutional investors lose hope<\/strong><\/h2>\n

But it appears that institutional investors are not expecting a turnaround any time soon. According to data from ycharts, Grayscale Bitcoin Trust, which is thought to be preferred by institutional investors due to its simplicity of usage with a brokerage account, is currently selling at a  discount <\/a>of more than 35% to its net asset value.<\/p>\n

The market intelligence company Glassnode stated in its The Week Onchain newsletter on September 26 that Bitcoin HODLers have not panicked during the current bad market and that short-term holders have been responsible for the majority of coin movement.<\/p>\n

It stated, “The HODLer class remain resolute with both mature coin USD wealth reaching ATHs, and a multitude of lifespan metrics fully resetting to historical lows, emphasizing the unwillingness to spend held coins. This suggests the majority of current market churn is associated with the Short-Term Holder class.”<\/p>\n<\/div>\n

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Anjali Belgaumkar<\/a><\/h3>\n

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I’m getting there.<\/p>\n