The cryptocurrency world has faced major economic challenges in recent months. Both the US Federal Reserve’s interest rate decisions and the fluctuations in the currency have put a strain on crypto investors. However, the Bitcoin price has proved resilient, hovering around $64,000.
Could the Bitcoin price peak in October?
More than 1.2 million Bitcoins have been sold so far this year. This wave of sales in the world’s largest cryptocurrency has not had the same impact on the price. Coordinated liquidations from the US and European governments also failed to disrupt the Bitcoin price.
Much of the selling pressure comes from institutional adoption of Bitcoin through investment vehicles such as ETFs. Around 1 million Bitcoins are currently held in ETFs, which has helped to counter market volatility.
As the bearish effect of Bitcoin decreases, the confidence index is on the rise. As predicted earlier, October seems to be the strongest period of the year for Bitcoin. Many analysts predict a return to all-time highs in the coming weeks.
US Federal Reserve Chairman Jerome Powell said that the central bank may cut interest rates in September. This easing of monetary policy is expected to provide more liquidity to financial markets and support Bitcoin.
With the selling pressure easing and the interest rate cut, it could create a new surge in the price of Bitcoin. Signs so far have shown that the cryptocurrency could run to a record price before the end of the year.
Note: This article is not investment advice, it is intended for informational purposes only.
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