A recent study has shown that Bitcoin may yet face a difficult September, potentially closing the month in the red for the ninth time in the past 13 years. Anchor Crypto expert Will Clemente suggested that September has historically seen the least number of positive-returns for the cryptocurrency, with a discouraging six-year negative-return streak busy at work.
Additional predicting elements such as Material Indicators, a monitoring tool, suggests a potentially full reversal of the gains experienced in the wake of Grayscale’s victory over the SEC. The largest cryptocurrency could well anticipate turbulent times ahead in September.
Yet, could there be a light at the end of the tunnel? Bloomberg ETF analyst James Seyffart certainly thinks so. Extrapolating data trends, Seyffart encourages crypto investors to shift their focus from the stormy September to the potentially fertile mid-October. The SEC has its second decision deadline pending for seven Bitcoin ETFs which include the likes of BlackRock, Bitwise, Valkyrie, WisdomTree, VanEck, iShares, and Invesco.
Seyffart, along with fellow Bloomberg ETF analyst, Eric Balchunas, estimate the odds of a spot Bitcoin ETF approval by year-end at about 75%. But their anticipation isn’t without reservation. They opine that delays on the recent rounds of spot Bitcoin ETF filings were generally expected, with Syeffart admitting he’d have been astonished if approvals were granted in the initial deadline rounds last week.
The Grayscale announcement saw a slight Bitcoin surge, but the hype waned quickly. The cryptocurrency observed a 4.5% slump over the past 24 hours, losing momentum to trade at around $26,066 according to CoinGecko data.
So what can we take away from all this? While the market landscape seems challenging as we move into September, the anticipation of regulatory shifts and pending deadlines in mid-October present opportunities. The investment world of cryptocurrencies remains a compelled maze of highs and lows, data estimations, and speculative observations. But one thing is evident, and that is Bitcoin’s adventure in the world of currencies continues, and the ride promises to be an exciting one. Lastly, to see the narrative unfold, keep your sights on mid-October!
Source: Cointelegraph
