Crypto

Since 2012, October has generally been a positive month for the world’s leading cryptocurrency. Out of the last 12 Octobers (as far as back as reliable data is plotted) 9 of them had overall gains for the month. That puts October as having a 75% success rate for Bitcoin bulls. However, that does not mean that the 25% price increase this month was guaranteed.

Moving on positive developments regarding BlackRock’s Ishares spot Bitcoin ETF, Bitcoin hit a high not seen since June 1,  2022. After opening above $30,000 for the first time since July 23, Bitcoin has so far reached $31,900 (6:15 EST) and shows no sign of slowing down.

Crypto traders have been feverishly waiting for approval of any Bitcoin spot ETF up for review by the SEC.

Bitcoin’s mid-term outlook was looking exceedingly bearish up until the last week of September when Bitcoin experienced a significant bump. This swing to the upside mitigated 3 consecutive monthly declines scoring the first monthly gain during the last 3 months. This altered the short to mid-term prospect altering it from bearish to neutral. 

Mid-term picture

Bitcoin is currently trading up by $395 or 1.48% as of 4:30 PM, EST at $27,168. This is $2,000 above where the leading cryptocurrency had opened for trading a week ago ($25,162) last Tuesday, September 12th.  By Thursday of last week, BTC had completed a candlestick formation known as “three white soldiers” which forecasted that further upside price movement was likely.