Is now the time to buy bitcoin? Will October be a bullish market again?

The halving event is closely related to the bullish market in the overall cryptocurrency market. Historically, when a halving event occurs, the price of Bitcoinrapidly rises between 6 to 12 monthsand reaches a historical high. Looking back at the past two Bitcoin halving events, after the halving, BTC surpassed the previous all-time high and a new upward trend starts, taking about183 days or 243 days.US PCE Price Index revised downward to 2.8% increase for the April-June quarterThere is a possibility that October will turn into a bullish market.It has become clear that historically August and September have had poor average returns, especially in years when bitcoin has halved, October has historically shown positive performance.

U.S. stocks and gold surged, while Bitcoin remained relatively stable.
U.S. economic indicators are strong, easing concerns of an economic slowdown. The U.S. stock market is performing well and resuming its upward trend. Gold saw increased demand as a safe asset, reaching an all-time high due to expectations of a U.S. interest rate cut. On the other hand, Bitcoin has been relatively stable.

Is there a possibility of another bullish market in October?
October could be a turning point in the market. The average returns for August and September have been poor, making it the worst performing period of the year.

According to the 13F stock ownership report for the second quarter of 2024 submitted to the U.S. Securities and Exchange Commission (SEC) by institutions, about 44% of asset management companies increased their positions in Bitcoin ETFs in the second quarter of this year, while about 21% reduced their positions.

Matt Hougan, Chief Investment Officer of Bitwise, a U.S. cryptocurrency investment company, stated that the most significant influencing factor determining the current trends in cryptocurrencies is likely whether institutional and professional investors will invest heavily in cryptocurrencies.

the U.S. presidential electionThere is a possibility that the new policy platform of the Republican National Committee, which includes efforts to support cryptocurrency, could have a positive impact on Bitcoin. Additionally, the Biden administration has shown a willingness to gradually approach the industry since Mr. Trump became a proponent of cryptocurrencies, so if Ms. Harris leans towards being pro-cryptocurrency, BTC is expected to react somewhat.

According to cryptocurrency analyst Matthew Highlands, the price chart of Bitcoin reflects patterns seen in past US presidential election years.There is a possibility of dramatic changes from the current market momentum that lacks strength."Looking back to August 2012, there was a major crash here. After that, it slowly moved towards the election and then rose rapidly after the election," Mr. Highlands pointed out. "I expect this process to happen. It might be a bit unstable and nothing major will happen, but there is probably a possibility of breaking out of this range in October or November," he predicts. The voting day for the 2024 US presidential election is scheduled for November 5th.

Source: cointelegraph, coinpost, moomoo
This article uses auto-translation in some sections
- moomoo News Zoe