Bitcoin closes a historic September despite a recent decline. Analysts are scanning the horizon, pointing to the US elections as a potential catalyst for the market.
An eventful end of the month for Bitcoin
Against all expectations, Bitcoin concluded its best September in over a decade. Despite a fall of almost 4% in the last 24 hours, the flagship crypto shows monthly growth of around 7%.
This performance contrasts sharply with the reputation of September, usually considered an unfavorable month for digital assets.
However, this overall increase masks a more nuanced reality. The crypto market as a whole had a rough day on Monday, with sharp declines for several major altcoins. XRP, Cardano and Polkadot all saw declines greater than 5%. Even stocks linked to the sector were not spared, like Marathon Digital and Coinbase which fell by 10% and 6% respectively.
Eyes on November
If October historically enjoys a favorable reputation in the crypto universe, nicknamed “Uptober” by aficionados, experts remain cautious about the short-term outlook. Charlie Morris, founder of ByteTree, highlights the risk of a trend reversal, precisely because of the prevailing optimism: “ The popularity of an idea often indicates that investors have already invested their money before the event. »
The real catalyst may well be the US elections in November. Jake Ostrovskis, a trader at Wintermute, observes investor positioning in the options market that suggests “ support for a post-election rally“. This anticipation of a delayed increase is explained in particular by the political uncertainty which could weigh on the markets in the weeks to come.
In conclusion, although Bitcoin surprised in September, caution remains in order. The coming weeks could see market consolidation, before a potential post-election surge. Savvy investors will keep a close eye on the evolving US political landscape, a key factor for the crypto market's near future.
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