Bitcoin in October 2018: Forecast Looks Dull and Unpromising to Some yet Fortune Favors the Bold
October Does not Look Promising for Bitcoin
The cryptocurrency market is in a downtrend since the beginning of the year. This is something that has hurt investors and other market participants. The crypto community is waiting for the next bull run or at least higher Bitcoin prices. But it seems that October does not look so promising for Bitcoin.
Although October might not be a good month for Bitcoin, experts believe that a good strategy is to buy an asset after it has rallied and start thinking about the long term. And indeed, for the long-term, investors and analysts such as John McAfee and Mike Novogratz believe that Bitcoin and crypto currencies will continue to grow.
Back in September, the community was very enthusiastic about a possible approval of a Bitcoin exchange-traded fund, but the approval will have to wait at least some more months. This approval could have helped Bitcoin to start growing, but in the last weeks of September, its price remained stable.
In the next weeks, Bitcoin could continue to be traded in the current price range. According to CryptoDaily, Bitcoin could operate steadily in October, close to $6,500 dollars. At the moment, it does not seem plausible for Bitcoin to reach $10,000. But the crypto market is different, a price increase of 20% in just a few days happened several times in the past and will for sure happen again in the future.
“As Bitcoin sits and waits in anticipation for a Bitcoin ETF to launch, many can’t see Bitcoin moving past this figure until some big changes are made in Bitcoin regulation and of course, in the ETF decision making process. Therefore, the outlook could present more exciting opportunitie, as the SEC no doubt near a final decision on a number of their Bitcoin ETF applications.”
Bitcoin is currently being traded around $6,450 and has a market capitalization of $113 billion dollars.