BTC And Altcoins Prices Are Back In The Green; Is Bitcoin’s ‘Halloween Pump’ Incoming?
The leading cryptocurrency has been trading around $8,000 since late September. Though several times we dropped below $8k level, seeing $7,685 at one point, we climbed back up to $8,000 soon after.
At the time of writing, BTC/USD has been trading at $8,064 with 24 hours gains of 0.93%, as per Coincodex.
Trading volume also has been seeing extremely low levels, dropping below $200 million during the weekend. Currently, nearly $288 million volume has been registered in BTC/USD trading.
After going from just above $10,900 to below $8,000 in September, the flagship cryptocurrency has been trading sideways in October.
However, while historically, Q3 hasn’t really been a good month for Bitcoin, Q4 has been a month with positive returns. But according to some analysts and traders on Crypto Twitter, Bitcoin is yet to find the bottom of this cycle.
As Bitcoin Exchange Guide recently reported, Bitcoin can be expected to drop to $6,000 in the coming weeks.
But is it possible, we would make a jump instead?
According to Francis Pouliot, founder of Cyphernode, free and open-source BTC/LN node and CEO of Bull Bitcoin, a Bitcoin exchange service, a Halloween Pump can make it possible.
Four years ago, in 2015, Pouliot “fondly” recalls the “Halloween Pump” that took BTC price up by 50%, a couple of weeks before the event.
This jump in price had Bitcoin finally breaking the $300 ceiling, under which it had been lingering since New Year 2015.
“It was right after Scaling Bitcoin 2015, the first major Bitcoin technical conference (it was a big deal). The memes were starting to take root. Backpage was creating unprecedented demand,”
These kinds of pumps aren’t anything new for BTC. In June this year, Bitcoin saw a spike of more than 75% in under 20 days when price climbed from $8,000 to 2019 high at $13,900.
But in 2015, Bitcoin was still quite new. After the world’s leading cryptocurrency made a new all-time high at $20,000, the digital asset’s popularity exploded, putting it in the limelight on a global scale.
Weather in the next few days or weeks, volatility is expected to make a comeback in the market and if BTC takes a drop, it would only end up pushing BTC higher.