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Date: 2022-09-30 21:24:47
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As September comes to an end, Bitcoin’s (BTC) price is holding firm, appearing to stabilize above $19,000 as volatility attempts to subside. The stability in Bitcoin’s price is partly backed by the asset standing out as a favorable hedge at a time the U.S. dollar is toppling other global fiat currencies.
Based on the recent price movement, Kitco News analyst Jim Wyckoff suggested on September 30 that the drop in Bitcoin volatility could indicate ‘a bigger price move is on the horizon.’ Specifically, the analysts pointed out that the collapsing volatility is a result of Bitcoin recording sideways trading despite the bears having a substantial share of control.
On the asset’s prospects, Wyckoff stated that if the price surpasses the September high of around $20,000, the scenario will trigger bulls. Still, bears will dominate if the asset crosses into next month with September’s lows.
Interestingly, Bitcoin is entering into October, a month known to favor the asset, and it could be a key psychological boost for most investors. Therefore, investors are likely looking forward to capitalizing on the bullish season but will remain weary of the prevailing macroeconomic factors.
Although Bitcoin is showing signs of a potential rally, the macroeconomic factors continue to present a gloomy picture when the asset is looking for a boost. It is worth pointing out that the initial concept of BTC was meant to survive such conditions characterized by interest rate hikes and a slowing economy.
In this line, the volume of Bitcoin trading and other global fiat currencies is recording a spike. As reported by Finbold, investors are increasingly ditching the British pound and the Euro in favor of Bitcoin.
Furthermore, the crypto community is betting on Bitcoin to rise above the $20,000 level as the push to exit the bear market continues. In this line, Finbold reported that the cryptocurrency community on CoinMarketCap projected Bitcoin will trade at $22,857 by the end of October.
Amid the conditions, Bitcoin has increasingly correlated with the stock market, but there are signs of decoupling. Notably, the correlation between Bitcoin, Ethereum (ETH) and the S&P 500 was down by -2.4% as of September 29.
Furthermore, crypto trading expert Michaël van de Poppe suggested that the flagship cryptocurrency can set sights on $19,600 if it holds the $19,300 level noting that the asset can seem “some momentum.”
In the meantime, Bitcoin is focusing on regaining the $20,000 level, trading at $19,900 by press time with gains of over 3% in the last 24 hours.
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