A Bitfinex analyst predicts that there is a possible bull run in October for the number one cryptocurrency, Bitcoin.
Bitcoin’s performance in the month of September, closing in green, has piqued the interest of analysts who believe that it is a strong signal for October.
The analyst further pointed out that the crypto market cap increased by 6.1% in September. Adding to that, this is a rare occurrence, judging by the last few months of the cryptocurrency.
According to the Bitfinex report, certain factors contributed to the forecast and the corresponding increase of Bitcoin in the market.
Multiple Bitcoin investors are positioning themselves for bull market, as the long-term holders (LTH) and a large part of the short-term holder (STH) cohort seem to be positioning to hold their Bitcoin holdings for longer periods of time.
In the report, analysts positively affirm that the crypto option market is showing green signs. Thus, crypto traders should anticipate higher market volatility.
Bitfinex reports likewise highlight on-chain activities that are likely to help Bitcoin’s dominance in the market.
The report also pointed out that Bitcoin was held for longer periods somewhere in the range of 6 and a year, while BTC supply matured over the past three years.
This trend basically explains that investors are holding on to their digital assets, often referred to as “HODLing.”
Bitcoin started September at roughly $25,900 and closed the month just shy of $27,000, addressing a 3.9% increase for the month.