Bitcoin is expected to decline in October for these two reasons

Thursday, September 14, 2023 - 21:53
Point Trader Group

The cryptocurrency Bitcoin has been exposed to fluctuations recently, while many analysts believe that it is on the verge of a decline, and analysts at QCP Capital said that there may be an “imminent decline” next October.

This is due to two reasons, the first of which is the Federal Reserve meeting next week with expectations that officials will be more stringent than investors expected (i.e. the possibility of continuing to raise interest rates), after data showed that consumer prices in America rose by 0.6% in August, which is the largest An increase in 14 months, according to QCP analysts

However, traders expect a 97% chance that the US Federal Reserve will keep the key interest rate unchanged at its next meeting. ‎

The second reason is that although some investors are concerned that the upcoming sale of assets by the FTX exchange may put pressure on the prices of cryptocurrencies, FTX will set a maximum selling limit of $100 million per week. The maximum could be raised to $200 million, according to the stock exchange’s plan

Greg Moritz, co-founder and COO of Alt Tab Capital, noted that this amount is relatively small compared to the trading volume of the entire cryptocurrency market. Moritz pointed out that the daily trading volume of Bitcoin usually ranges between $10 billion and $20 billion.

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