According to popular cryptocurrency exchange Kraken, the price of bitcoin could find itself 11 percent higher by the end of October.
Kraken: This Will Be a Good Month for BTC
The San Francisco-based trading platform has recently released its September report, which suggests that this month’s price could jump by an additional ten percent. This marks a complete reversal from where bitcoin stood just last month. September is typically the worst-performing month for bitcoin each year. By contrast, October usually tends to turn things around for the world’s number one cryptocurrency by market cap, with eight of the last nine Octobers bringing jumps of 11 percent or more to the digital asset.
This all sounds fine and dandy except for one thing: Kraken has been talking about the bitcoin price for months now, and each discussion has led to different statements and results. For example, in August, the exchange commented that the price of bitcoin was potentially on the verge of spiking by as much as 200 percent.
Sadly, this didn’t occur. Bitcoin remained where it was until the beginning of September, which saw the asset lose roughly $2,000 off its price within just the first few days alone. Then, by the midway point of that month, Kraken issued another statement explaining that things were about to a get a whole lot worse for the globe’s primary cryptocurrency.
Again, it looks like the exchange has been proven wrong. The currency has reentered bullish territory and is now trading for $11,500, roughly $1,400 higher than where it stood on September 2. From one month to the next, bitcoin has done a complete switcheroo, so is it possible that Kraken is off again? Or perhaps it knows a few things about bitcoin’s behavior during the month of Halloween…
Kraken points to a few items in bitcoin’s favor. For one thing, the currency’s volatility has already bottomed out. The exchange points to roughly 12 times in which this has happened in bitcoin’s past. Each time, the currency’s price has surged by anywhere between 15 and 30 percent, and the exchange is confident that this period will be no different.
Becoming A Whole New Asset
Another good thing is that while bitcoin spent much of time underperforming during the first half of the year, the currency has also managed to separate itself somewhat from both the US dollar and the stock market, and now stands as a totally unique asset all its own given that many people see it in a stronger light. BTC, for the first time in a while, is being viewed as a tool that can hedge one’s wealth against inflation and other harsh economic conditions.
Bitcoin, for the most part, could find itself trading at around $17,000 or even higher should it break the $12K line. As it stands, $10,500 remains the currency’s present support level.