Bitcoin, the world's largest cryptocurrency by market capitalization, has displayed a bullish trend following a rare green September close, according to Bitfinex analysts. The cryptocurrency started September at around $25,400 and closed near $28,000, as reported by CoinGecko. As of February 2023, bitcoin was valued at approximately $27,387.
The Bitfinex Alpha report highlighted that such positive closures typically predict bullish Octobers. This forecast was supported by futures market metrics, increased market volatility, and signals from the cryptocurrency options market.
The crypto market cap was around $1.092 trillion at the end of September, as corroborated by TradingView. The report also pointed out that the dynamics between 'HODL' mode long-term holders and short-term sellers support the current bitcoin prices.
Historically, bitcoin has typically underperformed in September. However, this year's unusual green close suggests a potential shift in trend for the digital asset. The Bitfinex analysis used a combination of historical data and current market indicators to predict future performance.
It should be noted that while these indicators suggest a potential bullish momentum for bitcoin in October, cryptocurrency markets are notoriously volatile and unpredictable. Therefore, investors should always exercise caution when dealing with these assets.
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