Bright Days Ahead For Bitcoin: BTC Price Might See a Relief Rally By End of October

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While entering the fourth quarter, investors were dreading Bitcoin’s price fluctuations and volatility. However, during the last week, trade confidence in Bitcoin was observed to be positive. The price of BTC remained stable at around $19,200, and the fourth quarter proved to be very positive for BTC and the entire crypto market. Bitcoin has again emerged as a safe platform for all compared to other altcoins. 

In addition, Bitcoin’s trading volumes have been rising since mid-June while the other altcoins are declining, as reported by Santiment. However, the Bitcoin derivatives market is showing positive moves, and 2/3rd of all open BTC futures positions have been going for a long. 

On-chain data provider Santiment showed the movement of the highest number of coins over the last three months, which amounted to 32,000+ Bitcoins on Friday, i.e., September 30. 

Bitcoin Outperforms Other Crypto Assets

Bitcoin continues to trade above the $19,000 level. More than 1.21 million BTC addresses showed a high activity level and purchased 688,000 BTC.

However, crypto analyst Ali Martinez stated that if BTC failed to hold this level, a selloff could happen, sending prices to $16,000 or lower”.

Bitcoin showed a positive correlation with the S&P 500. However, if the US market falls further, there may be further price corrections for BTC. 

However, the correlation between the digital assets market and the traditional market decreased the price of BTC by 4% over the past 30 days due to mixed sentiments among investors and traders. 

Even still, Bitcoin continues outperforming other assets.

The correlation between the Bitcoin price and the U.S. stock market volume can make the market bearish. BTC’s price has outperformed various assets like Gold and U.S. indexes and had risen by 0.8% in September compared to the USD. Only the DXY (dollar strength index) outperformed Bitcoin. 

All-time low values have signaled a relief rally for BTC. Experts predict that the Bitcoin price may jump to $21,500-$24,500. Currently, Bitcoin is trading at an average price of $19,207.62; however, a drop has been seen over the past 24 hours. 

However, the market plunged by 1.5% yesterday. Over $92.1 million have been liquidated from the market.