Bitcoin has given up all of its September gains this week. There is now a real risk of prices falling below $60,000 and returning to the lows of September and August. In recent weeks, there has been an influx of BTC supply into exchanges, which has contributed to downward pressure on the price of Bitcoin.
🔥While all markets are frozen in anticipation of an escalation of the conflict in the Middle East, it is very important to monitor the global information background. But in any case, the current drawdown will be an opportunity for investors ahead of the US presidential elections, since historically all bull runs began in October. In general, Bitcoin is undergoing a correction before a potential rally in the last quarter, and personally, I expect the main growth in November-December.
📈Chart: Despite the current market volatility, both new and old whales remain unperturbed and will continue to accumulate the asset. A steady flow of bitcoins into storage wallets means that regular holders are increasing their stakes. Thus, they support the bullish forecast for bitcoin in the long term.
👉Today, investors are gearing up for Friday's September employment report, which will be the next big catalyst for the market. Positive data could send the market higher.
