Material

James

Bitcoin, the world’s largest cryptocurrency, will been experiencing a challenging September, with its value dipping. After a brief surge triggered by Grayscale news, Bitcoin’s price fell by 4.5% within 24 hours. 
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 <img decoding="async" class="wp-image-23778 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/09/bitcoin-price.jpg" alt="bitcoin price" width="1394" height="792" srcset="https://crypto.ro/en/wp-content/uploads/2023/09/bitcoin-price.jpg 1200w, https://crypto.ro/en/wp-content/uploads/2023/09/bitcoin-price-300x170.jpg 300w, https://crypto.ro/en/wp-content/uploads/2023/09/bitcoin-price-1024x582.jpg 1024w, https://crypto.ro/en/wp-content/uploads/2023/09/bitcoin-price-768x436.jpg 768w, https://crypto.ro/en/wp-content/uploads/2023/09/bitcoin-price-750x426.jpg 750w, https://crypto.ro/en/wp-content/uploads/2023/09/bitcoin-price-1140x648.jpg 1140w" sizes="(max-width: 1394px) 100vw, 1394px" title="Why Bitcoin's six-year September losing streak has traders eyeing October ETFs 15">
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 Bitcoin 24 hours price chart | CoinMarketCap
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However, the recent volatility in Bitcoin’s price has also led to predictions of a further decrease. Some analysts predict that <a href="https://crypto.ro/en/bitcoin/">Bitcoin</a> could fall to as low as $22K, indicating a potential ‘crash’ in September. 
Historical data has often painted September as a challenging month for Bitcoin, and this year seems to be no exception. However, market analysts are pointing towards October as a key period that may potentially trigger a price surge. 
Over the past 13 years, Bitcoin has ended September in the red nine times, indicating a pattern of negative returns for this particular month. 
Will Clemente, a renowned crypto analyst, recently highlighted this trend to his substantial following, noting that September has seen the “least number of positive-returning months” and is currently on a six-year negative streak. 
Several factors contribute to this September’s anticipated volatility. Monitoring resource Material Indicators has cautioned about a possible “full retrace” of the gains following <a href="https://crypto.ro/en/news/bitcoin-retreats-to-27240-amidst-market-reactions-to-grayscales-legal-triumph/">Grayscale’s triumph over the SEC</a>. This suggests that the leading cryptocurrency might undergo a correction, reverting to its previous levels. 
Despite the current downturn, market analysts are optimistic about a potential recovery in October. This optimism stems from several postponed <a href="https://crypto.ro/en/news/sec-set-to-decide-on-seven-bitcoin-etfs-in-the-coming-week/">applications for Bitcoin Exchange-Traded Funds (ETFs)</a> due for review by the U.S. Securities and Exchange Commission (SEC) in October. 
James Seyffart, a Bloomberg ETF analyst, along with fellow analyst Eric Balchunas, estimates a 75% likelihood of a spot Bitcoin ETF approval by the end of this year. This optimism is based on an increasingly favorable regulatory environment and the emerging acceptance of digital assets. 
<blockquote class="twitter-tweet"> 
 NEXT DATES TO WATCH: 
 Middle of October are the next major days to watch. Namely October 16th. (&amp; <a href="https://twitter.com/GlobalXETFs?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@GlobalXETFs</a>‘ Oct 7) 
 Also, reminder that we fully expected delays on this round of spot <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a> ETF filings. Would have been a shock if they were approved this week. <a href="https://t.co/i14fg8FWun" rel="nofollow" target="_blank">pic.twitter.com/i14fg8FWun</a> 
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1697360209453187085?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">August 31, 2023</a>
</blockquote> 
The SEC’s delay affects applications from major financial institutions, including BlackRock, Fidelity, WisdomTree, Invesco, and Valkyrie. These applications are now set for review in October, which could result in a significant shift in the crypto market dynamics. 
The anticipated approval of a Bitcoin ETF has long been considered a potential catalyst for an influx of institutional investment into the sector. An approved ETF would provide a more accessible and regulated means for investors to gain exposure to Bitcoin, potentially ushering in a new wave of adoption. 
However, the SEC has consistently expressed reservations about Bitcoin ETFs, citing concerns over market manipulation and fraud.&nbsp;But, the forecasted approval of Bitcoin ETFs in October presents a glimmer of hope for investors looking for a positive shift in the market. 
Despite these forecasts, predictions for Bitcoin’s price remain varied. Changelly, an other popular <a href="https://crypto.ro/en/education/best-crypto-exchange/">cryptocurrency exchange</a>, predicts that Bitcoin’s value will increase by 7.26% and reach $28,881 by September 2, 2023.

Why Bitcoin’s six-year September losing streak has traders eyeing October ETFs

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