September month saw an initial hike, then a dip, only to take a decent rise. With the year-end coming up and bullish-potential news lined up, experts are predicting the bull rally to make an appearance.
September analysis: Hike, dip & rise
Bitcoin and crypto market started this month on a positive note as prices took on an upward swing. If we take a look at the leader, it went from $6,800 to approximately $7,400 a few days this month, only to drop just below $6,200. However, later on, it reached approximately $6,800.
Now, taking a look at the total market cap, it moved in the similar direction. The crypto market still very much moves in tandem with the Bitcoin, however, in some instances cryptocurrencies, a selective few even more so, took on a bigger jump just like last week XRP did. So, an upward swing in Bitcoin price will be reflected in the overall crypto market as well.
Another facet of the crypto market is the BTC dominance. In a bear market, it goes on a hike as altcoins go deep red and in a bull market, it starts dropping.
Experts share strong upcoming bullish views
The market scenario does offer positive sentiments indicating a bullish scenario. However, experts and investors of the crypto market are feeling for a stronger rally.
One of the most prominent bullish views has been shared by Binance CEO, Changpeng Zhao in an interview with a media outlet at the Consensus, Singapore Event 2018. The bullish sign for the crypto market is shared with,
“…we’ve seen a very strong $6000 support in 2018, whereas in 2015, the support level was $200. I look at this on a yearly basis. I don’t feel that we’re in a bear market at all. Yes, OK, if you look at a weekly or monthly basis, yes we had a bear market a little bit, but it was only $20K for a week or so… I always look at the long term. I never trade myself. I always buy and hold.”
Also, the crypto market according to him just might be in the reversal as he shares,
“So, I think that any minute the bull market will return, and historically, October to December are the good months. Before Christmas are usually the months when the markets go up very often, but I am not saying that it will this year, or that it will not.”
Also, not long back, he has strongly disagreed with Ethereum co-founder Vitalik Buterin’s comment of there being no room for a 1000x price increase, as he has stated:
“I still disagree with this. I will say “crypto will absolutely grow 1000x and more!” Just reaching USD market cap will give it close to 1000x, (that’s just one currency with severely restricted use case), and the derivatives market is so much bigger.”
He stood strong on this ground as well as he shared “it’s gonna be much more”, though he did mention “really don’t know when” but it’s definitely happening.
Recently, Bitcoin bull, Mike Novogratz has shared that once Bitcoin crosses the major resistances of $8,800 and $10,000, institutions will start investing their capital in the crypto market:
“It’s also a bull market in institutions building the infrastructure needed for real money investors to start investing in this space […] I think that in three to six months from now, there will be an ‘all clear’ sign for people — big institutions and pension [funds] — to start investing.”
With the year-end here and the coming months anticipating Bitcoin ETF approval and Bakkt launch, bulls seem to be on the near horizon.
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.