Analysts at the American bank JPMorgan have identified several factors that could influence the growth of Bitcoin. In their opinion, despite the weak start, October could be bullish for the first cryptocurrency.
JPMorgan noted that in 70% of cases, October turned out to be a profitable month for cryptocurrency investors.
“While past performance is no guarantee of future performance, we believe the popularization of the term ‘Uptober’ could influence investor behavior and set Bitcoin up for a strong month,” the analysts said.
The cryptocurrency market has not yet felt the positive effect of the reduction in the key rate in the US, which is likely to become the main driver for the continued growth of the first cryptocurrency, experts believe.
Another catalyst for Bitcoin’s price increase could be the recent approval of options trading on Bitcoin spot ETFs. Experts suggest that this will increase liquidity in the medium term and bring new investors into the market.
“The emergence of options provides investors with more flexible tools for working with ETFs, which will contribute to the growth of liquidity of the underlying asset,” the experts noted.
At the same time, JPMorgan acknowledged that the lack of historical data makes it difficult to make forecasts for the future price of Bitcoin, since cryptocurrencies only began to develop in 2012.
Earlier, analyst and founder of the trading company Eight, Michaël van de Poppe, said that the crypto market is currently experiencing a lull before the sto
