October may lead to an uptrend for Bitcoin, which closes September with a red candle, according to analysts. While cryptocurrency experts expect macro growth from Bitcoin in the long run, CryptoQuant has listed 10 technical indicators that can accelerate BTC growth.
Although the last September started with a loss for Bitcoin, BTC charts were more stable over the month. Bitcoin price fluctuated in the range of 10 thousand to 11 thousand dollars throughout September, not losing the support of $ 10 thousand. Despite this stagnant picture, both market analysts and Bitcoin bulls are positioned on the positive side for the BTC price across October from the broader perspective.
The September Closing Could Give Birth A New Bull Run
Bitcoin performed poorly during September and closed the month with a red candle for the first time since June. However, despite the loss of about 1%, hopes do not run out on the Bitcoin front. Bitcoin, which hit $ 11,000 many times after seeing $ 9,800 in September, is still in an upward trend, according to some analysts.
A trader known as Bitcoin Jack on Twitter shared a candlestick chart for the Bitcoin price; revealed that the BTC price is positioned above the macro support level of $ 10,500 in the monthly period. According to Tradera, this table, which is above the level of 10 thousand 500 dollars, draws a similarity with the appearance before the bull runs we observed in 2019 and last February.
10 Indicators That Point To Bitcoin Rising In The Long Term
CryptoQuant, one of the leading data companies in the crypto money industry, also listed the technical on-chain indicators that indicate a possible bull run of Bitcoin with a 10-item list:
- Miners’ location index
- Puell Coefficient
- Hash Directories
- Cryptocurrency Exit Average on All Exchanges
- Crypto Money Reserve on All Exchanges
- Fixedcoin Supply Rate
- Fixedcoin Reserve on All Exchanges
- MVRV Rate
- Network Value of Metcalfe Ratio
- Stock Flow
According to analyst Nick Chong; Although these technical on-chain indicators suggest that they will not be a direct indicator for the BTC price in the short term; In the long run, it may lay the groundwork for macro growth for Bitcoin.