Bitcoin Traders Are Getting Ready for Turbulence Ahead: Forecast
In October’s early weeks, BTC’s trading volatility worsened due to increased investments in the American stock market.
Although it briefly hit $28,500, it fell below $28,000 as investors began cashing in on their profits.
According to predictions from Bitfinex, traders anticipate October to be one of the most volatile months of the year.
Improved sentiment and risk appetite can be seen through the recovery of the S&P 500 stock index from its September low.
On October 11, BTC dropped to $27,530 while Ether (ETH) fell to $1,580, experiencing the highest losses among the top ten cryptocurrencies.
Over the week, ETH’s capitalization dropped by almost 5% to $190.4 billion. Santiment predicts a potential surge in digital currencies as investors withdrew $9.99 billion worth of Tether stablecoins to trading wallets.
This trend has been evident since mid-September, and currently, the volume of USDT on trading platforms is at its highest level since March 2023.
