Bitcoin Could Experience Further Growth: Bitfinex Analysts
After eight years, Bitcoin closed September with a positive result, giving a boost to bullish sentiment for October, as suggested by Bitfinex analysts.
Historical data showed that 9 out of the past 13 monthly closures in September were negative.
This month’s performance is driven by the current state of the crypto derivatives market, with options implying a potential surge in price fluctuations – the implied volatility (36.4%) is higher than the historical average (27.1%).
Experts believe that this signals potential growth in the near future.
On-chain indicators also support this forecast, as coins held for the past 6 to 12 months remain stable, while supply over the past three years has been mostly inactive since February 2020.
These metrics suggest that hodlers are confident in the current price range and are holding on to their coins.
