Despite the continuous delays by the SEC in approving several BTC-settled ETF applications, the leading cryptocurrency continues to surge in price.
Over the past month, regulatory agencies have postponed decisions on more than seven registration applications, even with recent efforts to expedite the approval process.
According to data from Coinglass, this price increase marks Bitcoin’s fourth positive September since 2013 and the first since 2016. Starting the month at around $25,800, Bitcoin has risen nearly 4%, reaching nearly $27,000 at the time of writing.
However, it’s important to note that despite this strong September, Bitcoin experienced its first quarterly loss of the year, with a roughly 12% drop in value over the past three months.
Looking ahead, cautious optimism prevails among investors for a bullish October for Bitcoin. Historically, cryptocurrencies tend to perform well during this month.
In context, despite a significant market downturn in October last year, which led to the collapse of some crypto-related companies, including FTX and Celsius, Bitcoin still recorded a 5.56% increase.
Cryptocurrency analyst Tedtalksmacro explains the robust performance in October as a “seasonally positive period.”
“On average over the past three years, October has been Bitcoin’s best-performing month, and this seasonality typically extends into Q1 of the following year.”
However, he also issues a warning:
“Before 2022, BTC had never existed in a world with interest rates above 2%… whereas now, by the end of 2023, the Fed Funds Rate is above 5% and might stay there longer as central banks worldwide attempt to curb inflation.”
Meanwhile, the renowned blockchain analysis firm Santiment points out that Bitcoin’s long-term prospects appear promising. This is supported by the fact that whales have been accumulating Bitcoin alongside Tether’s USDT for the past six weeks.
According to the company, this accumulation signifies buying power and suggests that the upward momentum may extend into October.
While expectations for October are high, it’s important to remember that the SEC’s decisions regarding any BTC-settled ETF applications can influence Bitcoin’s price behavior.