Bitcoin Poised For Significant Rally In October And November, Says Bitwise CIO Matt Hougan

Matt Hougan, Chief Investment Officer at Bitwise Investments, predicts a potential upturn in the cryptocurrency market for October and November, following the traditionally difficult month of September.

What Happened: Hougan’s analysis, which examines historical trends and current market conditions, suggests that the crypto market may be on the verge of a significant rally as uncertainties begin to dissipate in the coming months.

This optimistic outlook is particularly noteworthy given the challenging performance of Bitcoin BTC/USD and other cryptocurrencies in September, a month that has historically been poor for digital assets.

“My base case remains that we see a significant rally as this uncertainty starts to dissipate in October and November,” Hougan states in his blog.

He attributes the current market softness to several factors, including uncertainty surrounding the U.S. presidential election, debates over Federal Reserve rate cuts and mixed signals from ETF flows.

Also Read: Cryptocurrency Scams Cost Americans $5.6B In 2023, FBI Report Shows

Hougan points out that Bitcoin has fallen an average of 4.5% during September since its inception in 2010, making it the worst-performing month for the cryptocurrency.

However, he notes that October and November have historically been among the best months for crypto investors, with October even nicknamed “Uptober” due to Bitcoin’s average 30% rise during the month.

The Bitwise CIO also highlights the rapid adoption of Bitcoin ETFs by investment advisors, describing it as faster than any new ETF in history.

This trend, combined with the potential resolution of current market uncertainties, could fuel the predicted rally.

What’s Next: As the crypto industry looks towards this potential upswing, the upcoming Benzinga Future of Digital Assets event on Nov. 19 is perfectly timed to provide insights into these market trends.

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