Bitcoin: Why October Favors a Bull Run
Bitcoin investors have had a disappointing year so far. Could October bring back their smiles with a bull run? A lot of factors point towards that possibility.
Failed Rallies Since January
Bitcoin price in January 2017 was around $1,000. Market observers were bullish and predicted that by December the rate could climb anywhere between $3,000-4,000. Contrary to all expectations, the cryptocurrency went on to touch its all-time high of nearly $20,000 in mid-December last year, returning unimaginable gains of 20x. A driving force in this massive bull run was the infusion of retail investors who got excited about all the hype and jumped feet first into the cryptocurrency ecosystem.
Whatever goes up, must come down. Bitcoin has had a history of corrections to the tune of 90%. And history did repeat itself. To the disappointment of investors who entered the market at the highs, the digital currency plunged to a low of $5,800 in February 2018.
Since then, all attempts for a full recovery…
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