Strategically, it makes sense to accumulate Bitcoin during September, with subsequent profit-taking in October or closer to the end of the year. QCP Capital suggested such a scenario, citing seasonality.
Analysts recalled that the first month of autumn is historically negative for all asset classes, including digital gold. At the same time, October is its opposite. — In eight of the last nine cases, the first cryptocurrency increased in price by an average of 22.9%.
Experts noted that such expectations are supported by the purchase of volatility in options with execution in December in recent days.
According to Greeks.Live, open long positions in Bitcoin perpetual contracts have increased by 3,000 BTC since August 28, while annualized funding rates have jumped to 20%.
Since September 2, the Bitfinex lending market has continued to see opportunities with annualized interest rates of more than 20% over the past 10 hours. Meanwhile, BTC long positions have increased by a net 3,000 since August 28th.
Greens lending rates and long positions have… pic.twitter.com/Z4stEezh7G
— Greeks.live (@GreeksLive) September 3, 2024
According to experts, this may be a sign of a quick recovery of positive dynamics. The bullish signal is supported by the growth of whale activity in buying call options, which accounted for about 30% of the turnover, analysts added.
MN Trading founder Michael van de Poppe noted that the current “lackluster” market often heralds the start of the “party”.
Former BitMEX CEO Arthur Hayes explained the fall of Bitcoin by a lack of liquidity.
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Source: Cryptocurrency
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