The somewhat moribund or retarding trend of Bitcoin in the market has been a major concern for investors as well as traders and experts in the space.
$20,000 market price of each BTC has been the sight of many in the space, but there are signs that the leading cryptocurrency has only 1% chance of clinching its all-time high price in September 2019.
According to the result of a market forecast data from LedgerX, made available by cryptocurrency analyst known as Skew on twitter, Bitcoin has 0% chances of reaching $20K by August, but the possibility that BTC would hit that price in September is 1%.
The data also mentioned the possibility of $20K BTC price by year end, professing that Bitcoin is 93% unlikely to hit $20,000 by December 2019.
“Options backed probability of bitcoin closing > 20k by YE gradually eroding with the passage of time – now @ 7%,” Skew stated.
Be Watchful of October
In spite of pass up on Bitcoin price miracle in the year 2019, Skew gently nipped people, urging them to be watchful of the month after September as it would likely be a great period for Bitcoin and the entire ecosystem.
Using the approval of two Bitcoin exchange-traded funds (ETFs) by the United States regulator, the Securities and Exchange Commission (SEC) which would likely come up in October as a reference point, Skew said the month would be the most interesting for Bitcoin.
“October should be the most interesting month for bitcoin with two ETF applications under review by the SEC,” Skew added.
Image Credit: Twitter.
After delaying its decision on the approval of Bitcoin ETF proposals filed by Bitwise Asset Management and VanEck/SolidX, SEC in August came out to declare that it would give its final verdict on the two EFTs by Oct. 13 and Oct. 18 respectively.
Also another company, Wilshire Phoenix Funds, which also joined the waitlist in June with its ETF proposal, would be getting answers to its prayer by Sept. 29.
While the people’s yearn for Bitcoin’s high price is unending, Skew seems to be highlighting the emergence of October update, if positive, as a stepping stone for BTC to trend on the upside.