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Why October Could Be a Challenging Month For Bitcoin and Other Altcoins?

To start with the positives, the crypto market is awaiting for another tremendous bull run, with so many things coming in its way!

Yes, the Taproot upgrade for Bitcoin is scheduled for November, and the Ethereum merger might happen at any time. Cardano's attempt to break into the mainstream is underway! New ventures entering the market, however, have a lot of long-term potential.

But, why hasn't the bull season started yet? Despite the benefits, there are a few critical aspects that are posing a threat to the crypto space! Major issues include the ongoing SEC litigation against Ripple (XRP), a lack of institutional investments, and whale games. So, when can we expect the bull season to begin? This post will provide you with a complete understanding.

Why Could October Be a Challenging Month?

Following the recent crypto market crisis, the entire market value now stands at $1.84 trillion, down 4% in the last 24 hours. Below are some obstacles that may act as roadblocks during the Bull season.

Whale games: 

The all exchange whale ratio is growing, according to a fresh measure from Cryptoquant. This highlighted the whales' pump-and-dump strategy in the crypto industry! The recent market fall is being exacerbated by increased selling pressure from whales.

Lack of Institutional Investment:

While the global economy is approximately $360 trillion, the crypto industry is only worth $1.8 trillion, accounting for less than ten percent of total wealth. As a result, most institutions may be unsure about the steadily expanding space. However, while the space's volatility is a source of concern, smart traders and institutional investors can profit 10 times with the right techniques and exit plans.

Lawsuits by the SEC and Other Regulatory Fears:

Government authorities tend to screw up within little bounds since the crypto field attracts a lot of interest from mainstream investors and Wall Street. This was evident with the SEC, which is attempting to prove Ripple's culpability while also preventing Coinbase from launching a new functionality.

The US Infrastructure Bill, on the other hand, is set for a vote on September 30. As a result, if a reverse impact or crash is anticipated for the space, it is possible that it will be carried forward in October as well.

In October, These Could Flip The Downtrend!

On-Chain Data Is Pretty Bullish:

Unique addresses to exchange platforms are on the rise, according to recent on-chain data. In the last 30 days, the total value locked in Ethereum increased by 11.25 percent, while Cardano's TVL increased by 10.16 percent, according to the research. And Solana's TVL increased by 48.46 percent in the last month, thanks to substantial gains. This is a very positive indicator for the crypto industry!

Historical Data:

Bitcoin and other assets fared too well in the fourth quarter, according to historical statistics from the previous few years. The similar pattern appears to be emerging right now! Yes, the bitcoin price began a strong ascent in September 2017 after a short dip. BTC price waited until late October for a breakout, and the next two months were incredibly bullish!

At the time of writing, the price of bitcoin was $42,470.89. Jason Pizzino, a well-known crypto specialist, believes the commodity will take some time to break out. He thinks the bull market will start in October and last for two months. The majority of other altcoins are also bringing fresh unique initiatives to the market. As a result, the fourth quarter might be quite positive, with additional altcoins following the leading crypto.

Furthermore, rumours suggest that the SEC will authorise Bitcoin ETFs, which, if true, would propel the crypto industry to unprecedented heights. However, the bearish month of September is set to finish, and a bullish start to Q4 could signal a continuation of the bull run.