Analysts Tip October as ‘Days to Watch’ for Bitcoin in Web 3.0 Era

Cryptocurrency Web 3.0 and September

Investors in Bitcoin may be in for a rough ride in September. Data from the past 13 years shows that the month has had nine negative-returning months. Popular crypto analyst Will Clemente has informed his followers that September has had the least number of positive-returning months and is on a six-year negative-returning streak.

However, two ETF analysts have suggested investors look to mid-October for the next “major days to watch.” Monitoring resource Material Indicators has also warned that a “full retrace” of the gains made after Grayscale’s victory over the SEC may be in store for the largest cryptocurrency.

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Exploring Web 3.0 and Bitcoin ETFs

James Seyffart, an ETF analyst at Bloomberg, has suggested that investors keep an eye on mid-October, when the SEC is set to make its second decision on seven pending Bitcoin ETFs from BlackRock, Bitwise, Valkyrie, WisdomTree, VanEck, iShares and Invesco.

On August 30, Seyffart and Eric Balchunas estimated that there was a 75% chance of a spot Bitcoin ETF being approved by the end of the year. The mid-October deadline would be the last one for the SEC in 2023.

Seyffart also noted that the delays on the most recent Bitcoin ETF filings were predicted, and that it would have been a surprise if they were approved on the first round of deadlines.

After a brief surge due to the Grayscale news, the price of Bitcoin has dropped 4.5% in the last 24 hours, and is currently trading at $26,066, according to CoinGecko.

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