Bitcoin's Bullish Outlook For October

Bitcoin's Bullish Outlook For October

By johnwege | johnwege | 27 Sep 2021


The month of September is quickly coming to a close and the end of the year will be here before you know it.  That fact alone has many in the crypto markets excited, as usually the last few months of the year are the best performing months for bitcoin and crypto.  Some people are beginning to question if we will see that same trend repeat in 2021.  After all, the sentiment in the market isn't very bullish. And why should it be?  It has now been around 5 months since bitcoin was at its all-time high price.  Since that time there have been countless amounts of FUD attacks thrown towards bitcoin.  Each having their own affect against the price, and causing the price to drop.  This has led many to consider the bull market to either be on pause, or to have already been finished.  

But not so fast.

There are still many reasons to be feeling very positive about bitcoin and this is why I'm more bullish than ever.  First let's look at this prediction from PlanB; the creator of the Bitcoin Stock-To-Flow Model.

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Now there are two sides to this.  You can either believe that they are really on to something with this model, and that it quite possibly could be a hint of the future.  Or, you might believe that there is no truth to it.  I'm more on the side that it is true; although it most likely will not follow the price estimates.  But since making this chart and up until now; the price of bitcoin have followed it very closely.  It works until it doesn't.  For this reason his voice in the cryptocurrency world holds a lot of weight.  Back on June 20th 2021, he predicted the prices for the remaining of the year.  So far, August and September have followed it to a T.  Yes, he correctly predicted the drop in September.  And now he has the price going to at least 63k in October.  Once again, you can take it with a grain of salt, but it is something to keep in mind.

On to the next bullish thing.  There have always been rumors of a Bitcoin ETF being accepted in the USA, so much so that it has almost become a myth or joke at this point.  Many believe that this acceptance may never come.  Those people may be right.  But there are heavy, heavy rumors that a bitcoin ETF will approved towards the end of October.  It hasn't been determined if it will be a futures-based ETF, or a Spot-based ETF.  But either way, bitcoin has become too big to ignore.  Actually, during the whole infrastructure debate and the SEC coming down on cryptocurrency.  Bitcoin was the only coin that they seemed okay with, that they were a fan of.  Why is this?  Perhaps they already knew that a bitcoin ETF was in the works.  Either way, if a bitcoin ETF is accepted it will not be long before we see the price of BTC at $100k.  It's time to buckle up your seat belts, because things are about to get bumpy.

Finally, things are continuing to run smoothly in El Salvador with bitcoin having recently become legal currency in their country.  The more important thing here is that the Lightning network, bitcoin's layer 2 chain, has been working smoothly.  Not only that, but the adoption of Lightning is increasing at an unprecedented level.

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This only helps to increase the legitimacy of bitcoin and that it can be used as a currency for countries.  I always like to think of it as the same as having a savings and checking account with a bank.  In this situation, your bitcoin would be your savings account.  And lightning would be your checking account.  This is the money that you would use on every day transactions.  It is now possible to buy a coffee with bitcoin, or send a payment of just a few cents to anyone around the world with a transaction fee that is nearly free.  Don't forget that other countries are watching and seeing how this plays out.  El Salvador will not be the last country to do this.  Also remember that there are some very large companies or business that also are accepting bitcoin payments in El Salvador.  To name a few; Starbucks, McDonalds, KFC, Pizza Hut and the list goes on.  Now that they have experience with this endeavor, and especially if BTC's value continue to go up, it would not very surprising to see them adopt this throughout the world.

Those are just three of the reasons that I remain incredibly bullish about bitcoin for the month of October.  I do not see the price going back down this month, it's time for it to go up.  These last few months of the year are going to be a very exciting time.  I hope that you put in the work by buying the dips while everyone else were in extreme fear.  If you did that you will be able to sit back and now reap the rewards.

How about you? What has you bullish about bitcoin?  What is your price prediction?

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johnwege
johnwege

Hello I'm John Follow me on Twitter! https://twitter.com/johnwege


johnwege
johnwege

Living day by day, stacking sats and trying to retire early. Check out my substack blog https://johnwege.substack.com/ Follow me on Twitter twitter.com/johnwege

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