The last time BTC posted a positive return during September was in 2016.
“The oppressive macro uncertainty is still a major headwind,” Noelle Acheson, macro analyst and author of Crypto Is Macro Now newsletter, noted Friday. “Bond markets around the world are flashing signs of distress, as yields have reached multi-year records in the US, UK, Germany and Japan to name just a few markets.”
“As scary as this may sound, during the 21 government shutdowns [in the past] the S&P 500 rose 55% of the time, generating an average return of 0.3%,” advisory firm Asgard Markets wrote in a Friday market report.Digital asset investment firm NYDIG said that the government shutdown could delay regulatory decisions, as the U.S. Securities and Exchange Commission staff will be radically reduced.
“BTC and ETH are now trying to break upwards outside of their range established in the last month and a half,” Asgard said. “We are looking for a short-term move somewhere between $28,500 and a swipe of $30,000, for as long as BTC does not retrace below 26,000.” He pointed out that"over the last 10 years, eight of those times in October, the market was actually up with an average of 22%," adding that as soon as interest rates become dovish bitcoin is “going to break out quite aggressively.”
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