Copied


US Crypto Exchange Kraken Predicts Bitcoin Price Will Rally in October

Lucas Cacioli   Oct 13, 2020 10:00 2 Min Read


US-based crypto exchange Kraken has released its September 2020 volatility report which predicts that Bitcoin’s price will likely rally in October after a further separation in correlation from traditional markets and the US dollar.

According to Kraken’s September 2020 volatility report, all indicators show that Bitcoin’s correlation to legacy markets and the US dollar is continuing to weaken.

According to the Kraken report:

“Bitcoin’s correlation with the S&P 500 sank to an 8-month low of -0.27 in the first week before rebounding and finishing the month at 0.60. Inversely, bitcoin’s correlation with the U.S. dollar index (DXY) momentarily turned positive before resuming a 5-month trend of negative correlation.”

The Kraken report states that with Bitcoin coming off what is historically the least volatile month of the year—September—one ought to expect incremental market volatility to surface as of 4Q2020.

The report adds that several factors have not yet been exhibited in Bitcoin’s price. Per the report:

“The ever-growing number of addresses containing between 1,000 BTC and 10,000 BTC and the number of coins held in these addresses suggests that Bitcoin’s strong fundamentals and vigorous demand from “smart money” is not entirely reflected in bitcoin’s price."

What to Expect in October?

The Kraken report predicts better returns on Bitcoin in October stating that historically, Bitcoin sees and average return of around 11% following the conclusion of its lowest month, September.

Per the Report:

“With bitcoin’s worst-performing month now behind us, October may outperform September, just as it has for 8 of the past 9 years, with an average return around +11%. Note that bitcoin has underperformed its monthly average in 6 of the past 9 months.”

The report also indicates that a large number of BTC whale addresses containing “1,000 BTC and 10,000 BTC continues to grow strongly” as well as the total number of coins held in these addresses. The numbers indicate “a strong pattern of accumulation that started about 7 months ago.” 

Along with the amassing BTC whale wallets, further positive signs for the Bitcoin price have been highlighted by the increased institutional demand. At the time of writing, there is almost $7 billion of Bitcoin currently held by 13 publicly listed companies, notably MicroStrategy, Square, Galaxy Digital and Grayscale.


Image source: Shutterstock

Read More
Xviral integrates gaming, e-commerce, and cryptocurrency on a social platform. Users can earn and secure data. Its hybrid design merges centralized and decentralized aspects for enhanced productivity and launched a token on Solana Blockchain in January 2025 for community engagement and fair distribution.
Render Network's 2024 achievements include token upgrades, expanded 3D tool support, AI integrations, and significant community growth, setting the stage for 2025.
The BIRDS GameFi project is thriving on Sui, leveraging gamification to onboard Telegram users into Web3, with a robust token economy and seamless integration into the blockchain.
NVIDIA's CES keynote highlighted AI's transformative role, including voice restoration for ALS patients, demonstrating technology's profound impact on real lives.
Robinhood Markets, Inc. is set to announce its fourth quarter and full year 2024 financial results on February 12, 2025, including a live earnings call.
Bitcoin's supply is tightening as its price reaches new highs, creating a bullish outlook for the cryptocurrency market, according to Bitfinex Alpha.
THORChain's 2024 year-end report highlights major developments, including new integrations, liquidity changes, and strategic upgrades to enhance the network's efficiency and security.
BB Token has expanded to Ethereum, enhancing cross-chain access and liquidity using LayerZero's Omnichain Fungible Token Standard, according to BounceBit.