Popular analyst Tom Busby shares reasons for this bullish on Bitcoin (BTC) that this “king of crypto” is going pump hard in October.
The first reason Busby is bullish on BTC is owing to the massive amount of US debt. According to the trader, there are 2 possible routes. The first one is that the US will default on its debt and will cause devasting consequences not only to its country but also to the rest of the world. However, Busby says that the US will not choose that path as a country. The second route is to inflate its price.
“It would be to increase the interest rates…The value of the dollar is less and that means that you can pay back your debt at an easier pace. And that was pretty much the route that the U.S is going to be inflating their price, their currencies…It’ll be a knock-on effect. It won’t be just the U.S, it would also be the UK, it would also be the Euro as well. And it will happen across the world… This is where bitcoin will show its true power its true value and not only with Bitcoin but also with the crypto market as well because Bitcoin price increases it so does the Altcoins,”
Besides, the crypto KOL also mentions that October tends to deliver much more convincing momentum for Bitcoin according to its historical price action.
“Q4 is the clear standout for top performance, especially in the year following a block subsidy halving.”
Read more: