The month of September is fast approaching and the end of the year will be here before you know it. This fact alone has a lot of excitement in the crypto markets, as usually the last few months of the year are the most productive months for Bitcoin and crypto. Some people are beginning to question whether we will see the same trend repeat itself in 2021. After all, market sentiment is not very bullish. And why should it be? It has been about 5 months since Bitcoin was at its all-time high. Since then, there have been countless FUD attacks hurled at Bitcoin. Each has its own effect against the price and causes the price to fall. This has led many to think that the bull market is either on pause or already over.
But not so fast.
There are still plenty of reasons to feel very positive about Bitcoin, and that's why I'm more bullish than ever. First let's look at this forecast from PlanB; the creator of the Bitcoin Stock-To-Flow model.
Now there are two sides to this. You can either believe that they are really on to something with this model and that this could possibly be a hint of things to come. Or you may believe that there is no truth in it. I am rather on the side that it is true; although it will most likely not follow the price forecasts. But since you made this chart and until now; bitcoin prices follow it very closely. It works until it does. For this reason, his voice carries a lot of weight in the cryptocurrency world. On June 20, 2021, he forecast prices for the rest of the year. So far, August and September have followed him to a T. Yes, he correctly predicted the drop in September. And now its price will reach at least 63 thousand in October. Once again, you can take it with a grain of salt,
On to the next thing. There have always been rumors of a Bitcoin ETF being adopted in the US, so much so that it has almost become a myth or a joke at this point. Many believe that acceptance may never come. Those people may be right. But there are heavy, heavy rumors that a Bitcoin ETF will be approved towards the end of October. It has not been determined whether this will be a futures-based ETF or a spot-based ETF. But either way, Bitcoin has become too big to ignore. In fact, during the whole infrastructure debate, the SEC is coming down on cryptocurrency. Bitcoin was the only coin they looked good with, that they were fans of. Why is that? Maybe they already knew that ETC for Bitcoin was in development. Either way, if the Bitcoin ETF is accepted, it won't be long before we see BTC price at $ 100k. it'
Finally, things continue to run smoothly in El Salvador, with Bitcoin recently becoming a legal currency in their country. More importantly here, the Lightning network, Bitcoin's layer 2 chain, is running smoothly. Not only that, but Lightning adoption is increasing at an unprecedented level.
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 thing as having a savings account and a checking account at a bank. In this situation, your bitcoin would be your savings account. And lightning will be your checking account. This is the money you would use for day-to-day transactions. It is now possible to buy a coffee with Bitcoin or send a payment of just a few cents to anyone in the world with almost no transaction fee. Remember that other countries are watching and seeing how this unfolds. El Salvador would not be the last country to do this. Also remember that there are some very large companies or businesses that also accept 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 venture, and especially if the value of BTC continues to rise, it wouldn't be too surprising to see them adopt this worldwide.
These are just three of the reasons why I remain incredibly bullish on Bitcoin in the month of October. I don't see the price going down this month, it's about time it went up. The last few months of the year will be very exciting. I hope you got into business by buying the dips while everyone else was in utter panic. If you do, you'll be able to sit back and reap the rewards now.
What about you? What do you have for bitcoin? What is your price estimate?
As always, thank you for reading!