Bitcoin will break the September Curse! Analysis: October is expected to hit 70,000 magnesium, with strong support of 63,000

According to Coinglass data, Bit has had a "September curse" in the past, with 8 out of 9 years from 2013 to 2023 seeing Bit prices decline in September. However, this September, Bit has risen 8.85% so far, which could be its best September performance since 2013. According to a CoinDesk report, this could lay a strong foundation for the upcoming October, as historical data shows that a September increase often precedes further gains in October, November, and December. Some traders are targeting Bit to rise from the $64,000 level to $70,000 in the coming weeks. Since 2013, Bit has only ended October with losses twice, with the maximum gain reaching 60% and the average gain being 22%. Amid a series of global monetary easing policies, the depreciation of the Japanese yen, increased institutional investment in Bit, and crypto-friendly policies from both major US political parties, investors are generally optimistic about the crypto market before the US presidential election in November. BlockTempo believes that Bit is supported at the $63,000 level. Bit has risen over 23% in the past three weeks, from $52,500 to over $65,000, partly due to increased demand for Bit spot ETFs, with a net inflow of $324 million into BlackRock, Fidelity, and Ark Invest's Bit spot ETFs on the 26th. Additionally, short-term holders (investors who have moved Bit in the past 155 days) are back in profit, with an average purchase price of $63,000, which is expected to provide support. However, BlockTempo notes that the futures market shows signs of overheating, with the current open interest of around $19.1 billion, which has exceeded $18 billion 6 times since March 2024, each time followed by a price decline. This is the seventh time, and at the same time, the holdings of Bit spot ETFs are being converted into long-term holder supply, which, although bullish-looking, typically occurs in the late stages of a bull market. Matrixport, on the other hand, maintains a bullish stance. Although Bit is naturally highly volatile, its funding rate has returned to near-zero levels, indicating that even with the recent Bit rebound, long positions in the futures trading market are not heavily leveraged. This provides an opportunity for traders to add long positions, which could further drive up the price. Matrixport believes that the low funding rate also suggests that the recent rise is driven by spot buying, which is typically more strategic and long-term oriented, rather than speculative futures trading. Overall, this is a positive signal, indicating that the market is not over-leveraged and still has upside potential.