Here's some Bitcoin price news (plus a few reasons to ignore it)
It looks like the Bitcoin short squeeze may not be over just yet.
(If you need a refresher on short squeezes, we wrote about them in the final article of this edition).
Basically, it means a bunch of people that were betting the Bitcoin price would drop, were wrong about their predictions - and as a result, BTC is going up.
...ok, cool - why is this news?
It's news because:
If Bitcoin goes up, the rest of the crypto market tends to follow.
September has historically been a bearish month for Bitcoin - so much so that September traders have earned themselves the nickname, 'Septembears'.
Any hint of a positive outlook is often gobbled up and spread during a bear market.
Want to visualize the trend? Here's a graph!
And sure, September ain't over yet, so we could still end in the red. But for now, there's conviction from many analysts that BTC still has higher to climb:
(To balance things out, that same analyst has also said there was a '90% chance' that BTC price would fall back under $20,000 in future).
What's the point of this?
We write about this sort of thing because it's handy to be able to understand the mechanics of the crypto market.
The more we all understand → the less 'fear of the unknown' we experience → the more stable we are in good/bad times → the happier we all are.
That being said...
Focusing too much on day-to-day, month-to-month price movement ain't that effective (or fun) in the long run.
If the long term outlook of crypto and Web3 is what excites you most - we have good news!
You can tune this sort of 'short term price action' news out.
It rarely has any significance on a one/five/ten year time horizon.
But hey, at least you understand it!
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