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While the US government nears the risk of a shutdown, the Bitcoin BTC price is showing what could be early signs of a bullish sentiment. The US Congress looks set to miss the deadline to fund federal agencies by Saturday midnight.
Also Read: VanEck To Donate Ethereum Strategy ETF Profits; Bullish For ETH Price
Shutdown Effects
The top cryptocurrency has been maintaining a more or less sideways movement for much of September 2023. While it is generally perceived that October has traditionally been fruitful for the crypto asset market, the news of US government shutdown may likely trigger a ripple effect in the US banking industry. Hence, it could be a repeat of March 2023 when the US regional banking crisis rocked the financial markets. At the time, the BTC price showed a clear negative correlation to the fall in banking stocks.
Bitcoin Rally To Begin?
Regardless of the macroeconomic events, the Bitcoin halving event has historically been one of the most rewarding for Bitcoin. In the months leading to Halving, there has been a downward trend for BTC, only to have a sharp upward curve post the event. Hence, crypto trader Rekt Capital believes there could come a time in the next five months when traders would have the last ever chance to take a position around the $20,000 mark.
In the short term, the top cryptocurrency took a sharp spike by 1.5% on Friday, fueling speculation that the shutdown fears are set to catapult a bull run in the weeks ahead.
Also Read: Bitwise To Launch Bitcoin Ethereum Strategy ETF On October 2
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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