The investment director of Bitwise said that the first cryptocurrency, like other high-risk assets, is affected by the so-called “start-of-school blues” in September. The uncertainty in the crypto market will disappear in October or already in November, the expert believes.

Matt Hougan noted that Bitcoin lost 7% in the first week of September, while the Nasdaq-100 stock index lost almost 6%:

“Economists have tried to attribute this to various factors – a surge in volatility after the slow summer months, mutual fund losses at the end of the financial year – but no one can pinpoint the exact reasons.”

The crypto market is under additional pressure from the activities of the US Securities and Exchange Commission (SEC), the expert believes. In September, the agency’s reporting period ends, and lawyers are trying to complete open cases, the analyst explained:

“My base case scenario remains that Bitcoin is currently experiencing the ‘back-to-school blues’ effect, but then we’ll see a significant rally as the uncertainty begins to dissipate in October and November. The fact that this is in line with historical trends may or may not be a coincidence.”

The US presidential election on November 4, as well as the timing and extent of the Federal Reserve System (FRS) interest rate cut, complicate the preparation of an accurate forecast for the Bitcoin exchange rate, the expert said.

Earlier, analysts from Matrixport published a forecast for the price change of the first cryptocurrency after the results of the presidential elections in the USA. In their opinion, Bitcoin will continue to grow, regardless of the results of the American voters’ vote.