Bitcoin Price May Boom in October, Could Hit $37K by Year-End: Matrixport
The world’s largest cryptocurrency generally outperforms in the fourth quarter, returning on average more than 35% over the past nine years, the report said.
Sep 20, 2023 at 11:40 a.m. UTC
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The final quarter of the year is historically bitcoin’s (BTC) strongest in terms of performance, with an average return of more than 35% over the past nine years, crypto services provider Matrixport said in a report on Wednesday.
“If history is a guide, bitcoin could reach $37,000 by year-end,” wrote Markus Thielen, head of research.
October is a notably strong month, with positive bitcoin returns in seven out of the last nine years, with average returns of 20%, the report said.
Matrixport’s technical analysis shows that bitcoin recently made a new breakout signal. The last ten times this model was triggered, its price rose by an average of more than 9% in a short period.
Another potential catalyst in October is the second deadline for the bitcoin spot exchange-traded-fund (ETF) filings, when the the Securities and Exchange Commission (SEC) will have to announce or postpone its decision to approve these ETFs, the report added.
The regulator said in August that it was delaying its decision on whether or not to approve all spot bitcoin ETF applications until October.
Bitcoin was trading around $27,072 at time of publication.
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Will Canny is CoinDesk's finance reporter.