Bitcoin: BTC may be ready for an October bullish based on InvestAnswers analysis
A much-followed crypto strategist is expressing bullish sentiment towards Bitcoin (BTC) as the final quarter of the year begins.
Anonymous InvestAnswers host tells his 444,000 YouTube subscribers in a new video that October has historically been a bullish month for Bitcoin.
According to the InvestAnswers host, Bitcoin could hit a peak of $26,000 in the next four weeks based on the average performance of October. The last time Bitcoin hit a price above $26,000 was in June, while it was last peaked at $25,000 in August.
“If Bitcoin can sustain and stay around its level, it will be better than before…
Looking forward to October, the average return for October is 28.42%, which should push the Bitcoin price to around $25,000 - $26,000. So we'll see if it gets there.
$25k is where we were not long ago, and we could easily get back to that.”
Compared to other months, the InvestAnswers host says that October typically offers the third-highest average monthly return.
“Look at how October compares to other months in Bitcoin history…
Here you can see september is red. August is a kind of equilibrium point.
But October is the third-best month in history. And that's why many people call him Uptober."
Bitcoin is trading at $19,411 at press time, unchanged on the day.
Oct 01, 2022