Key Reason Why Bitcoin Might Have Massive Q4

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market trends and fluctuations. However, the recent performance of Bitcoin has been nothing short of fascinating. After witnessing its meteoric rise and subsequent correction multiple times, I must admit that I’ve become a bit of a Bitcoin bull.

In simpler terms, following its impressive performance in September, Bitcoin, the main digital currency, could potentially achieve significant growth during the last three months of the year.

Based on Eric Crown’s analysis, whenever Bitcoin closes September with gains, it typically results in a profitable Q4 for that digital currency.

Crown has calculated that the average return for such quarters currently stands at 170%. 

Bitcoin has been on a roll since the recent implementation of the Federal Reserve’s jumbo rate cut. 

On a Friday, the top cryptocurrency reached its highest point at an astounding $66,508. Yet, the bullish energy could not be sustained throughout the weekend. By Sunday, Bitcoin had fallen back into negative territory.

To kick off the fresh week, the foremost digital currency is experiencing a drop, falling to approximately $64,000 in value.

Regardless of the recent decrease in value, Bitcoin has risen over 8% during September so far. Unless there’s an unexpected price plunge soon, it seems that the cryptocurrency is on course to end this month with a positive balance. This could pave the way for a bullish fourth quarter if past trends continue to hold true.

According to James Check, an analyst specializing in on-chain analysis at Glassnode, Bitcoin’s market dynamics have returned to a neutral state across various timeframes. Additionally, he highlighted a significant correlation between Bitcoin and both gold and equities. This observed link could be seen as a positive sign considering that these assets have recently set new peak values.

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2024-09-30 12:37