Crypto service provider Matrixport said that historically, the last quarter of each year is Bitcoin’s strongest quarter, with average returns exceeding 35% over the past nine years.
Research director Markus Thielen writes that Bitcoin could reach $37,000 by the end of the year. October has been a particularly strong month for Bitcoin, with positive returns in seven of the past nine years, averaging 20%.
The report added that another potential catalyst in October is the second deadline for Bitcoin spot exchange-traded fund (ETF) applications, when the U.S. Securities and Exchange Commission (SEC) will have to announce or delay a decision to approve these ETFs.