Bitcoin and the rest of the crypto market have been trading sideways for the better part of the year now. However, the tide is starting to turn as there could be a recovery trend for the crypto market very soon. To this end, a crypto founder has identified the best and worst times to be an investor in Bitcoin and other cryptocurrencies. Going by his prediction, the worst could be over for Bitcoin, and the market could be for a great time soon.
Best And Worst Time To Be In Bitcoin
Charles Edwards, founder of digital assets-focused hedge fund Capriole Investments, took to X (formerly Twitter), to share when he thinks is the best a worst time to be in Bitcoin. In the post, Edwards attached a screenshot of quarterly returns for Bitcoin, showing the best and worst-performing quarters.
According to the information, the best quarter for Bitcoin is the last quarter of the year, and the worst is the third quarter of the year. Going by this, it means that the Bitcoin price is currently going through its worst-performing quarter. However, this also means that the downtrend could be nearing its end since the month of September is almost over.
The average returns for the third quarter is shown to be +5.39%, the worst of any quarter. The second worst-performing quarter is the second quarter, but even that remains high at +26.89%, while the median returns for the fourth quarter is actually in the negative at -4.64%, an is the only quarter with a negative median return.
In contrast, the fourth quarter has always been bullish, with average returns of +88.84% and median returns of +56.90%. With less than two weeks left to go in the third quarter, Edwards believes that the worst is over. “If you are still here, congratulations. You made it through the worst time to be in Bitcoin. The best lies ahead,” the post read.
BTC Could Jump To New All-Time High In October
Going by the monthly returns for Bitcoin, as depicted on the Coinglass website, Edwards’ forecast that the decline is almost over looks to be correct. The months of October, November, and December have been some of the most bullish months for the coin in history, and this year could be the exact same.
If this trend holds, then the Bitcoin price could be looking at an average increase of around 20% in October. Such a price increase could set the BTC price on a path to a new all-time high. A continuation of the bullish trend would see the Bitcoin price hit a new all-time high by the time the year 2024 is over.
Featured image created with Dall.E, chart from Tradingview.com
Powered by WPeMatico
