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Matrixport Predicts Potential October Surge, Forecasts Bitcoin at $37K by Year's End

Sep 21, 2023 at 11:25 am

As per a report from Matrixport, a provider of crypto services, historical data indicates that the fourth quarter tends to be the most prosperous period for Bitcoin. Over the past nine years, it has shown an average return of more than 35%. Markus Thielen, the head of research, speculated that if this trend persists, Bitcoin might potentially surge to $37,000 by year-end.

The report emphasized October's historical strength, with positive returns seen in seven out of the last nine years, averaging around 20%.

Matrixport's technical analysis pointed to a recent breakout signal for Bitcoin. When this model was triggered in the past, Bitcoin's price experienced an average increase of more than 9% in a short period.

Furthermore, the report highlighted a potential influential factor in October, namely the second deadline for bitcoin spot exchange-traded-fund (ETF) filings. During this period, the Securities and Exchange Commission (SEC) will be required to announce their decision regarding the approval or postponement of these ETFs.

In August, the regulator announced the postponement of its decision on all spot bitcoin ETF applications until October.

At the time of the report, Bitcoin was trading at approximately $27,072.

Read more: Major Crypto Investor Places $150 Million Bet on Ether, According to Trading Data

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